Summary <\/h2>\n\n\n\n\n- Market accelerated in 2025:<\/strong> Portugal saw record year-on-year rises in the 2nd quarter (+19% in the median price; INE via ECO<\/a>). In Lisbon city, average order ~4.454 \u20ac\/m\u00b2<\/strong> (Sep\/2025; Idealist<\/a>). In the prime, several parishes >5,000 \u20ac\/m\u00b2 (Idealist News<\/a>).<\/li>\n\n\n\n
- Macro context:<\/strong> Eurostat points to rising prices in the EU (+5.4% YoY in Q2 2025) with Portugal among the highlights (Eurostat<\/a>). The ECB cut rates throughout 2025, easing instalments with phased effects (FT<\/a> | Reuters<\/a>). The search for credit increased<\/strong> in spring 2025 (Bank of Portugal<\/a>).<\/li>\n\n\n\n
- Lisbon Fundamentals:<\/strong> safety (Portugal Top-10 in GPI 2025), quality of life and limited supply in the centre support prices (GPI<\/a>). Construction costs still on the rise (+3.9% YoY Jun\/2025; INE<\/a>) e timelines<\/em> long licensing periods (120-200 days; Chambers<\/a>).<\/li>\n\n\n\n
- 2026 - base case:<\/strong> Lisbon city centre with stabilisation to slight gain<\/strong> (+1% to +5%); moderate upside (+6% to +9%) if ECB cuts continue and external demand is maintained; limited downside (-3% to -5%) under macro\/political shock. See scenarios section.<\/li>\n<\/ul>\n\n\n\n
Where we are in 2025 (Central Lisbon)<\/h2>\n\n\n\n
The year was marked by a generalised acceleration in prices in Portugal: the median transaction price reached 2.065 \u20ac\/m\u00b2<\/strong> in the 2nd quarter (+191TP3Q YoY), a new all-time high (INE via ECO<\/a>; RTP\/Lusa<\/a>). In Lisbon (municipality)<\/strong>, the average asking price reached ~4.454 \u20ac\/m\u00b2<\/strong> in September (Idealist<\/a>). At European level, the Eurostat<\/a> reports a 5.4% rise in prices (EU, Q2 2025), with Portugal among the most dynamic markets.<\/p>\n\n\n\n![\"\"](\"https:\/\/livinglocal.pt\/wp-content\/uploads\/2025\/10\/eurostat_hpi_q2_2025_lisbon_context-1024x683.png\" "\\"\\"")
House Price Growth YoY - Q2 2025 (Eurostat). European context; check the current rate on the Eurostat website.<\/em><\/figcaption><\/figure>\n\n\n\nGrowth engines (2015-2025) that still count<\/h2>\n\n\n\n1) International demand and security<\/h3>\n\n\n\n
Portugal remains in the world top-10 for peace\/security (GPI 2025), anchor factor for families and HNWI (GPI<\/a>). This stability, combined with the climate, international schools and connectivity, sustains demand in the centre.<\/p>\n\n\n\n2) Demographics and positive net migration<\/h3>\n\n\n\n
The country has returned to grow in population<\/strong> (+109.9 thousand residents in 2024 vs. 2023), with a strong weight of the AML (INE<\/a>). AIMA points to an upward revision of foreign residents (AIMA\/INE<\/a>).<\/p>\n\n\n\n3) Financing: ECB cuts and recovery in demand for credit<\/h3>\n\n\n\n
In 2025, the ECB reduced the key rate (to around 2.25-2.50% in the spring), signalling gradual relief in the cost of debt (FT<\/a> | AP<\/a>). O Bank of Portugal<\/a> reported growing demand for home loans<\/strong> in spring. The effect on prices is out of date<\/em>, but visible in the proposals.<\/p>\n\n\n\n4) Limited supply in the centre: permits and construction costs<\/h3>\n\n\n\n
Municipal licence deadlines typically vary between 120 and 200 days<\/strong> according to the gross area, preventing rapid supply responses in the core (Chambers<\/a>). In parallel, the construction costs<\/strong> rose ~3.9% YoY<\/strong> in June\/2025 (INE<\/a>), keeping pressure on the final price.<\/p>\n\n\n\n5) Short-term rental regulation (AL)<\/h3>\n\n\n\n
