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The Cost of a Good Apartment in Lisbon: A Comprehensive Guide by Roca Estate

Lisbon, the jewel of Portugal and one of the most beautiful cities in Europe, has become not just a tourist magnet, but also a focal point for foreign investors in real estate. The sunny climate, rich culture, high standard of living, and stable economy make this city an ideal choice for those looking for long-term investments or simply wanting to enjoy a comfortable life on the Atlantic coast. But what is the actual cost of an apartment in this beautiful city?

In this article, Roca Estate will break down the key aspects that will help you understand the real cost of a good apartment in Lisbon. It’s important to not only choose the right area and type of housing but also to understand what additional expenses await you in the process of owning an apartment. We will look at prices in various neighborhoods and also provide detailed information on the cost of maintaining different types of apartments in Lisbon.

Now that you understand the importance of this choice, let’s move on to the details.

Apartment Costs in Lisbon

When it comes to buying property in Lisbon, it’s important to understand the various factors that influence the cost. In this section, we will cover the main factors affecting the price of an apartment, namely: prices in different neighborhoods, types of apartments, and the impact of the apartment’s condition on its cost.

Apartment Prices by Districts

Lisbon is a city with diverse neighborhoods, each of which has its own unique characteristics and, consequently, price ranges:

  • Alfama: This historic district is known for its narrow streets and traditional Portuguese architecture. It’s perfect for those who appreciate antique buildings and proximity to historical landmarks.
  • Bairro Alto: Located in the city center, this area is famous for its nightlife and abundance of shops. If you’re looking for life in the heartbeat of the city, Bairro Alto is for you.
  • Belem: With many parks and museums, this area is ideal for families and lovers of history and art.
  • Avenidas Novas: This area is the business center of the city and features modern architecture. It has numerous office and commercial buildings.
  • Campo de Ourique: Known for its tranquility and abundance of green areas. Good schools make it attractive for families.
  • Graça: Popular among students and young people. Plenty of cafes, bars, and affordable shops.
  • Estoril: A coastal area with luxurious villas and beautiful beaches. A favorite place for seaside relaxation.
  • Mouraria: A modern and trendy area with numerous boutiques, galleries, and high-class cafes. Praia do
  • Ouro: A prestigious area with luxury real estate. Many diplomatic representations and elite clubs are located here.
  • Santo António: Situated in the center, close to Avenida da Liberdade, it offers luxurious apartments in historic buildings.
Cost of a Good Apartment in Lisbon

Average Apartment Costs by Districts (€ per sq. m)

DistrictAverage Cost per sq. m (€)
Bairro Alto€5,000
Avenidas Novas€4,500
Campo de Ourique€4,000
Praia do Ouro€5,500
Santo António€5,300

This information can be useful for initial orientation in the cost of real estate by neighborhood. However, for the most accurate and up-to-date information, we recommend contacting our specialists at Roca Estate, who understand how prices are formed in different areas and can help you find the ideal apartment without paying an extra cent.

Apartment Types and Their Impact on Price

  • One-bedroom Apartments: An ideal option for a single person or a young couple. Prices range from €200,000 to €500,000.
  • Two-bedroom Apartments: A great choice for a family with one child or for those who need extra space. Prices start from €400,000 and can go up to €1,000,000Step into Luxury with this Stunning T2 City Apartment
  • Three-bedroom Apartments: Perfect for larger families and those who desire more space. The cost of such apartments often starts from €750,000 to €2,000,000 and higher – Dream Living Realised: T3 Apartment with Exclusive Amenities

The type of apartment significantly affects its cost, and this factor should be carefully considered in the context of your wishes and individual needs.

Impact of Apartment Condition on Cost

New Apartments:

Cost of a Good Apartment in Lisbon

New apartments typically attract buyers with modern amenities, high levels of finishing, and compliance with the latest building codes and standards. They are often located in new or renovated residential complexes, where one can expect additional benefits such as built-in infrastructure, security systems, and energy efficiency. These factors make new apartments relatively more expensive, but in return provide buyers with confidence in quality and long-term stability.

