{"id":19764,"date":"2026-05-14T12:13:37","date_gmt":"2026-05-14T11:13:37","guid":{"rendered":"https:\/\/adcecija.pt\/?p=19764"},"modified":"2026-05-14T12:13:37","modified_gmt":"2026-05-14T11:13:37","slug":"is-portugal-still-affordable-the-numbers-that-make-you-think","status":"publish","type":"post","link":"https:\/\/adcecija.pt\/en\/is-portugal-still-affordable-the-numbers-that-make-you-think\/","title":{"rendered":"Is Portugal Still Affordable? The Numbers That Make You Think"},"content":{"rendered":"

Portugal has established itself as one of Europe’s most dynamic real estate markets, offering capital gain prospects rarely matched on the continent. The latest data from the National Statistics Institute (INE) confirm a clear trend: those who invested in recent years are now reaping the rewards of spectacular growth \u2014 and the potential remains intact.<\/p>\n

 <\/p>\n

1. Unprecedented Returns<\/strong><\/p>\n

 <\/p>\n

The second quarter of 2025 will go down in history. For the first time since statistical series began in 2019, the median price per square meter broke through the symbolic barrier of \u20ac2,000, with an annual increase of 19% \u2014 an exceptional performance for any investor. By the third quarter, that figure had already reached \u20ac2,111\/m\u00b2, confirming a robust upward dynamic.<\/p>\n

 <\/p>\n

On the rental side, yields follow the same ascending trajectory. The median rent for new contracts now stands at \u20ac8.22\/m\u00b2, up 10% year-on-year. More importantly, the contraction in rental supply (\u201310% in new contracts in Q1 2025) strengthens landlords’ bargaining power and provides durable support for prices.<\/p>\n

 <\/p>\n

2. Lisbon: A Safe Bet Breaking Records and Opportunities Across the Country<\/strong><\/p>\n

 <\/p>\n

The Portuguese capital perfectly illustrates this appreciation potential. In the third quarter of 2025, the median price in Lisbon exceeded \u20ac5,000\/m\u00b2 for the first time \u2014 a level that remains competitive compared to Paris or Madrid, while showing far superior growth. Cascais, the sought-after seaside resort on the Lisbon coast, posts values of \u20ac4,053\/m\u00b2, while Oeiras exceeds \u20ac3,400\/m\u00b2.<\/p>\n

 <\/p>\n

For investors, rental yields are particularly attractive. An apartment in Lisbon now rents for an average of \u20ac15.93\/m\u00b2, nearly double the national average. In Cascais, rent reaches \u20ac15.31\/m\u00b2, ensuring solid cash flows. The Portuguese market offers a diversity of opportunities depending on investor profiles. While Greater Lisbon and the Algarve promise stability and liquidity, the country’s interior holds hidden gems with strong capital appreciation potential for astute investors.<\/p>\n

 <\/p>\n

Table 2: Prices and Rents by Region (Q3 2025)<\/p>\n\n\n\n\n\n\n\n
Region<\/strong><\/td>\nPurchase Price (\u20ac\/m\u00b2)<\/strong><\/td>\nRent (\u20ac\/m\u00b2)<\/strong><\/td>\n<\/tr>\n
Greater Lisbon<\/td>\n2,939<\/td>\n13.06<\/td>\n<\/tr>\n
Algarve<\/td>\n2,752<\/td>\n9.41<\/td>\n<\/tr>\n
Porto Metropolitan Area<\/td>\n1,986<\/td>\n8.85<\/td>\n<\/tr>\n
National Average<\/td>\n1,777<\/td>\n7.97<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Notes: INE data. Median values.<\/em><\/p>\n

 <\/p>\n

The best performances are not always found in premium zones. The Baixo Alentejo region recorded a spectacular increase of 38.7% in the second quarter of 2025 \u2014 an opportunity that the most agile investors seized before the wave.<\/p>\n

 <\/p>\n

3. A Market Still Undervalued on a European Scale<\/strong><\/p>\n

 <\/p>\n

At a national average of \u20ac1,777\/m\u00b2, Portugal remains significantly cheaper than France (approximately \u20ac3,200\/m\u00b2) or Spain in its major cities. This valuation gap, combined with growth that is twice as fast, constitutes a compelling argument for international investors. Strong local rental demand \u2014 driven by a constrained homeownership market \u2014 ensures high occupancy rates and lasting upward pressure on rents. This represents an ideal context for securing attractive rental yields.<\/p>\n