More restrictive national and municipal rules have reduced the elasticity of the tourist offer in mature areas - less competition for property prime<\/em> can sustain residential values (see AL 2025 Guide - Turismo de Portugal<\/a>).<\/p>\n\n\n\nWhat could stabilise or cause prices to fall in 2026 (and how likely)<\/h2>\n\n\n\n\n- ECB rate hikes pause\/resume<\/strong> (low-medium prob.<\/em>): a re-accelerated inflation scenario could put the brakes on cuts and put pressure on instalments; greater impact on the leveraged segment, less on HNWI (Reuters\/ECB<\/a>).<\/li>\n\n\n\n
- European macro shock (weak growth\/exports)<\/strong> (medium<\/em>): loss of confidence reduces second home transactions; effect mitigated by Lisbon's \u201csafe harbour\u201d status and diversified demand.<\/li>\n\n\n\n
- Tax changes less favourable to foreign investors<\/strong> (low-medium<\/em>): the end of the classic NHR and the IFICI (NHR 2.0) re-focused benefits (KPMG<\/a> | CGD<\/a>), but non-fiscal motivators (safety, schools, climate) sustain demand.<\/li>\n\n\n\n
- Standardisation in \u201cfashion zones\u201d<\/strong> (medium<\/em>): data shows occasional corrections in 2025 (e.g. retreats in Arroios), especially after strong rises (ECO<\/a>). It's rotation, not collapse.<\/li>\n\n\n\n
- Positive supply surprise<\/strong> (low<\/em>): even with the pipeline in Oriente\/Parque das Na\u00e7\u00f5es, the combination of costs and licences limits generalised falls in the historic centre.<\/li>\n<\/ul>\n\n\n\n
Demand (who buys and why)<\/h2>\n\n\n\n
In terms of the number of transactions, the resident buyer remains dominant; the international buyer contributes tickets<\/em> and is looking for assets with proven scarcity (top floors with terraces, views, parking and lifts in classic buildings). International schools, mobility (metro\/train), security and neighbourhood life anchor the decision. Signs of improvement in access to credit can be seen in the Bank of Portugal<\/a>.<\/p>\n\n\n\nOffer and licence<\/h2>\n\n\n\n
The new offer in central Lisbon is structurally limited: protected buildings, block morphology, height restrictions and lengthy licensing processes. For a framework, see CML<\/a> (town planning) and practical guides to deadlines\/procedures (Chambers<\/a>).<\/p>\n\n\n\nRents and yields<\/h2>\n\n\n\n
In central Lisbon, the yield headline<\/strong> are lower than in the rest of the country, offset by lower vacancy rates, a better tenant profile and liquidity on exit. For comparable rents<\/strong>, use searches by neighbourhood in the Idealist<\/a>, reports of Savills<\/a> and Knight Frank<\/a>, and independent bases such as Global Property Guide<\/a>.<\/p>\n\n\n\nMicro-markets: how to position capital<\/h2>\n\n\n\nSanto Ant\u00f3nio \/ Pr\u00edncipe Real \/ Chiado (Avenida da Liberdade, Miseric\u00f3rdia)<\/h3>\n\n\n\n
The \u201cgolden triangle\u201d in the centre of Lisbon. Look for buildings with lifts and parking (rare), top floors with terraces, views of the Tagus, and renovations with documented engineering. Profile:<\/strong> capital preservation with upside in assets trophy<\/em>.<\/p>\n\n\n\nLapa \/ Estrela<\/h3>\n\n\n\n
Classic, residential, diplomatic. Terraces to the west and interior gardens at a premium. Check licences, infrastructure (water\/AVAC) and condominium minutes. Profile:<\/strong> stable yield + moderate appreciation.<\/p>\n\n\n\nAvenidas Novas \/ Saldanha \/ Campo Pequeno<\/h3>\n\n\n\n
Efficient plant, mobility and services; strong demand for corporate rentals. Good relations risk\/return<\/em> in post-2000\/deep rehabilitated product.<\/p>\n\n\n\nCampo de Ourique<\/h3>\n\n\n\n
Neighbourhood living and nearby shops; a product with a balcony\/parking space is an exception and adds value. Strict filter for carpentry and acoustics.<\/p>\n\n\n\n
Parque das Na\u00e7\u00f5es \/ Oriente<\/h3>\n\n\n\n
Recent property stock, facades facing the river, schools and accesses; shops and services; predictable maintenance and low vacancy in families\/expats. Profile:<\/strong> buy-to-let defence.<\/p>\n\n\n\nScenarios 2026 (Lisbon city centre)<\/h2>\n\n\n\n![\"\"](\"https:\/\/livinglocal.pt\/wp-content\/uploads\/2025\/10\/lisbon_2026_scenarios_v2-1024x640.png\" "\\"\\"")
