Quick summary: Since October 2023, buying property in Portugal no longer leads to a Golden Visa, but Lisbon and Porto home prices have not fallen as a result—they continue rising through 2024–2025. Foreigners, including Vietnamese nationals, can still buy property here like anyone else; the property simply no longer comes with residency rights. To stay long-term, you must use a separate visa and treat the property as a financial asset only.
Many expected Lisbon property prices to drop sharply once the Golden Visa real estate track closed, assuming that moment was the time to buy at the bottom. The opposite happened: Golden Visa buyers were never the main driver of this market.
The real change lies elsewhere. A property no longer comes with a residency card attached, so how you select it, how you calculate returns, and how you exit must all be rethought from scratch. This article is for anyone considering buying in Lisbon or Porto after 2023, or currently holding a property acquired under the old Golden Visa rules.
QuocTich.com does not advise on investment, real estate, or taxes. Figures in this article provide market context, not purchase recommendations. All decisions require independent review with a lawyer and valuation expert on the ground.
When did Portugal close the Golden Visa real estate track?
The closure happened in two phases, and many people remember only the second.
- From January 1, 2022: property in Lisbon, Porto, and most of the coastal band was no longer counted toward Golden Visa eligibility. The residential track was restricted to inland areas, Madeira, and the Azores.
- From October 2023: the housing law package More Housing eliminated all Golden Visa tracks tied to real estate, including property renovation and investment fund contributions to real estate.
Remaining tracks focus mainly on investment funds with no real estate connection, research funding, culture, and job creation. We analyze the fund track separately in Portugal: investment funds replace real estate. The Portugal page on QuocTich.com is updated with current requirements.
Key point: Lisbon and Porto had already been outside the Golden Visa scope for nearly two years before the entire real estate track was eliminated. Anyone still hearing "buy an apartment in Lisbon with a residency card" after 2022 is hearing an offer that is already expired.
Why didn't Lisbon property prices fall when Golden Visa buyers disappeared?
Three reasons, and all three matter to foreign buyers today.
First, Golden Visa buyers were only a small fraction of the market. Throughout more than a decade of the program, transactions tied to Golden Visa represented only a minor share of total residential deals nationwide. They concentrated in the luxury segment, drawing attention, but they did not set the overall price level.
Second, foreign demand comes from more than just Golden Visa holders. Buyers from France, Germany, the UK, the U.S., and Brazil continue purchasing property in Portugal—they either need no visa or enter on a D7 passive income visa or a remote work visa. The favorable tax regime for newly resident individuals (NHR), active through 2023, also drew many people during the 2010–2023 period.
Third, housing supply is too tight. Lisbon builds little, permitting takes years, and many older units in the center have been converted to short-term rentals. When supply sits still, even flat demand leaves prices unmoved.
According to Portugal's National Statistics Institute (INE), home price indices rose sharply through 2024 and 2025, with some quarters posting double-digit year-over-year gains. We do not cite a specific "price per square meter" because it varies widely by neighborhood and shifts quarterly; request a price report by district (freguesia) with dates from a broker or from INE data.
We analyzed the broader lesson—how golden visa capital shapes particular neighborhoods—in How golden visa flows push up home prices: the real impact often lies in a few specific districts, not across an entire city.
How do Lisbon and Porto differ for foreign buyers?
The two cities are often lumped together, but for someone planning to hold a property long-term, they present different equations.
| Criterion | Lisbon | Porto |
|---|---|---|
| Price level | Highest in the country; large gaps between center and suburbs | Lower than Lisbon, but recent price growth has been just as fast |
| Main buyer profile | Europeans, Americans, Brazilians, remote workers | Europeans, young families, students, buy-to-let investors |
| Resale liquidity | Good in central areas and near metro | Good in historic center and riverside; slower in outlying zones |
| Short-term rentals | Heavily restricted; many zones stopped issuing new licenses | Also restricted, but enforcement varies by district |
| Family life for Vietnamese expats | Many international schools, large expatriate community | Lower cost of living, fewer international schools |
If you plan to actually live there, your experience in the first year matters more than this table. We documented that separately in Your First Year in Lisbon.
Vietnamese buying property in Portugal today: what you get, what you don't
Portugal does not restrict foreign property ownership. You can hold title to an apartment in Lisbon or Porto as a foreign national, just as a Portuguese citizen would. The only change is that the property no longer automatically grants residency.
You do get:
- Full ownership registration in your name, recorded in the property registry.
- The right to rent long-term, resell, or leave to heirs.
- Use of the property as proof of housing when applying for another visa, such as a D7 visa for passive income earners—stable housing is part of the application package.
