Porto Property Market and Real Estate Guide
Porto is the second-largest city in Portugal, behind the capital city of Lisbon
, and has a population of some 220,000 permanent residents. The city is widely recognised as one of the most historically significant sites in the European Union and, as such, has been labelled a World Heritage Site by UNESCO.
The city caters to tourists, and has high rankings as one of the most liveable cities in Portugal, which makes it an attractive spot for visitors who plan on spending a year or two living here. Although many of the homes inside the city limits are extremely old and have led to an exodus of sorts into the metropolitan area, there is housing available, and at a cost lower than in the majority of other EU cities.
Portugal is a popular country for second homes, and Porto is no exception to the trend. While areas outside of the city see more sales, there is an abundance of serviced apartments within the city limits, serving the tourist and student population.
Renting Serviced Apartments
Serviced apartments in Porto run the gamut from cheap student-style digs to lavish, corporate accommodation designed to meet the needs of business people spending a year or more in the city. The amenities offered range from simple furnishings to service-oriented facilities with covered parking, high-speed Internet, and tight security.
Many of the leases in Porto cater to short-term stays, although it is economically advantageous to sign for a year at a time in order to get a discounted rate. Prior to moving in, the equivalent of at least two months' rent must be paid, comprising the first month's rent plus a fully refundable security deposit.
Buying Apartments and Houses
Porto has seen a marked decline in population during the past 30 years, as many residents have chosen to buy homes on the outskirts of the city. As a result, a supply of affordable homes is available within the city limits, although if a daily commute is no problem, properties in the suburbs are newer and have more land attached.
Laws here regarding home or apartment purchases by foreigners are less strict than in some EU countries. However, buyers will pay over ten percent of the total cost of the property in taxes and other fees, with interest rates on loans from Portuguese banks being considered reasonable.
Real Estate Agents
There are plenty of real estate agents in Porto and the process can be somewhat cumbersome without professional help. Research both locally and on the Internet can help in finding the right realtor.
Check out the following Porto real estate agents:
Re / Max
Address: Praca Francisco Sá Carneiro, 410 Rubrica, S.M.I. Lda, Bonfim, Porto, 4200-314, Portugal, PT
Tel: +351 225 193 600
Re / Max is an international firm that can help you find the home of your choice in Porto.
Address: Rua Manuel Pinto de Azevedo, 626 Apt 1110, Porto, 4102-002, Portugal, PT
Tel: +351 220 990 837
Stonebox Realty specialises in helping foreigners find serviced apartments and homes in Porto.
Address: Rua Marques de Rio Maior No. 1, loja A, Sao Martinho do Porto, Portugal, PT
Tel: +351 915 083 901
Imatico is well known all over Portugal and lies to the south of the city, where it can help you find the home you are looking for.