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June 18, 2007

Lisbon ranked as one of Europe’s best buys

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by Kay Mitchell

Lisbon ranked as one of Europe’s best buys

A rebirth is occurring in Lisbon, buildings are being cleaned up and a new infrastructure project is taking place – a high-speed rail link from Lisbon to Madrid has recently been approved.

Lisbon is becoming more appealing to property investors due to the rise of tourists, even during the winter months. It boasts winding streets and a prime waterfront. Lisbon is built across several hills with each district providing a different view of the city. The key areas to look at are in the Castelo (castle district), Baixa, Chiado and Rossio. In addition, the Barrio Alto (old town) is said to be flourishing.

In addition, dilapidated areas are soon to be cleaned up and experts predict that prices will rise around these areas.

Average prices in the best areas are approximately £2,500 per square metre – this is a quarter of what you could pay in central London. Studio apartments with views of the river are priced at less than £100,000. A 2-bedroom apartment with city views near Barrio Alto is available for £115,560. If you are prepared to pay over £170,000, you could get your hands on an apartment in a great location with possibly a courtyard or an outside terrace. 4-bedroom apartments in need of renovation can be snapped up for £140,000 in Vitto.

Renting is also a great investment, long-term contracts could bring in around £680 per month.

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