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Lisbon property market in 2022 / 2023 – Overview of real estate prices

The Lisbon housing market report summarises key trends and patterns in Lisbon’s housing market for 2022/2023. The analysis covers topics including house prices, rents, sales and new supply.

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Lisbon housing market report in 2022

The Country’s assets

Centuries of History 

Since it was called Olissipo in the eighth century BC until its reconstruction coordinated by the Marquis of Pombal at the end of the eighteenth century, the cultural and traditional heritage of Lisbon is still visible today in its monuments and the old buildings of the historical centre of the city

The city of seven hills

Lisbon is one on the trendiest European capitals: gastronomy, culture, museums, walks… Endless activities for all. Located a couple of hours from many other European capitals, Lisbon is the ideal destination for a short break. A visit that you will no doubt want to extend … life is so good in Lisbon!

Facts and figures

  • Lisbon is the largest city and the capital of Portugal.
  • It is also the capital of the district of Lisbon, Greater Lisbon and the Lisbon metropolitan area.
  • Its area is 84.6 km2 with a population of 530,000 inhabitants, a quarter of them living below the poverty line.
  • Its population has been declining for 30 years in favour of its periphery which counts over 2.2 million inhabitants.
  • The population density is 948 inhabitants per km2.
  • Since 6 April 2015, Fernando Medina, a socialist, is the mayor of Lisbon.
  • The language spoken in Lisbon is Portuguese. Latin of origin and with close to 200 million speakers, Portuguese is the third most spoken European language in the world.
  • Lisbon is located between the coast of the Atlantic Ocean to the west and the Mar da Palha (Straw Sea) to the east.
  • Lisbon in on the right bank of the Tagus estuary.
  • Two bridges connect the city to the south bank: the April 25th Bridge and the Vasco da Gama Bridge.
  • Nicknamed the city of seven hills, Lisbon has a unique topography allowing for many viewpoints over the entire town.
  • This beautiful city exudes a very pleasant atmosphere. To stroll through its gorgeous cobblestoned alleys on your own, with friends or family is a truly idyllic experience.
  • Lisbon is the largest city and capital of Portugal. It is also the capital of the Lisbon district, the Greater Lisbon and the Lisbon metropolitan area. Its surface area, 84.6 km2, and its population, 530,000 inhabitants, a quarter of whom live below the poverty line. Its population has been declining for 30 years in favour of its periphery, which has some 2.2 million inhabitants.
  • The population density is 948 inhabitants per km2.
  • The mayor of Lisbon is the socialist Fernando Medina, since 6 April 2015.
  • The language spoken in Lisbon is Portuguese. A language of Latin origin, the third most spoken European language in the world, by nearly 200 million people.
  • Lisbon is located between the Atlantic Ocean coast to the west and the sea of straw to the east. Lisbon is located on the right bank of the Tagus estuary. Two bridges connect the city to the south shore: the 25 April bridge and the Vasco da Gama bridge.
  • Known as the city of 7 hills, Lisbon benefits from an atypical topography that allows you to have many points of view over the whole city. This magnificent city, known for its paved floors that embellish each of its alleys, exudes a very pleasant atmosphere and walking within it, alone, in pairs, with friends or family, is a truly idyllic experience.
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Portela International Airport is 7 kilometres from the centre of Lisbon. It is only 20 minutes away by shuttle bus from the city centre.


from major European capitals, Lisbon stands out with its privileged geographic location.


With 300 days of sunshine per year and temperatures of 15-20° in winter, Portugal is rightly considered as the “Florida of Europe”

Lisbon still popular for property investment in Europe

Buying in Lisbon city centre

Living in Lisbon means moving to a European capital, and both buying and renting prices are much higher than elsewhere in the country.

Moreover, Lisbon is a city that has been attracting a lot of foreigners in recent years (Europeans, Americans, but also Brazilians and Chinese in particular). This has had the effect of exerting upward pressure on prices, but also renewing the property stock, which was partially abandoned after the 2008 crisis.

Developers have to preserve the old façades stamped with “Azulejos” while restoring the interiors of the buildings, which results in very beautiful programmes with modern top-of-the-range services.

In Lisbon, you will find many new developments, but also many old and renovated flats.

As in any large city, prices vary greatly from one area to another. This is why TAGUS PROPERTY offers to accompany you in your purchase process: project, advice, research, preparation of visits, negotiation and final act of purchase.

Take advantage of our expertise to launch your property purchase project without wasting time. Distance and lack of knowledge of the market are no longer obstacles to your future purchase.

Finding a flat or house in Lisbon

One of the first concerns when moving to a city is to find a new home to stay in. In most cases, you will be looking for a rented flat or house as it is always risky to buy a property in a city and a country you do not know yet.