 <\/p>\n

All fundamentals point towards a continuation of the upward trend. Foreign demand remains strong, the stock of new housing remains structurally insufficient, and the gradual decline in interest rates should unleash a new wave of buyers. For astute investors, the message is clear: Portugal today offers a rare balance between capital gain potential and solid rental yields. In a European context marked by uncertainty, the Portuguese market stands out as a dynamic safe haven \u2014 provided investors position themselves before prices fully catch up with their European neighbours.<\/p>\n

 <\/p>\n

4. A Fiscal Framework in Transition: From NHR to IFICI<\/strong><\/p>\n

 <\/p>\n

For nearly a decade, the Non-Habitual Resident (NHR) regime was the driving force behind Portugal’s fiscal attractiveness. Thousands of French-speaking individuals \u2014 from France, Belgium, Switzerland, Luxembourg, and Canada \u2014 chose to settle in Portugal, attracted by reduced taxation on foreign-source income and advantageous flat rates on certain categories of professional income.<\/p>\n

 <\/p>\n

The NHR, in its classic form, has given way to a new scheme: the IFICI (Incentivo Fiscal \u00e0 Investiga\u00e7\u00e3o Cient\u00edfica e Inova\u00e7\u00e3o \u2014 Tax Incentive for Scientific Research and Innovation). Far from signalling the end of Portuguese attractiveness, this change reflects a political will to refocus tax advantages on high-value-added profiles \u2014 researchers, qualified executives, and technology and innovation professionals.<\/p>\n

 <\/p>\n

For French-speaking companies seeking to attract talent to Portugal or establish a subsidiary there, this transition opens new opportunities that should be understood and anticipated. For individuals already settled under the former NHR regime, the question of medium-term tax planning arises with particular urgency: how to optimise the transition? What options are available? What pitfalls should be avoided? These are questions that require appropriate legal guidance to answer effectively.<\/p>\n

 <\/p>\n

5. Portugal in the Digital Age: AI, Personal Data and Compliance<\/strong><\/p>\n

 <\/p>\n

Portugal is not immune to the major digital transformations sweeping across Europe. Artificial intelligence, personal data protection, and compliance obligations under the GDPR are pressing issues for any French-speaking company operating on Portuguese territory. The risks of sanctions are real, and Portuguese authorities are progressively strengthening their enforcement capabilities.<\/p>\n

 <\/p>\n

Similarly, obligations regarding compliance and anti-money laundering have tightened considerably. In 2026, foreign companies present in Portugal \u2014 including through subsidiaries or branches \u2014 must comply with a demanding regulatory framework, on pain of significant fines and reputational risks.<\/p>\n

 <\/p>\n

6. Conclusions<\/strong><\/p>\n

 <\/p>\n

Portugal in 2026 offers French-speaking individuals and businesses a range of opportunities rarely matched in Europe. Whether in taxation, real estate, employment law, succession planning, litigation, or regulatory compliance, there is no shortage of topics \u2014 and the stakes are considerable.<\/p>\n

 <\/p>\n

What makes Portugal unique for French-speaking communities is perhaps, ultimately, its ability to combine the rigour of a European rule-of-law state with a quality of life unmatched on the continent. The historical, cultural, and linguistic ties between Portugal and the French-speaking world \u2014 from France to Morocco, from Belgium to Canada, from Luxembourg to C\u00f4te d’Ivoire \u2014 create a natural foundation for economic and human exchange.<\/p>\n

 <\/p>\n

However, this proximity should not obscure the fact that Portugal is a sovereign country, with its own legal order, its own institutions, and its own particularities. Settling or investing in Portugal without appropriate legal guidance means risking the underestimation of differences that, while subtle, can lead to significant consequences.<\/p>\n

 <\/p>\n

By Tatiana Cardoso<\/a> and Anthony Meira<\/a>, Desk – French Desk<\/a><\/p>\n

 <\/p>\n

\n

 <\/p>\n

Le Portugal reste-t-il abordable ? Les chiffres qui font r\u00e9fl\u00e9chir<\/h6>\n