New Apartments in the Roca Estate Real Estate Agency Catalog:

ApartmentPrice (€)District
Find Your Perfect Space: Stylish T3 Duplex with Exclusive Features€1,555,000Estrela
Elegant T3 Apartment for an Upscale Lifestyle€1,220,000São Domingos de Benfica
Live the High Life: T2 Apartment with Luxury Facilities€530,000Seixal
T2 Apartment: Your Door to Modern Comfort and Style€790,000Areeiro

Apartments in Old Buildings:

Cost of a Good Apartment in Lisbon

On the other hand, apartments in old buildings may embody historical charm and cultural significance. These apartments are often located in historic districts and may be full of character, but this often comes with the need for repairs or modernization. The absence of modern amenities, outdated engineering infrastructure, and the need for cosmetic changes usually lower the cost of such apartments, making them more affordable but requiring additional investment.

Renovation and Updating:

Cost of a Good Apartment in Lisbon

A fully renovated apartment in an old building can deservedly compete in price with new apartments. Renovation not only improves the comfort of living but can also significantly increase property value. Adding modern amenities, replacing engineering systems, and quality finishing can make an old apartment just as attractive as a new one, even giving it a unique charm that combines the best of the old and the new.

Renovated Apartments in the Roca Estate Real Estate Agency Catalog:

ApartmentPrice (€)District
A Fusion of Historical Charm and Modern Luxury in this Spacious T3 Apartment€2,500,000Avenidas Novas
Exquisite Living: Discover the Perfect Blend of Elegance and Convenience in Monte Estoril T3€1,150,000Estoril
Discover the Elegance of Monte Estoril: New 1-Bedroom Duplex Loft in a Charming Condominium€470,000Estoril
Fabulous T2+1 apartment from 19th-century manor€2,400,000Estoril

Evaluating the cost of an apartment is a complex process that requires taking into account multiple factors, including its condition, location, size, and current market trends. In this context, it is crucial to get professional consultation to make the most informed choice. For the most accurate and up-to-date information on apartment costs in various conditions and districts of Lisbon, please contact our experts at Roca Estate Real Estate Agency.

Prices for One-Bedroom Apartments

Cost of a Good Apartment in Lisbon

One-bedroom apartments in Lisbon are an ideal option for individual buyers, students, tech professionals, remote workers, and young couples who are just starting their life together. These apartments are often located in central or student-friendly districts and typically have relatively compact sizes. The prices for one-bedroom apartments range from €200,000 to €500,000, depending on the district, the condition of the building, and the availability of additional amenities such as concierge service or underground parking.

Analysis of the Cost of One-Bedroom Apartments in Different Districts of Lisbon:

DistrictMinimum Price (€)Maximum Price (€)District Features
Alfama€300,000€400,000Historic buildings, historic area
Bairro Alto€250,000€350,000Rich nightlife, numerous bars and restaurants
Belem€350,000€450,000Cultural landmarks, spacious parks
Avenidas Novas€280,000€390,000Business district, good transportation access
Campo de Ourique€260,000€330,000Quiet, green area, suitable for families
Graça€270,000€360,000Panoramic city views, quiet streets
Estoril€400,000€550,000Beach area, popular among tourists
Mouraria€220,000€300,000Rural area, vineyards
Praia do Ouro€230,000€310,000Beach area, numerous water activities
Santo Antonio€340,000€420,000Central location, diverse shops

Trends in Prices for One-Bedroom Apartments:

In recent years, there has been a steady increase in the prices of one-bedroom apartments in Lisbon, partially due to growing interest in the city as a tourist destination and a place for real estate investment. However, recent economic fluctuations and the impact of the COVID-19 pandemic have introduced some uncertainty into the market.