Lisbon 2026 Scenarios (Index 2024=100) - Base, Upside, Downside (illustrative for planning).<\/figcaption><\/figure>\n\n\n\n\n- Base (55%)<\/strong>: \u201cmore technical\u201d market, stable volumes, prices +1% to +5%<\/strong>; resilient prime incomes (global eco Savills<\/a>) reinforce yield<\/em> in well-localised assets.<\/li>\n\n\n\n
- Upside (35%)<\/strong>: additional ECB cuts and strong external demand \u2192 +6% to +9%<\/strong> in prime locations and top rehabilitations, with compression<\/em> of yields<\/em>.<\/li>\n\n\n\n
- Downside (10%)<\/strong>macro\/tax shock + regulatory uncertainty \u2192 -3% to -5%<\/strong>, In particular, in medium-sized assets without sun exposure\/parking\/elevator\/etc. Prime suffers less.<\/li>\n<\/ol>\n\n\n\n
\u201cAll-in numbers\u201d before the proposal (to avoid surprises)<\/h2>\n\n\n\n
Before setting the price you're going to offer, calculate the total cost: IMT, IS, lawyer, registration, valuation, credit stamp duty, bank commissions and works. Keep a contingency of 5-10% in case of rehabilitation. If you use finance, include evaluation condition<\/strong> and credit condition<\/strong> in the CPCV with realistic deadlines and exit conditions.<\/p>\n\n\n\nUseful reading: Taxes & costs when buying<\/a> - Financing for foreigners<\/a> - CPCV: how to protect yourself<\/a> - Deed checklist<\/a>.<\/p>\n\n\n\nIndicators to monitor in 2026<\/h2>\n\n\n\n\n- ECB key rate<\/strong> and bank spreads (credit conditions: BdP BLS<\/a>).<\/li>\n\n\n\n
- INE\/Eurostat<\/strong>: price rhythm (transaction) vs. order (portals) - signs of divergence (Eurostat<\/a> | INE<\/a>).<\/li>\n\n\n\n
- Construction costs<\/strong> and licence<\/strong> (elasticity of supply: INE ICC<\/a> | Chambers<\/a>).<\/li>\n\n\n\n
- AL rules<\/strong> and taxation for new residents (IFCI\/NHR 2.0: KPMG<\/a> | CGD<\/a> | Turismo de Portugal<\/a>).<\/li>\n<\/ul>\n\n\n\n
\n\n\n\n\nFAQ (for investors)<\/h2>\n\n\n\nAre the prices in the centre of Lisbon too expensive?<\/h3>\n\n\n\n
They are at all-time highs, as they have been every year since around 2015, but some areas, such as the centre, <\/strong>are in short supply and provide a more defensive investment. In 2026 we expect stabilisation to slight gains (+1-5%). In surgical purchases, the risk of structural correction is lower. Here's some data on property sales in Lisbon: Idealist<\/a>.<\/p>\n\n\n\nHas the end of the NHR reduced international demand?<\/h3>\n\n\n\n
The broad incentive has been reduced; the IFICI (NHR 2.0) has repositioned itself towards more qualified profiles. Nonetheless, non-fiscal motivators (security, schools, climate) sustain demand in the upper-middle segment (KPMG<\/a> | CGD<\/a>).<\/p>\n\n\n\nIs it better to buy prime or \u201crelative value\u201d in neighbourhoods in transition?<\/h3>\n\n\n\n
It depends on the objective: to capital preservation<\/strong> look for well-established neighbourhoods or streets in a prime market (Av. Novas, S\u00e3o Sebasti\u00e3o, Chiado, Lapa, etc.); for risk-adjusted return<\/strong> \u2192 streets or specific parts of certain neighbourhoods (e.g. Marvila\/Beato\/Anjos) with high quality construction and good physical layout (light, insulation, parking).<\/p>\n\n\n\nHow to avoid surprises CPCV<\/a> if I'm going to use financing<\/a>?<\/h3>\n\n\n\nInclude credit condition<\/strong> and evaluation condition<\/strong> with clear deadlines. If the valuation falls short, the contract dictates: renegotiation, alternative, or exit without losing a deposit. Read more: CPCV in Portugal<\/a>.<\/p>\n\n\n\nWhat is the price difference between the centre and the outskirts today?<\/h3>\n\n\n\n
