v256.0 · real-estate · PT · verified 2026-04
Portugal real-estate market
Real-estate market in Portugal for foreign buyers — ownership rules, residency-by-investment, average prices, mortgage availability, transaction costs, rental yields, top brokerages, recent regulatory changes.
Market size
EUR 200B+ residential market (2024) · ~5% foreign-buyer share post-Golden Visa reform
Currency
EUR
Foreign-buyer access
No restrictions on foreign purchase · NIF (tax number) mandatory · Cash + mortgage both available · Portugu...
Rental yields
Lisbon: 3.5-5% gross · Porto: 4-6% · Algarve: 4-7% (seasonal short-term highest) · AL (Alojamento Local) li...
Ownership rules + RBI pathway
| Foreign-buyer rules | No restrictions on foreign purchase · NIF (tax number) mandatory · Cash + mortgage both available · Portuguese attorney recommended |
| Residency-by-investment | Golden Visa via real estate ENDED October 2023 (was EUR 500K threshold) · Replaced by fund/business investment routes (EUR 500K fund / EUR 250K cultural) · D7 + D8 residency separate from RBI |
| Regulator | IMPIC (Instituto dos Mercados Públicos, do Imobiliário e da Construção) · Banco de Portugal (banking) |
Average prices
| Capital city | Lisbon: EUR 4,500-7,000/sqm (centro) · EUR 3,200-5,000/sqm (outer) · Cascais EUR 6,000-9,000/sqm · Porto EUR 2,800-5,500/sqm |
| Secondary markets | Algarve coast EUR 3,000-6,000/sqm · Madeira EUR 2,500-4,500/sqm · Coimbra EUR 1,500-2,800/sqm · Évora EUR 1,800-3,000/sqm |
| Rental yields | Lisbon: 3.5-5% gross · Porto: 4-6% · Algarve: 4-7% (seasonal short-term highest) · AL (Alojamento Local) licensing tightened 2023-24 |
Mortgage + transaction costs
| Mortgage availability | Foreign buyers can access mortgages typically 70-80% LTV with Portuguese income; 50-60% LTV without · Rates 3-5% (2024) |
| Transaction costs | IMT (transfer tax) 0-8% sliding · IMI (annual property tax) 0.3-0.45% · Stamp duty 0.8% · Lawyer 1-2% · Notary EUR 500-1,500 · Total ~6-10% |
| Top brokerages | Engel & Völkers, Sotheby's International, Savills, Knight Frank, Berkshire Hathaway, Century 21, ERA, Re/Max |
Recent changes (2023-2026)
2023-24: Mais Habitação program (Oct 2023): Golden Visa real-estate ended, AL licensing frozen in Lisbon/Porto, rent caps · 2024-25: Limited recovery in capital markets · Construction costs +15% 2022-24 · Banco de Portugal LTV monitoring
Strengths
- EU access via residence + EU passport pathway after 5 years
- No restrictions on foreign ownership
- Mature legal framework
- Mediterranean climate + lifestyle
- Active rental market for both long-term and short-term
Drawbacks
- Golden Visa real-estate route ended Oct 2023
- AL short-term rental licensing frozen in Lisbon/Porto
- Construction costs +15% 2022-24
- Foreign-buyer mortgage rates 1-2% above local
- Some properties in tourist zones face new restrictions
Source: official Portugal regulator page · Last verified 2026-04
See also: Portugal country profile · real-estate atlas