Our experience and that of other experts suggest that prices will continue to rise in the coming years, although perhaps not as rapidly as before. Investors and buyers should also consider potential changes in taxation and legislation that may affect the cost of owning and purchasing real estate.

Prices for Two-Bedroom Apartments

Cost of a Good Apartment in Lisbon

Two-bedroom apartments are an excellent choice for young families with one child, couples looking for extra space, or professionals who need a separate home office. These apartments typically feature more spacious living rooms and kitchens and may also include a balcony or terrace. Prices for two-bedroom apartments in Lisbon start at €400,000 and can go up to €1,000,000, depending on various factors including location, construction quality, and transportation accessibility.

Analysis of the Cost of Two-Bedroom Apartments in Different Districts of Lisbon:

The cost of two-bedroom apartments in Lisbon varies depending on the district in which they are located. Below is a table showing the approximate prices for two-bedroom apartments in various districts of the city.

DistrictMinimum Price (€)Maximum Price (€)District Features
Alfama€350,000€450,000Historic buildings, historic area
Bairro Alto€300,000€420,000Rich nightlife, numerous bars and restaurants
Belem€400,000€520,000Cultural landmarks, spacious parks
Avenidas Novas€330,000€450,000Business district, good transportation access
Campo de Ourique€310,000€400,000Quiet, green area, suitable for families
Graça€320,000€410,000Panoramic city views, quiet streets
Estoril€450,000€600,000Beach area, popular among tourists
Mouraria€260,000€360,000Rural area, vineyards
Praia do Ouro€280,000€370,000Beach area, numerous water activities
Santo Antonio€390,000€480,000Central location, diverse shops

Trends in Two-Bedroom Apartment Prices

The pricing dynamics for two-bedroom apartments in Lisbon are similar to those for three-bedroom apartments, but they also have their own specific characteristics. Below are the key factors and trends affecting the cost of two-bedroom apartments:

  1. Demand for the Mid-Market Segment: Unlike one-bedroom and three-bedroom apartments, two-bedroom apartments often represent the mid-market segment and attract a wide range of buyers, including young families, couples, and professionals who need a home office.
  2. Location and Social Infrastructure: Neighborhoods with schools, hospitals, and other institutions generally have higher prices for two-bedroom apartments.
  3. Impact of Tourism: Areas with high tourist traffic or historical significance usually experience rapid price growth.
  4. Modern Projects and Renovations: The presence of modern residential complexes and renovation programs for older neighborhoods also raises the cost of two-bedroom apartments.
  5. Economic Indicators: Inflation, interest rates, and the overall economic situation in the country can significantly impact property prices.
  6. Global and Local Events: Economic crises, political instability, or major events like the Olympics can affect the real estate market in the short term.
  7. Technological Innovations: The implementation of “smart homes” and other technological improvements can make new two-bedroom apartments especially appealing to buyers.

Overall, it is expected that the prices for two-bedroom apartments will grow on average by 4-7% per year, depending on the area and general economic conditions. However, this is a general picture, and for a more accurate assessment, it is recommended to consult real estate experts.

Two-Bedroom Apartments in the Roca Estate Real Estate Agency Catalog:

Prices for Three-Bedroom Apartments

Cost of a Good Apartment in Lisbon

For larger families or those simply wanting more living space, three-bedroom apartments could be the best option. These apartments typically feature large living rooms, and multiple bathrooms, and may even include amenities such as utility rooms or walk-in closets. They are often located in prestigious neighborhoods or in new residential complexes with a wide range of additional services:

The cost of three-bedroom apartments in Lisbon often starts at €750,000 and can increase significantly depending on the level of luxury and amenities. Analysis of the Cost of Three-Bedroom Apartments in Different Districts of Lisbon.

Analysis of the Cost of Three-Bedroom Apartments in Different Districts of Lisbon:

Three-bedroom apartments in Lisbon offer a range of price points depending on the district. For your convenience, we have prepared a table showing approximate prices for three-bedroom apartments in different parts of the city.