 <\/p>\n

Le Portugal s’impose comme l’un des march\u00e9s immobiliers les plus dynamiques d’Europe, offrant des perspectives de plus-values rarement \u00e9gal\u00e9es sur le continent. Les derni\u00e8res donn\u00e9es de l’Institut National de Statistiques (INE) confirment une tendance claire : ceux qui ont investi ces derni\u00e8res ann\u00e9es r\u00e9coltent aujourd’hui les fruits d’une croissance spectaculaire \u2014 et le potentiel reste intact.<\/p>\n

 <\/p>\n

1. Des rendements sans pr\u00e9c\u00e9dent<\/strong><\/p>\n

 <\/p>\n

Le deuxi\u00e8me trimestre 2025 restera dans les annales. Pour la premi\u00e8re fois depuis le d\u00e9but des s\u00e9ries statistiques en 2019, le prix m\u00e9dian du m\u00e8tre carr\u00e9 a franchi la barre symbolique des 2 000 euros, avec une hausse annuelle de 19% \u2014 une performance exceptionnelle pour tout investisseur. Au troisi\u00e8me trimestre, ce chiffre atteignait d\u00e9j\u00e0 2 111 \u20ac\/m\u00b2, confirmant une dynamique haussi\u00e8re robuste.
\nDu c\u00f4t\u00e9 des loyers, les rendements locatifs suivent la m\u00eame trajectoire ascendante. Le loyer m\u00e9dian des nouveaux contrats s’\u00e9tablit d\u00e9sormais \u00e0 8,22 \u20ac\/m\u00b2, en hausse de 10% sur un an. Mieux encore : la contraction de l’offre locative (\u201310% de nouveaux contrats au premier trimestre 2025) renforce le pouvoir de n\u00e9gociation des propri\u00e9taires et soutient durablement les prix.<\/p>\n

 <\/p>\n

2. Lisbonne : une valeur s\u00fbre qui bat des records et des opportunit\u00e9s sur tout le territoire<\/strong><\/p>\n

 <\/p>\n

La capitale portugaise illustre parfaitement ce potentiel de valorisation. Au troisi\u00e8me trimestre 2025, le prix m\u00e9dian \u00e0 Lisbonne a d\u00e9pass\u00e9 pour la premi\u00e8re fois les 5 000 \u20ac\/m\u00b2 \u2014 un niveau qui reste comp\u00e9titif face \u00e0 Paris ou Madrid, tout en affichant une croissance bien sup\u00e9rieure. Cascais, la station baln\u00e9aire pris\u00e9e de la c\u00f4te lisbo\u00e8te, affiche 4 053 \u20ac\/m\u00b2, tandis qu’Oeiras d\u00e9passe les 3 400 \u20ac\/m\u00b2.
\nPour les investisseurs, les rendements locatifs sont particuli\u00e8rement attractifs. Un appartement \u00e0 Lisbonne se loue d\u00e9sormais en moyenne \u00e0 15,93 \u20ac\/m\u00b2, soit pr\u00e8s du double de la moyenne nationale. \u00c0 Cascais, le loyer atteint 15,31 \u20ac\/m\u00b2, garantissant des cash-flows solides.<\/p>\n

 <\/p>\n

Le march\u00e9 portugais offre une diversit\u00e9 d’opportunit\u00e9s selon les profils d’investisseurs. Si la Grande Lisbonne et l’Algarve promettent stabilit\u00e9 et liquidit\u00e9, l’int\u00e9rieur du pays rec\u00e8le des p\u00e9pites \u00e0 fort potentiel de plus-value pour les investisseurs avis\u00e9s.<\/p>\n

 <\/p>\n\n\n\n\n\n\n\n
R\u00e9gion<\/strong><\/td>\nPrix achat (\u20ac\/m\u00b2)<\/strong><\/td>\nLoyer (\u20ac\/m\u00b2)<\/strong><\/td>\n<\/tr>\n
Grande Lisbonne<\/td>\n2 939<\/td>\n13,06<\/td>\n<\/tr>\n
Algarve<\/td>\n2 752<\/td>\n9,41<\/td>\n<\/tr>\n
Aire M\u00e9tropolitaine de Porto<\/td>\n1 986<\/td>\n8,85<\/td>\n<\/tr>\n
Moyenne nationale<\/strong><\/td>\n1 777<\/strong><\/td>\n7,97<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Les plus belles performances ne se trouvent d’ailleurs pas toujours dans les zones premium. Le Baixo Alentejo a enregistr\u00e9 une hausse spectaculaire de 38,7% au deuxi\u00e8me trimestre 2025 \u2014 une opportunit\u00e9 que les investisseurs les plus agiles ont su saisir avant la vague.<\/p>\n

