The Alfama housing market report summarises key trends in Alfama’s housing market in Lisbon. The analysis covers house prices and new developments. The report primarily draws on publicly available datasets. The Alfama housing market (houses & apartments) report is updated regularly.
Prices per sqm in the Alfama district in 2020 €4.500€ > €7.500
At a Glance
Welcome to Aflama
Many residents have lived there all their lives and most of their homes, where rents were capped, are now dilapidated.
While a growing number of wealthy investors have in the last few years begun to renovate and restore the crumbling facades, luxury renovated properties are still rare.
In the shadow of the castle, restored buildings are now home to some of the most typical and unique hotels in the city.
Before the 13th century, the Alfama district was located outside the walls of the capital, reserved for the poorest citizens. Things have changed since and Alfama has today become the young and trendy Lisbon district, while retaining its charm.
This is an area not to be missed when visiting Lisbon. You get there by tram (eléctrico), and it is a good idea to wear good footwear to go up and down the many hilly old cobbled streets where even older trams circulate.
Good to know
Alfama is one of the only districts of the city to have been spared by the earthquake: you can still see the famous original red tiles on the roofs.
Tuesdays and Saturdays, Alfama welcomes the Feira da Ladra, the largest flea market in Lisbon: definitely worth a look!
Carcavelos Beach: 20 minutes by train (Cais do Sodré)
Train station: Rossio Train Station : 20 minutes’ walk
Alfama is located in downtown Lisbon
Alfama is the oldest district of Lisbon
The tram 28 line carefully makes its way, ringing a bell to warn careless and distracted pedestrians. Meandering through random lanes, you will reach the castle of São Jorge, the mirador de Santa Luzia or the church of São Vicente, while admiring the stunning views of the Tagus and the rest of the city.
Alfama will seduce you with its winding and narrow streets and its many cafes concerts. The Alfama district is captivating, with an authentic and pleasant atmosphere.
The neighbourhood is a reminder of the Moorish legacy with its narrow winding streets and slopes. Take your time and stroll along the narrow and fragrant streets opening onto beautiful esplanades and shaded terraces. This is the oldest district of Lisbon and is better visited in the morning, during the markets of the rua São Pedro and the Rua dos Remédios.
Both calm and charming, Alfama is full of beautiful buildings, like the Lisbon Cathedral, the National Pantheon and the Castle of St Georges, the later the witness of the beginnings of the history of Portugal and where the Christian crusaders overcame the Moors of North Africa in 1147. This castle was built by the Visigoths in the 5th century, was enlarged by the Moors in the 9th century, to finally be modified under the reign of Afonso Henriques. To reach the castle, it is possible to take the Elevador do Castelo from the Baixa district, which connects the rua dos Fanqueiros to the rua da Madalena. Then, enjoy the district’s many belvederes such as Santa Luzia or the Miradouro das Portas do Sol. From there, the view of the tile roofs of Alfama and the Tagus estuary is simply breathtaking.
The viewpoint is close to the castle and on the tram 28 line. Then discover the Cathedral of Santa Maria Maior (Sé Patriarcal de Lisboa), the Panteão Nacional and the Monastery of São Vicente de Fora. Do not hesitate to have a look at the Feira da Ladra (” fair of the thief”), the best-known and most famous flea market of the capital. The market is held every Tuesday and Saturday, on the Campo de Santa Clara. You will find craft products, books, clothing, fashion accessories, azulejos and meet friendly Lisboans.
You can also visit the Museum of Fado, the traditional Portuguese song. Fado is a form of music characterised by mournful tunes and lyrics, infused with a sentiment of fatefulness and melancholia. Its name is based on the Latin word “fatum”, “fate”. It is the musical symbol of Portugal. A little more out of town you will find the azulejo museum and the Madre de Deus church.
Take this opportunity to also take a walk in the Graça district to discover the convent da Graça, the Senhora do Monte Chapel and the famous chair of São Gens, as well as the two belvederes offering sublime panoramas over the São Jorge Castle, the historic centre and the Tagus: the Miradouro da Graça and the Miradouro da Senhora do Monte. There you will find a pleasant open-air cafe, making this spot an ideal place to rest after climbing the Amalfa hills. Above all, remember to take the typical “Eléctrico 28” tram that will allow you to cross the old districts of Lisbon.
You can board from the Martim Moniz Square, not far from the Rossio and at the edge of the Baixa district. You can board and get off at any stop, as you want.
A word from the real estate expert of the Alfama district of Lisbon
«Thanks to our analyses of the real estate market in Lisbon, to our understanding of the specificities of the Alfama area, and an excellent knowledge of the districts of the capital, LX Properties provides you with the best investment opportunities!» Average price per sqm in Alfama: €4 500/sqm
Alfama: real estate market conditions
Real estate prices in the Alfama district are stable.
Discover the detailed prices for an apartment or a house in Alfama, old or new, as well as the rents charged per sqm.
Location: Alfama Lisbon
Type of property: Luxury renovated apartment
Lowest average sale price (including agency fees): €4.500 /sqm
Highest average sale price (including agency fees): €7.500 /sqm
Around the block
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