You don't get:
- A Golden Visa based on the purchase.
- Automatic right to stay past your visitor visa expiry just because you own a home.
- Automatic permission for short-term tourist rentals without separate licensing, which is now tightly controlled.
Minimum paperwork to buy: Portuguese tax number (NIF), a Portuguese bank account for traceable payments, passport, and source of funds documentation required by banks and notaries for anti-money-laundering purposes. Non-residents often need a tax representative to obtain an NIF.
Transaction costs and holding costs that price quotes often omit
The asking price is only the start. Property buyers in Portugal must budget for:
| Item | When paid | Notes |
|---|---|---|
| IMT – transfer tax | Before signing the deed | Progressive rate based on price and property type (primary or secondary residence) |
| Stamp duty (Imposto do Selo) | At the same time as IMT | Fixed percentage of purchase price; additional percentage if mortgage-financed |
| Notary and registration fees | When signing the deed | Not large, but not in the asking price |
| Lawyer fees | Per contract | Retain your own lawyer, independent of the broker |
| IMI – annual property tax | Every year | Based on assessed value and local city rules |
| AIMI | Every year, if total property value is high | Additional tax on owners of high-value real estate |
| Building fees (condomínio) | Monthly | Older buildings may assess large capital reserves for repairs |
We do not list exact percentages because tax schedules are revised by annual budget laws. Ask your lawyer to calculate the total transaction cost for the specific property, price, and date.
One cost often overlooked is exchange rate risk: you convert currency once at purchase and may need to convert back when you sell years later. Currency shifts over a decade can exceed the total tax bill.
You already hold a property bought under the old Golden Visa—now what?
This is the group asking us most. General rule: those who obtained a Golden Visa through real estate before the law changed can still renew under the old terms, provided they maintain the investment and meet minimum residency requirements.
Questions to ask your lawyer:
- When does my card expire and need renewal, and how long is the immigration office currently taking?
- If I sell before reaching permanent residency or citizenship status, what remains of my residency rights?
- Can I switch to another remaining eligible investment without losing accumulated time?
- Are recent changes to Portugal's citizenship law affecting my timeline to citizenship?
That last one is critical. Portugal recently extended the residency period needed for citizenship, and the old "5 years to a European passport" promise is no longer accurate. See details in Portugal extends citizenship residency from 5 to 10 years.
Downsides and risks to face head-on
Buying in Lisbon or Porto today is no longer "safe because of the residency card," so risks must be looked at directly.
Prices have risen for many years in a row. Buying in a high-price area after a long boom cycle means less room for further appreciation and real downside risk.
Housing policy changes fast. In just a few years, Portugal tightened short-term rental rules, then loosened them partly and gave power to individual cities. A property you bought expecting to rent to tourists may get stuck without a license. The broader context is covered in Short-term rentals squeezed in Lisbon, Barcelona, Athens.
Long-term rental yields are not as high as many assume. When purchase prices rise faster than rents, returns on capital get compressed. After taxes, building fees, repairs, and vacancy, the actual net return is often lower than what brokers advertise.
Older buildings are a black box. Many units in central Lisbon and Porto sit in century-old buildings. Plumbing, wiring, roofs, soundproofing—any can trigger major repairs not reflected in the purchase price.
Resale depends on local buyers and European buyers. Without the flow of Golden Visa buyers ready to overpay for qualifying properties, your buyer will be an ordinary market buyer paying market rates.
Checklist before putting down a deposit on property in Lisbon or Porto
- [ ] Purpose is clear: live in it, rent it long-term, or hold as an asset—no confusion.
- [ ] You have a separate residency path (D7, remote work visa, other) if you plan to stay longer than short-term visitor status allows.
- [ ] An independent lawyer has reviewed the property registry, tax history, and occupancy permit (licença de utilização).
- [ ] You have a technical condition report on the building, especially for older properties.
- [ ] You have asked the building management about major repairs in the pipeline.
- [ ] You have calculated total transaction costs and annual holding costs, with dates noted.
- [ ] If planning short-term rentals: you have confirmed current regulations for that specific district.
- [ ] You can picture who would buy this from you in five or ten years.
- [ ] You have a clean, traceable path to move funds from your home country to Portugal.
Next steps
If your real goal is European residency rather than a specific property, separate the two decisions: pick your residency route first, then decide whether to buy or rent. Our Cost estimator tool helps you line up options side by side, and the Portugal wiki gives the broader picture before you start house hunting. If you already hold a property under the old rules, the most valuable thing you can do now is a review session with a lawyer about your renewal timeline and the path to citizenship.