Lisbon is rather expensive for rentals, the equivalent of a large provincial city in France, considering the local standard of living. This is due because the supply is relatively low compared to demand, although the current crisis has changed this somewhat: Prices have fallen by 10-15% in rentals. The search area with excellent infrastructure and living conditions is still relatively small.

Due to a law that has now been changed, rents have remained at a very low level for years, causing a drying up of rental properties, as landlords prefer to leave them vacant than occupied at conditions that are not advantageous to them.

The new rent law (Nova Lei do Arrendamento Urbano) has changed these conditions and there are now more flats and houses for rent on the market, but often properties of very average quality.



What is the average price per square metre in Lisbon in 2022?

Article updated on: 4th of October 2022

Today, the average price of a property for sale in Lisbon is 4,800€/sqm, all states combined (new, renovated and old to renovate).

Source: Casafari

Prices per square metre of properties for sale in Lisbon by district

NeighbourhoodMedian price per sqm
Santo António5 624€
Santa Maria Maior4 500€
Misericórdia4 392€
Parque das Nações4 390€
Avenidas Novas4 182€
Estrela4 167€
Campo de Ourique4 128€
Alvalade3 944€
Belém3 904€
Lisbon3 642€
Arroios3 634€
Carnide3 583€
S. Vicente3 581€
Areeiro3 566€
Marvila3 493€
Ajuda3 485€
S. Domingos de Benfica3 469€
Alcântara3 459€
Campolide3 421€
Lumiar3 297€
Penha de França3 136€
Benfica2 993€
Beato2 849€
Olivais2 798€
Santa Clara2 475€

Source: INE – 1STQ 2022 (over the past 12 months)

Average price per sqm of luxury property in Lisbon

NeighbourhoodHigh end (€/sqm)Luxury (€/sqm)
Avenida da Liberdade10 500€11 000€
Chiado / Principe Real10 500€11 000€
Historical Centre7 000€7 500€
Lapa / Estrela7 000€7 500€
Avenidas Novas7 000€7 500€
Campo de Ourique / Amoreiras6 500€7 000€
Restelo / Belém6 000€6 500€
Parque das Nações / Expo6 000€6 500€
Bord du Tage6 000€6 500€
Sete Rios / Praça de Espanha5 500€6 000€
Alcântara / Junqueira5 500€6 000€
Colina de Santana5 500€6 000€
Campo Grande / Alvalade5 500€6 000€
Braço de Prata / Marvila5 500€6 000€
Telheiras / Lumiar4 500€5 000€
Benfica / Laranjeiras4 500€5 000€
Olivais4 000€4 500€
Areas outside the Lisbon city centreHigh end (€/sqm)Luxury (€/sqm)
Estoril / Cascais8 000€10 500€
Oeiras4 500€5 000€

Source: JLL

Price per sqm of new build property in Lisbon

6 200€/sqm on average for a new property in Lisbon (the majority of launches are in dynamic and prestigious areas)

Prices are higher in Lisbon’s historic centre: for new properties or fully renovated schemes, prices range from 7,000€ to 7,500€ per square metre.

New-build prices can reach 11,000€ per square metre in the Avenida de la Liberdade, Chiado and Principe Real.

Is it always a good idea to invest in rental property in Lisbon?

For rental investment (year-round or medium-term rental) the market in Lisbon is still strong. Currently, there is a shortage of rental properties on the market and strong demand from newcomers, expatriates, retirees, workers, or nomad workers who wish to rent quality properties in Lisbon.

On that specific market, Yields are currently good. For properties in consolidated areas they vary between 3% and 6% gross.

Before buying a property in Portugal for rental investment, you should be careful about certain points. When buying an occupied property, for example, it is important to make sure that the rental contract is recent, as for older rental contracts, rents can be capped at very low prices which severely limit the Yield.

It is also strongly recommended that foreign investors buy new or rehabilitated housing: old properties often have structural problems, non-existent co-ownerships or are in default. And undertaking rehabilitation work on common areas will be very complicated.

There are also legal differences: the cooling-off period does not exist in Portugal and properties are sold in gross area.

It is therefore advisable to work with specialists who are familiar with local and French specificities and who will be able to alert you to any differences to avoid surprises.

READ: Portugal real estate investment in 2022 / 2023

Now that I have bought my flat in Lisbon, what about rental management?

TAGUS PROPERTY also handles rental management and offers its services to manage your property.

Make your investment profitable by renting it out!

Learn more about our rental management services in Lisbon.


Do you need advice on where to invest in Lisbon?

Contact us for more information!








Portugal had the highest rate of positive investment intentions across europe.

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