Head To Porto For Affordable Properties With planned improvements in infrastructure, transport, hotels and flights, Portugal's second city is definitely worth a look. Add this With the current volatile currency markets property experts are predicting European cities will be a good place to invest if you want to survive the market's ups and downs and achieve long-term returns.
Porto is Portugal's second largest city and is situated on the banks of the river Douro. It is famous for exporting Port wine around the world and the city's historic centre is a UNESCO World Heritage Site. According to a report in The Times property prices in Porto are at least 25 per cent less than they are in the capital, Lisbon. City centre prices can work out at about £1,500 per square metre, however prime locations near the sea or river can be as much as £3,000 per square metre. Many of the old buildings in the city are now being renovated into modern apartment blocks and prices are still quite cheap as this is a growing market.As we revealed on Homes Worldwide earlier this month more and more buyers are now heading to norther Portugal as opposed to the Algarve as they can get real value for money in this region. Property prices in Portugal as a whole have not increased as rapidly as they elsewhere in Europe with inflation between 1995 and 2006 only 17 per cent, compared to 100 per cent in Spain. The increase of year-round flights to Porto with low-cost airlines such as RyanAir will also bring more tourists to the city so the rental potential is huge.