 <\/p>\n

3. Un march\u00e9 encore sous-\u00e9valu\u00e9 \u00e0 l’\u00e9chelle europ\u00e9enne<\/strong><\/p>\n

 <\/p>\n

\u00c0 1 777 \u20ac\/m\u00b2 en moyenne nationale, le Portugal reste significativement moins cher que la France (environ 3 200 \u20ac\/m\u00b2) ou l’Espagne dans ses grandes villes. Cet \u00e9cart de valorisation, combin\u00e9 \u00e0 une croissance deux fois plus rapide, constitue un argument de poids pour les investisseurs internationaux.
\nLa forte demande locative locale \u2014 aliment\u00e9e par un march\u00e9 de l’accession contraint \u2014 garantit des taux d’occupation \u00e9lev\u00e9s et une pression haussi\u00e8re durable sur les loyers. Un contexte id\u00e9al pour s\u00e9curiser des rendements locatifs attractifs.<\/p>\n

 <\/p>\n

Tous les fondamentaux pointent vers une poursuite de la tendance haussi\u00e8re. La demande \u00e9trang\u00e8re reste soutenue, le stock de logements neufs demeure structurellement insuffisant, et la baisse progressive des taux d’int\u00e9r\u00eat devrait lib\u00e9rer une nouvelle vague d’acheteurs.
\nPour les investisseurs avis\u00e9s, le message est clair : le Portugal offre aujourd’hui un rare \u00e9quilibre entre potentiel de plus-value et rendements locatifs solides. Dans un contexte europ\u00e9en marqu\u00e9 par l’incertitude, le march\u00e9 lusitanien s’impose comme une valeur refuge dynamique \u2014 \u00e0 condition de se positionner avant que les prix ne rattrapent pleinement leurs voisins europ\u00e9ens.<\/p>\n

4. Un cadre fiscal en pleine mutation : du RNH \u00e0 l’IFICI<\/strong><\/p>\n

 <\/p>\n

Pendant pr\u00e8s d’une d\u00e9cennie, le r\u00e9gime du R\u00e9sident Non Habituel (RNH) a \u00e9t\u00e9 la locomotive de l’attractivit\u00e9 fiscale portugaise. Des milliers de francophones \u2014 fran\u00e7ais, belges, suisses, luxembourgeois, canadiens \u2014 ont fait le choix de s’installer au Portugal, s\u00e9duits par une imposition r\u00e9duite sur les revenus de source \u00e9trang\u00e8re et par des taux forfaitaires avantageux sur certaines cat\u00e9gories de revenus professionnels.<\/p>\n

 <\/p>\n

Le RNH, dans sa forme classique, a c\u00e9d\u00e9 la place \u00e0 un nouveau dispositif : l’IFICI ( Incentivo Fiscal \u00e0 Investiga\u00e7\u00e3o Cient\u00edfica e Inova\u00e7\u00e3o ). Ce changement, loin de sonner le glas de l’attractivit\u00e9 portugaise, traduit une volont\u00e9 politique de recentrer les avantages fiscaux sur les profils \u00e0 forte valeur ajout\u00e9e \u2014 chercheurs, cadres qualifi\u00e9s, professionnels de la technologie et de l’innovation. Pour les entreprises francophones qui souhaitent attirer des talents vers le Portugal ou y implanter une filiale, cette transition ouvre de nouvelles opportunit\u00e9s qu’il convient de comprendre et d’anticiper.<\/p>\n

Pour les particuliers d\u00e9j\u00e0 install\u00e9s sous l’ancien r\u00e9gime RNH, la question de la planification fiscale \u00e0 moyen terme se pose avec acuit\u00e9 : comment optimiser la transition ? Quelles sont les options disponibles ? Quels sont les pi\u00e8ges \u00e0 \u00e9viter ? Autant de questions auxquelles il est essentiel de r\u00e9pondre avec un accompagnement juridique adapt\u00e9.<\/p>\n