Lisbon city ~4.454 \u20ac\/m\u00b2<\/strong> (request Sept\/2025); several parishes prime >5,000 \u20ac\/m\u00b2 (Idealist<\/a>). AML has lower medians; always compare by parish.<\/p>\n\n\n\n
\n<\/div>\n\n\n\nRelated reading:<\/strong> Lisbon 2025: smart investment or safe harbour?<\/a> - Cascais & Estoril: luxury market<\/a> - Buy to let<\/a> - AL: what has changed and alternatives<\/a>.<\/p>\n\n\n\nWe can help.<\/strong> We work only for buyers - independent search, technical due diligence and calm negotiation. Get to know us Buyer's Agency<\/a> or Schedule a Call<\/a>. Download Buyer's Guide<\/a> and see testimonials<\/a>.<\/p>\n\n\n\nMain sources:<\/em> Idealist - Lisbon county<\/a> - INE via ECO<\/a> - Eurostat HPI Q2\/2025<\/a> - BdP - Bank Lending Survey<\/a> - Savills World Cities H1 2025<\/a> - Knight Frank - Prime Global<\/a> - INE - Construction Cost Index<\/a> - Chambers - Licensing<\/a> - Turismo de Portugal - AL 2025<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Prospects for 2025 in Lisbon: demand, supply, rents and risks.<\/p>","protected":false},"author":1,"featured_media":3277,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[219],"tags":[],"class_list":["post-3063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights"],"acf":[],"_links":{"self":[{"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/posts\/3063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/comments?post=3063"}],"version-history":[{"count":11,"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/posts\/3063\/revisions"}],"predecessor-version":[{"id":3462,"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/posts\/3063\/revisions\/3462"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/media\/3277"}],"wp:attachment":[{"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/media?parent=3063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/categories?post=3063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/tags?post=3063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Where we are in 2025 (Central Lisbon)<\/h2>\n\n\n\n
The year was marked by a generalised acceleration in prices in Portugal: the median transaction price reached 2.065 \u20ac\/m\u00b2<\/strong> in the 2nd quarter (+191TP3Q YoY), a new all-time high (INE via ECO<\/a>; RTP\/Lusa<\/a>). In Lisbon (municipality)<\/strong>, the average asking price reached ~4.454 \u20ac\/m\u00b2<\/strong> in September (Idealist<\/a>). At European level, the Eurostat<\/a> reports a 5.4% rise in prices (EU, Q2 2025), with Portugal among the most dynamic markets.<\/p>\n\n\n\n Portugal remains in the world top-10 for peace\/security (GPI 2025), anchor factor for families and HNWI (GPI<\/a>). This stability, combined with the climate, international schools and connectivity, sustains demand in the centre.<\/p>\n\n\n\n The country has returned to grow in population<\/strong> (+109.9 thousand residents in 2024 vs. 2023), with a strong weight of the AML (INE<\/a>). AIMA points to an upward revision of foreign residents (AIMA\/INE<\/a>).<\/p>\n\n\n\n In 2025, the ECB reduced the key rate (to around 2.25-2.50% in the spring), signalling gradual relief in the cost of debt (FT<\/a> | AP<\/a>). O Bank of Portugal<\/a> reported growing demand for home loans<\/strong> in spring. The effect on prices is out of date<\/em>, but visible in the proposals.<\/p>\n\n\n\n Municipal licence deadlines typically vary between 120 and 200 days<\/strong> according to the gross area, preventing rapid supply responses in the core (Chambers<\/a>). In parallel, the construction costs<\/strong> rose ~3.9% YoY<\/strong> in June\/2025 (INE<\/a>), keeping pressure on the final price.<\/p>\n\n\n\n More restrictive national and municipal rules have reduced the elasticity of the tourist offer in mature areas - less competition for property prime<\/em> can sustain residential values (see AL 2025 Guide - Turismo de Portugal<\/a>).