Oporto is located along the Douro River and is Portugal’s second largest city. It is famous for exporting Port wine around the world and the city's historic centre is an UNESCO World Heritage Site.
Property prices are roughly 25% less than they are in Lisbon. In the city centre, prices can be around 1.500 Euros per square meter while it can rise up to 3.000 Euros per square meter in prime locations near the sea or the river. Nevertheless it is possible to find a 3 bedroom property for something between 150.000 Euros and 200.000 Euros while a 1-bedroom apartment sets you back around 100.000 Euros.
Many of the old buildings in the city are now being renovated into modern apartments and prices are still affordable. Property prices have not increased as rapidly as they have in other regions but the recent arrival of low cost airlines is bringing in more tourists and, as a result, a growing number of investors are now heading to northern Portugal.
The Douro River, the third largest river on the Iberian Peninsula, is a region which is highly popular with international buyers. This is a wine country with its terraced vineyards extending right down to the riverside itself.
Any location alongside the Douro River is considered prime real estate, as buyers are keen to be close to the river and among stunning scenery. Property along the Douro valley is affordable with a 2-bedroom property costing from 150.000 Euros. There is rental potential from wine enthusiasts who are interested in following the port route and visiting the wine lodges dotted along the valley.
Northern Portugal is also the region where there is an abundance of traditional houses and renovation projects for sale. One can pick-up a small cottage to renovate for around 20.000 Euros. A larger house with a vineyard can cost as little as 40.000 Euros, while those with a bigger budget could discover a renovated 4-bedroom farm with a small vineyard for not more than 200.000 Euros.
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