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.
In this Alfama real estate guide we’ll cover the following:
- Buying a house in Alfama
- The price of real estate in Alfama
- What to pay attention to when buying a property in Alfama
- Best things to do in Alfama
- How we can help
Plus much more!
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 2020 was €4,514 per square meter.
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 that 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.
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.
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.
Route to Portugal Golden Visa
The Portugal Golden Visa is one of the most popular residency-by-investment programs in the world. If you are looking to buy commercial property in Alfama then you may be eligible for the Portugal Golden Visa. With this you can secure residency in the country and, after five years, you may be eligible for citizenship.
You can find out more about the Portugal Golden Visa here.
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 to seek 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.
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.
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.
Make sure that the house that you are buying has all the paperwork. It is essential when aquiring 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
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.
How we can help
Global Citizen Solutions is a boutique residency and citizenship by investment company, focused on finding the right investment, citizenship, or residency program for individuals across the world. We work solely on behalf of our clients throughout the process for an easy and hassle-free journey to your desired route.
With offices worldwide and an experienced, hands-on team, get in touch today to see how we can understand your objectives and help you move towards becoming a global citizen.
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This is just a brief introduction to property in Alfama. If you are looking for a house in Alfama, you can get in touch with one of our team at Goldcrest, our real estate division, who will be able to discuss your options for buying property in this beautiful neighborhood of Lisbon.
Last year Goldcrest launched their new e-book on how to buy property in Portugal which will be useful to you if you are looking to buy a house in Lisbon. You can order your copy here. The book provides an easy guide to buying property in Portugal, including navigating taxes, bureaucracy, finding a mortgage, amongst other important information.