While Lisbon’s real estate market has been booming for a while now, with prices of properties in the city center reaching historic levels, the second largest city, Porto, has taking a place in the spotlight for the local and international investors.
The iconic Dom Luis I bridge in Porto connects the historic city centre to the Gaia wine-making district across River Douro.
Financial Times has taken a look at the forecast for real estate market in the Northern Capital of Portugal, or the Invincible City as Porto is often referred to.
According to the data compiled by the UK’s Royal Institution of Chartered Surveyors and the Portuguese real estate data provider Confidencial Imobiliario, Porto is where the prices of properties will rise the most this year. A growth of an average of 5% is expected for the entire country, it is up north where most profit is to be made in the real estate business.
Currently the cost of one square meter of Porto properties is valued at €1,307, whereas in Lisbon buyers have to be ready to spend €2,438.
Furthermore, the FT focuses on the highlights of Porto as a place to live: the proximity to the Atlantic coast beaches (great cuisine, mostly fish and sea-food based, although Porto´s signature dish is tripe), excellent wine and a versatile cultural offer which encompasses both historic heritage and modernity.
Porto is an great example of a skilfully executed city revival. Without compromising its unique, brilliantly restored and preserved architecture, worthy of a place amongst UNESCO Heritage Sites and the interest of tourists from all over the world, Porto has managed to implemented many modern solutions improving greatly the quality of life of its residents.
Read the full version of the article in The Financial Times.
The city, which in the last few years has rarely left top positons on the ranking for the best city destinations in Europe, benefits greatly form the constantly improved connectivity. Porto Airport – OPO offers a great choice of European routes (a large part of them served by the low-cost carriers Ryanair, Wizzair and Easyjet), as well as domestic and transatlantic routes, the latter available to Canada and EUA.