<\/p>\n\n\n\n In terms of the number of transactions, the resident buyer remains dominant; the international buyer contributes tickets<\/em> and is looking for assets with proven scarcity (top floors with terraces, views, parking and lifts in classic buildings). International schools, mobility (metro\/train), security and neighbourhood life anchor the decision. Signs of improvement in access to credit can be seen in the Bank of Portugal<\/a>.<\/p>\n\n\n\n The new offer in central Lisbon is structurally limited: protected buildings, block morphology, height restrictions and lengthy licensing processes. For a framework, see CML<\/a> (town planning) and practical guides to deadlines\/procedures (Chambers<\/a>).<\/p>\n\n\n\n In central Lisbon, the yield headline<\/strong> are lower than in the rest of the country, offset by lower vacancy rates, a better tenant profile and liquidity on exit. For comparable rents<\/strong>, use searches by neighbourhood in the Idealist<\/a>, reports of Savills<\/a> and Knight Frank<\/a>, and independent bases such as Global Property Guide<\/a>.<\/p>\n\n\n\n The \u201cgolden triangle\u201d in the centre of Lisbon. Look for buildings with lifts and parking (rare), top floors with terraces, views of the Tagus, and renovations with documented engineering. Profile:<\/strong> capital preservation with upside in assets trophy<\/em>.<\/p>\n\n\n\n Classic, residential, diplomatic. Terraces to the west and interior gardens at a premium. Check licences, infrastructure (water\/AVAC) and condominium minutes. Profile:<\/strong> stable yield + moderate appreciation.<\/p>\n\n\n\n Efficient plant, mobility and services; strong demand for corporate rentals. Good relations risk\/return<\/em> in post-2000\/deep rehabilitated product.<\/p>\n\n\n\n Neighbourhood living and nearby shops; a product with a balcony\/parking space is an exception and adds value. Strict filter for carpentry and acoustics.<\/p>\n\n\n\n Recent property stock, facades facing the river, schools and accesses; shops and services; predictable maintenance and low vacancy in families\/expats. Profile:<\/strong> buy-to-let defence.<\/p>\n\n\n\n Before setting the price you're going to offer, calculate the total cost: IMT, IS, lawyer, registration, valuation, credit stamp duty, bank commissions and works. Keep a contingency of 5-10% in case of rehabilitation. If you use finance, include evaluation condition<\/strong> and credit condition<\/strong> in the CPCV with realistic deadlines and exit conditions.<\/p>\n\n\n\n Useful reading: Taxes & costs when buying<\/a> - Financing for foreigners<\/a> - CPCV: how to protect yourself<\/a> - Deed checklist<\/a>.<\/p>\n\n\n\n They are at all-time highs, as they have been every year since around 2015, but some areas, such as the centre, <\/strong>are in short supply and provide a more defensive investment. In 2026 we expect stabilisation to slight gains (+1-5%). In surgical purchases, the risk of structural correction is lower. Here's some data on property sales in Lisbon: Idealist<\/a>.<\/p>\n\n\n\n The broad incentive has been reduced; the IFICI (NHR 2.0) has repositioned itself towards more qualified profiles. Nonetheless, non-fiscal motivators (security, schools, climate) sustain demand in the upper-middle segment (KPMG<\/a> | CGD<\/a>).<\/p>\n\n\n\n It depends on the objective: to capital preservation<\/strong> look for well-established neighbourhoods or streets in a prime market (Av. Novas, S\u00e3o Sebasti\u00e3o, Chiado, Lapa, etc.); for risk-adjusted return<\/strong> \u2192 streets or specific parts of certain neighbourhoods (e.g. Marvila\/Beato\/Anjos) with high quality construction and good physical layout (light, insulation, parking).