DistrictMinimum Price (€)Maximum Price (€)District Features
Alfama€550,000€700,000Historic area with beautiful architecture
Bairro Alto€520,000€680,000Lively nightlife, numerous shops and restaurants
Belem€600,000€750,000Cultural landmarks, parks
Avenidas Novas€580,000€720,000Business center, excellent transportation network
Campo de Ourique€540,000€680,000Quiet, family-friendly area with numerous parks
Graça€530,000€660,000Magnificent city views, cozy streets
Estoril€700,000€850,000Beach area, high standard of living
Mouraria€480,000€620,000Rural area, quiet surroundings
Praia do Ouro€500,000€640,000Beaches and water activities
Santo Antonio€610,000€760,000Central location, diverse shops

Trends in Three-Bedroom Apartment Prices

Over the past few years, the cost of three-bedroom apartments in Lisbon has shown a steady upward trend. This increase is particularly noticeable in touristically popular and culturally significant neighborhoods. Let’s examine the key factors influencing this trend:

  1. Increasing Demand: Lisbon is becoming increasingly popular among foreign investors and tourists, which raises the demand for housing.
  2. Economic Growth: The stable economic development of Portugal creates favorable conditions for real estate investments.
  3. Infrastructure Development: Ongoing construction and modernization of transportation networks make neighborhoods more accessible and attractive.
  4. Tourism: An increase in tourist inflow to Lisbon stimulates the rise in apartment prices, especially in areas with high tourist activity.
  5. Market Regulation: The introduction of new laws and regulations can also impact the cost of real estate. For example, restrictions on short-term rentals may increase the demand for long-term housing.
  6. Improving Quality of Life: Enhancements in public and communal services like schools, hospitals, and parks make living in an area more comfortable, which in turn stimulates a rise in property prices.

Taking these factors into account, the average cost of three-bedroom apartments may increase by 6-8% annually. However, this figure can vary depending on the specific neighborhood and the economic situation in the country.

Three-Bedroom Apartments in the Roca Estate Real Estate Agency Catalog:

Choosing an apartment in Lisbon is not just a matter of budget, but also about your needs for space and amenities. At Roca Estate, we are always ready to offer options that meet your criteria and help you make the best choice.

Monthly Expenses for Owning an Apartment in Lisbon

Buying an apartment is just the beginning. Owning an apartment in Lisbon comes with a range of monthly and yearly expenses that are important to consider for budget planning.

Utility Bills

Cost of a Good Apartment in Lisbon

Included Services and Their Costs

Utility bills are monthly obligations that include various services needed for comfortable living. Here are the main ones:

  • Electricity: Lighting, running appliances, charging devices.
  • Gas: If your apartment uses gas heating or a gas stove.
  • Water: Consumption of cold and hot water.
  • Garbage Collection: Regular collection and disposal of waste.

In some apartments or buildings, additional services may also be included:

  • Heating: Particularly relevant during colder months.
  • Air Conditioning: During hot months, air conditioning can significantly increase your electricity bill.

Average Utility Costs

  • Electricity: On average, from €30 to €50, depending on consumption.
  • Gas: On average, from €20 to €40.
  • Water: On average, from €15 to €30.
  • Garbage Collection: Usually included in water bills or from €5 to €10 separately.
  • Internet and Cable TV: On average, from €40 to €60.
  • Home Insurance: Recommended, and generally ranges from €20 to €40.
  • Parking: If a parking space is not included in the price of your apartment, a separate fee may be required, ranging from €50 to €150 per month.
  • Additional Services: Heating and air conditioning can add another €20 to €60 depending on the season and usage.

The total monthly utility expenses can vary from €200 to €450, depending on the size of the apartment, the number of occupants, your lifestyle, and the need for additional services.

