Alfama is perhaps Lisbon’s most treasured neighborhood. With winding streets, picturesque squares, splendid tiles, and historic monuments, there is nowhere else quite like this area of the city. If you want to embrace the local lifestyle, Alfama may be the place for you. This district is the oldest surviving district in the city, you are close to downtown Lisbon, and the neighborhood continues to grow in popularity. These aspects make buying property here a promising investment opportunity. It’s close to the center of the city and has everything that you will need to give you peace, quiet, and time to simply stroll around the streets and take in the old history of the city. In this Alfama real estate guide, we’ll arm you with vital information about this delightful neighborhood.
Buying a House in Alfama
Alfama is situated on the hilly slopes of Lisbon, providing excellent viewpoints of the city below. The meandering old cobbled streets are perfect for discovering new nooks and crannies of the city. You may come across a little traditional tasca (typical Portuguese restaurant), your new favorite cafe, or even a new angle to see the glorious sights of Lisbon spread out below.
This part of the city is a prime location to invest in real estate in the capital. Prices have been stable, making it an attractive place to buy property, either to live or to rent out as homes and apartments.
The Price of Real Estate in Alfama, Lisbon
Alfama is located in the historic district of São Vicente. The average asking price for property in São Vicente for 2022 was €5,115 per square meter. Parts of Alfama are also located in Santa Maria Major, where prices stood at €6,791 per square meter in 2022.
Why Buy a House in Alfama
Alfama is situated very close to central Lisbon, without actually being in it. Therefore, this part of the city is attractive to buyers who do not want to break the bank by buying a property. The weather is favorable all year round, and the high ground provides sublime panoramic city views.
In this part of our Alfama real estate guide, we’ll provide you with some more reasons why you should consider buying a house in Alfama.
Rich history
Alfama is located in the oldest part of the city, and the history of this neighborhood is all around you. Old buildings, monuments, and churches tell the story that makes you feel like you are traveling back in time. If you want to live alongside Lisbon’s rich past, then this is the place to choose.
Well connected
The neighborhood is well connected to other parts of Lisbon, so you can easily explore the city. With the iconic yellow trams drifting past and the Baixa metro station not too far away.
What To Pay Attention to When Buying a House in Alfama
Lisbon has a long history and a rich culture. The city has perfect weather, and it is one of the sunniest capital cities in Europe. This makes it an ideal place to live for the entire or part of the year. As neighborhoods come, Alfama has much to offer. However, there are always factors that you will need to bear in mind, from managing your budget to conducting due diligence checks. Also, we can’t stress enough the importance of seeking guidance from an industry expert who speaks Portuguese fluently.
In this part of our Alfama real estate guide, we’ll provide you with some important things to keep in mind when considering buying a house in Alfama.
Neighborhood
Each of the neighborhoods in Lisbon is unique in its own way. Alfama welcomes both tourists and expats who are on the lookout for properties with good rental and investment potential. To be well-armed in negotiation, do extensive research on property pricing. Also, take a look at nearby parks, cafes, schools, and other amenities that you will want close at hand. This will help you narrow down your search to find a property best suited for your needs.
Property details
Make sure to do a very thorough inspection of the home, from understanding when the property was built to its heating system (yes, it can get very cold in the winter months). Making technical due diligence is useful as it can help you to understand current costs and potential future expenses.
For further information on buying property in Portugal, you can find out more here.
Features of the property
Before you buy, find out the age of the house. If the house is old, then you will probably need to make repairs at some point in the future. Find out the crucial features of the property, if there is parking and information on the general upkeep of the building.
Paperwork
Make sure that the house that you are buying has all the paperwork. It is essential when acquiring the ownership of a new property. One missing document can lead to significant issues, so make sure that everything is in order.
Check for any red flags or indications that it may not be all it seems, such as legal disputes. To make sure everything is in order and perhaps to avoid potential difficulties further down the line, it is a good idea to seek professional help in this regard.
Best Things To Do in Alfama
In this part of our Alfama real estate guide, we’ll provide you with some of the best things to do in Alfama to keep you occupied.
- Visit the Fado Museum and learn about the emotional, moving music of the city.
- Dine in the Fado house. Enjoy the delicious Portuguese cuisine, with an Alentejo or Douro wine in hand, and perhaps even listen to Fado music playing in the background.
- Visit the impressive Sé Cathedral.
- Enjoy the open air café in Miradouro da Graça
Conclusion
Investing in real estate can be a costly investment, and finding the right place for you can be difficult. It is important to research carefully and meticulously plan your purchase. Also, make sure that you speak with expert advisors when needed. Purchasing property is always a hassle, and, particularly buying property in a different country where the language is different and the process can be confusing, it is best to seek expert advice.
Useful resources
The following articles may be useful to you:
Property specialists
Looking to Secure Your Dream Property in Portugal? Get in touch with our real estate division, Goldcrest Real Estate - Portugal´s buyer's agent, to kickstart your property search in Portugal.
As the first buyer’s agent in Portugal, Goldcrest has a clear understanding of the local market and has helped hundreds of people find their ideal property.
Working solely on behalf of the buyer, they secure the best price for you, saving you time and hassle.
Exploring Visa and Immigration Options for Portugal
If you're considering making the move to Portugal, it's essential to be informed about the various visa and residency options available. The Golden Visa Portugal program is an attractive option for many, offering residency to investors and their families. For those eyeing retirement in this beautiful country, the Retirement Visa (D7) is tailored for you. Digital nomads can take advantage of both short and long stay options with the Nomad Visa (D8). Meanwhile, the NHR - Non Habitual Tax regime provides significant tax benefits for new residents.
For the entrepreneurial spirit, Portugal offers the Entrepreneurship/startup Visa (D2) - Start-up Visa (open company) tailored for those looking to establish their businesses in the country. Those with specialized skills can explore the Work visa for highly qualified employees (D3). Additionally, if you have Portuguese ancestry, you might be eligible for Citizenship by descent.
However, moving to a new country isn't just about visas. If you're thinking of buying property, our guide on Buying Property in Portugal can offer invaluable insights. Dive deeper into the immigration process with our comprehensive Portugal immigration guide. For Americans specifically looking to relocate, we have curated information on Americans moving to Portugal. Lastly, one can't forget the importance of the NIF (Tax Registration Number), a crucial step in any relocation process.