<\/p>\n\n\n\n Include credit condition<\/strong> and evaluation condition<\/strong> with clear deadlines. If the valuation falls short, the contract dictates: renegotiation, alternative, or exit without losing a deposit. Read more: CPCV in Portugal<\/a>.<\/p>\n\n\n\n Lisbon city ~4.454 \u20ac\/m\u00b2<\/strong> (request Sept\/2025); several parishes prime >5,000 \u20ac\/m\u00b2 (Idealist<\/a>). AML has lower medians; always compare by parish.<\/p>\n\n\n\n Related reading:<\/strong> Lisbon 2025: smart investment or safe harbour?<\/a> - Cascais & Estoril: luxury market<\/a> - Buy to let<\/a> - AL: what has changed and alternatives<\/a>.<\/p>\n\n\n\n We can help.<\/strong> We work only for buyers - independent search, technical due diligence and calm negotiation. Get to know us Buyer's Agency<\/a> or Schedule a Call<\/a>. Download Buyer's Guide<\/a> and see testimonials<\/a>.<\/p>\n\n\n\n Main sources:<\/em> Idealist - Lisbon county<\/a> - INE via ECO<\/a> - Eurostat HPI Q2\/2025<\/a> - BdP - Bank Lending Survey<\/a> - Savills World Cities H1 2025<\/a> - Knight Frank - Prime Global<\/a> - INE - Construction Cost Index<\/a> - Chambers - Licensing<\/a> - Turismo de Portugal - AL 2025<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Prospects for 2025 in Lisbon: demand, supply, rents and risks.<\/p>","protected":false},"author":1,"featured_media":3277,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[219],"tags":[],"class_list":["post-3063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights"],"acf":[],"_links":{"self":[{"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/posts\/3063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/comments?post=3063"}],"version-history":[{"count":11,"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/posts\/3063\/revisions"}],"predecessor-version":[{"id":3462,"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/posts\/3063\/revisions\/3462"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/media\/3277"}],"wp:attachment":[{"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/media?parent=3063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/categories?post=3063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/livinglocal.pt\/en\/wp-json\/wp\/v2\/tags?post=3063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Growth engines (2015-2025) that still count<\/h2>\n\n\n\n
1) International demand and security<\/h3>\n\n\n\n
2) Demographics and positive net migration<\/h3>\n\n\n\n
3) Financing: ECB cuts and recovery in demand for credit<\/h3>\n\n\n\n
4) Limited supply in the centre: permits and construction costs<\/h3>\n\n\n\n
5) Short-term rental regulation (AL)<\/h3>\n\n\n\n
What could stabilise or cause prices to fall in 2026 (and how likely)<\/h2>\n\n\n\n
\n
Demand (who buys and why)<\/h2>\n\n\n\n
Offer and licence<\/h2>\n\n\n\n
Rents and yields<\/h2>\n\n\n\n
Micro-markets: how to position capital<\/h2>\n\n\n\n
Santo Ant\u00f3nio \/ Pr\u00edncipe Real \/ Chiado (Avenida da Liberdade, Miseric\u00f3rdia)<\/h3>\n\n\n\n
Lapa \/ Estrela<\/h3>\n\n\n\n
Avenidas Novas \/ Saldanha \/ Campo Pequeno<\/h3>\n\n\n\n
Campo de Ourique<\/h3>\n\n\n\n
Parque das Na\u00e7\u00f5es \/ Oriente<\/h3>\n\n\n\n
Scenarios 2026 (Lisbon city centre)<\/h2>\n\n\n\n
\n
\u201cAll-in numbers\u201d before the proposal (to avoid surprises)<\/h2>\n\n\n\n
Indicators to monitor in 2026<\/h2>\n\n\n\n
\n
\n\n\n\nFAQ (for investors)<\/h2>\n\n\n\n
Are the prices in the centre of Lisbon too expensive?<\/h3>\n\n\n\n
Has the end of the NHR reduced international demand?<\/h3>\n\n\n\n
Is it better to buy prime or \u201crelative value\u201d in neighbourhoods in transition?<\/h3>\n\n\n\n
How to avoid surprises CPCV<\/a> if I'm going to use financing<\/a>?<\/h3>\n\n\n\n
What is the price difference between the centre and the outskirts today?<\/h3>\n\n\n\n
\n<\/div>\n\n\n\n