 <\/p>\n

5. Le Portugal \u00e0 l’\u00e8re du num\u00e9rique : IA, donn\u00e9es personnelles et conformit\u00e9<\/strong><\/p>\n

 <\/p>\n

Le Portugal n’\u00e9chappe pas aux grandes transformations num\u00e9riques qui traversent l’Europe. L’intelligence artificielle, la protection des donn\u00e9es personnelles et les obligations de conformit\u00e9 impos\u00e9es par le RGPD sont des sujets br\u00fblants pour toute entreprise francophone op\u00e9rant sur le territoire portugais. Les risques de sanctions sont r\u00e9els, et les autorit\u00e9s portugaises renforcent progressivement leur arsenal de contr\u00f4le. De m\u00eame, les obligations en mati\u00e8re de compliance et de lutte contre le blanchiment de capitaux se sont consid\u00e9rablement durcies. En 2026, les entreprises \u00e9trang\u00e8res pr\u00e9sentes au Portugal \u2014 y compris par le biais de filiales ou de succursales \u2014 doivent se conformer \u00e0 un cadre r\u00e9glementaire exigeant, sous peine d’amendes significatives et de risques r\u00e9putationnels. Mais cette proximit\u00e9 ne doit pas faire oublier que le Portugal est un pays souverain, avec son propre ordre juridique, ses propres institutions et ses propres particularit\u00e9s.<\/p>\n

6. Les conclusions<\/strong><\/p>\n

 <\/p>\n

Le Portugal de 2026 offre aux francophones un \u00e9ventail d’opportunit\u00e9s rarement \u00e9gal\u00e9 en Europe. Qu’il s’agisse de fiscalit\u00e9, d’immobilier, de droit du travail, de successions, de contentieux ou de conformit\u00e9 r\u00e9glementaire, les sujets ne manquent pas \u2014 et les enjeux sont consid\u00e9rables. Ce qui rend le Portugal unique pour les francophones, c’est peut-\u00eatre, au fond, cette capacit\u00e9 \u00e0 conjuguer la rigueur d’un \u00c9tat de droit europ\u00e9en avec une douceur de vivre qui n’a pas d’\u00e9quivalent sur le continent. Les liens historiques, culturels et linguistiques entre le Portugal et le monde francophone \u2014 de la France au Maroc, de la Belgique au Canada, du Luxembourg \u00e0 la C\u00f4te d’Ivoire \u2014 cr\u00e9ent un terreau naturel pour les \u00e9changes \u00e9conomiques et humains.<\/p>\n

Mais cette proximit\u00e9 ne doit pas faire oublier que le Portugal est un pays souverain, avec son propre ordre juridique, ses propres institutions et ses propres particularit\u00e9s. S’y installer ou y investir sans un accompagnement juridique adapt\u00e9, c’est prendre le risque de sous-estimer des diff\u00e9rences qui, bien que subtiles, peuvent entra\u00eener des cons\u00e9quences significatives.<\/p>\n

 <\/p>\n

Par Tatiana Cardoso<\/a> et Anthony Meira<\/a>, Bureau – Bureau fran\u00e7ais<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Portugal has established itself as one of Europe’s most dynamic real estate markets, offering capital gain prospects rarely matched on the continent. The latest data from the National Statistics Institute (INE) confirm a clear trend: those who invested in recent years are now reaping the rewards of spectacular growth \u2014 and the potential remains intact….<\/p>\n","protected":false},"author":127,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[188],"tags":[],"class_list":["post-19764","post","type-post","status-publish","format-standard","hentry","category-news-media-en"],"_links":{"self":[{"href":"https:\/\/adcecija.pt\/en\/wp-json\/wp\/v2\/posts\/19764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/adcecija.pt\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/adcecija.pt\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/adcecija.pt\/en\/wp-json\/wp\/v2\/users\/127"}],"replies":[{"embeddable":true,"href":"https:\/\/adcecija.pt\/en\/wp-json\/wp\/v2\/comments?post=19764"}],"version-history":[{"count":3,"href":"https:\/\/adcecija.pt\/en\/wp-json\/wp\/v2\/posts\/19764\/revisions"}],"predecessor-version":[{"id":19767,"href":"https:\/\/adcecija.pt\/en\/wp-json\/wp\/v2\/posts\/19764\/revisions\/19767"}],"wp:attachment":[{"href":"https:\/\/adcecija.pt\/en\/wp-json\/wp\/v2\/media?parent=19764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adcecija.pt\/en\/wp-json\/wp\/v2\/categories?post=19764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adcecija.pt\/en\/wp-json\/wp\/v2\/tags?post=19764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}