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Houses in New Developments in Downtown Porto Cost Twice as Much as on the Gaia Riverside
24 July 2018
The sales prices of the homes in new developments, located in downtown Porto, cost twice as much as homes with similar characteristics on the Gaia riverside. In Porto, the price per square meter runs from five to six thousand euros, reaching 6,500 euros/m2 in some cases. On the other side of the Douro river, prices per square meter range from 2,680 euros to 2,900 euros/m2, according to an analysis by idealista/news.
Based on a number of new developments, which are mainly the result of rehabilitation projects and which are currently being sold through real estate agencies, prices in Porto range between five and six thousand euros per square meter (m2), in some cases reaching 6,500 euros/m2. On the other side of the river Douro, the price per square meter falls to between €2,680 and €2,900/m2.
According to calculations made by idealista/news, we see, for example, that prices for one- to two-bedroom flats in the Flores Plaza development, located on Rua das Flores, in the heart of downtown Porto, range from 6,100 to 6,500 euros per m2.
A 69-m2 one-bedroom flat in the Flores Plaza development, a fully rehabilitated building, costs 450,000 euros, while a 102-m2 two-bedroom flat goes for 650,000 euros.
Studio in Edifício Infante Costs 195,000 Euros
The Infante building, located on Rua Infante D. Henrique, has smaller flats and prices between 4,400 and 6,000 euros/m2, due, it seems, to the building’s location. The most expensive flat, a 133-m2 three-bedroom duplex, costs 800,000 euros. The most affordable, a 36-m2 studio, runs for 195,000 euros.
Prices are quite different across the Douro on the Gaia riverside, despite the limited distance between the two cities.
The price differential is evident in the Cândido dos Reis I and II project, where two buildings were rehabilitated. Prices in the development range between 2,680 and 2,900 euros/m2.
Located in the historic centre of Vila Nova de Gaia, next to the Port Wine Cellars and close to the historic Douro riverside, the four flats in Building I, with areas ranging from 69 m2 to 106 m2, have prices ranging from 185,000 to 298,000 euros.
On the other hand, Building II, which has seven flats distributed over six floors and areas between 73 m2 and 115 m2, has prices between 200,000 and 335,000 euros.
New housing in Gaia from 2,900 euros/m2
The situation is similar in the new housing developments, which are currently under construction. This is the case of PortHillside Residences, located near the historic centre of Vila Nova de Gaia, near the Yeatman hotel. The development has an average price of 2,900 to 3,000 euros/m2.
Here, as soon as we leave Porto’s historic centre and climb the Rua dos Clérigos to Cedofeita and Rua do Breyner, the price differential is also very evident. It is also the case when we continue along Porto’s riverside in the direction of Foz do Douro, in areas such as Massarelos and Rua do Ouro.
Flats Cost Up to 5,000 Euros/m2 in Cedofeita
In the area of Cedofeita, located near the Hospital of Santo António, prices have yet to reach the level seen in the city’s historic centre. However, in some cases, as in the Primrose development, some homes run for 5,100 euros/m2.
The most expensive flat, calculated using the price per square meter, is an 85-m2 two-bedroom flat which costs 440,000 euros.
However, the prices of the 19 individual flats in this development, located on Rua do Breyner, have a wide range. A 49-m2 studio runs for 160,000 euros, or €3,200/m2. A 50-m2 duplex studio costs 175,000 euros, or €3800/m2. The 72-m2 one-bedroom flat costs 320,000 euros, or €4,400/m2.
Ouro Residence overlooking the Douro
Although it has some of the best views of the Douro River, the last flats in the Ouro Residence are being sold for between 4,200 and 4,500 euros/m2.
Located on the edge of the river, a few meters from the Arrábida bridge, the building under construction consists of 14 apartments – all with balconies and terraces – “which have excellent exposure to the sun,” the marketing brochure states. The development has two-bedroom to four-bedroom duplex flats, with areas running between 127 and 254 m2.
“A duplex is still available on the top floor, with a private pool, leisure area and 360º views,” it adds. The prices of the top-floor apartments are not listed in the brochure, but they are likely to cost more than one million euros.
As for the other apartments that are still available, a three-bedroom, 144-m2 flat is going for 610,000 euros, while the 206-m2 four-bedroom costs 840,000 euros.
Original Story: Idealista – Elisabete Soares
Photo: Gtres
Translation: Richard Turner