Property Taxes

Cost of a Good Apartment in Lisbon

How Property Taxes Are Calculated

Owning an apartment in Portugal requires an annual property tax known as IMI (Imposto Municipal sobre Imóveis). This tax is calculated based on the cadastral value of the property. Each municipality sets its own tax rate, which can vary between 0.3% and 0.8% of the cadastral value.

There are additional nuances that can affect the final tax amount, such as the age of the building, its location, and even ecological improvements made to the apartment.

Examples of Tax Rates

Assume the cadastral value of your apartment is €200,000. In this case:

  • With a minimum rate of 0.3%, the annual tax would be €600.
  • With a maximum rate of 0.8%, the annual tax would rise to €1,600.

These amounts can be divided into two or three payments throughout the year, depending on the policy of the specific municipality. Additionally, various exemptions and discounts may be available, for example, for young families or retirees.

Properties located in the city center or in tourist-popular areas may have higher tax rates. It’s also important to note that failing to pay taxes can lead to penalties and even property confiscation.

It’s essential to consult with a lawyer or financial advisor to fully understand what taxes and fees will be applied to your property.

Building Maintenance

Cost of a Good Apartment in Lisbon

Importance of Regular Maintenance

Regular building maintenance not only helps keep the property in good condition but is also a key factor in preserving and even increasing its market value. Neglect can lead to serious issues such as leaks, corrosion of mechanical systems, structural deformations, and other breakdowns that will be far more expensive to address than to prevent.

A comprehensive maintenance plan may include:

  • Common Area Cleaning: Regular cleaning and disinfection of common areas like lobbies, elevators, and staircases are important for maintaining a pleasant atmosphere in the building.
  • System Maintenance: Heating, water supply, and sewage systems, as well as electrical wiring and other engineering systems, require periodic service and inspection.
  • Garden and Surrounding Area Care: If the building has an adjoining green space or garden, it also requires maintenance, which may include lawn mowing, tree trimming, and leaf removal.
  • Repair and Restoration: Over time, facades, roofs, and structural elements may require repairs or even restoration.

Typically, the costs for these services are shared among apartment owners and are included in the monthly building maintenance fees. It’s crucial to account for these expenses when planning your budget for apartment ownership. The cost of maintenance can range from €50 to €100 per month, but it can vary significantly depending on the level and quality of the services provided.

In conclusion, regular maintenance is not just a necessary expense; it’s an investment in the future of your property. Proper care allows you to not only preserve but also increase the value of your apartment, making living there more comfortable and secure.

The Cost of a Good Apartment in Lisbon: Conclusions

Our real estate agents have endeavored to consider multiple aspects associated with buying or renting property in Lisbon. This ranges from analyzing the costs of one-bedroom, two-bedroom, and three-bedroom apartments in different parts of the city, to breaking down the monthly expenses that may arise for owners or tenants.

Minimum Cost of Apartments in Lisbon by Area and Number of Rooms:

Bar Chart Example

Key Points to Consider:

  • Pricing: Property costs can vary significantly across different areas of Lisbon, influenced by a myriad of factors including location, apartment size, and current market trends.
  • Monthly Expenses: Besides the initial purchase or rental fee, owners and tenants must consider monthly utility payments, taxes, building maintenance costs, and other potential expenses.
  • Importance of Maintenance: Regular building maintenance is crucial for preserving its value and averting costly repairs in the future.

Buying property is a significant decision requiring careful analysis and planning. Being informed about all aspects of the process and potential expenses will help you avoid unpleasant surprises and make you better prepared to make a well-thought-out decision.

Choosing a house or an apartment in Lisbon is not only an investment in property but also an investment in your future and quality of life. With the right information and understanding of all the details of this process, you can move forward confidently and enjoy all the benefits of living in Portugal’s capital.

At Roca Estate, we will provide you with all the necessary information and help you analyze all possible options so that your choice is as well-informed as possible, allowing you to enjoy your new home without any unpleasant surprises.

Exterior view of a luxury apartment building

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