Cost of Living in Porto: The Complete Guide for 2024

Portugal’s second-largest city, Porto, is nestled along the banks of the Douro River, at a crossroads between tradition and modernity. The city is famous for its Port wine, rich history, and high quality of life, making it an attractive destination for expats from all around the world.

Understanding the cost of living in Porto is crucial for anyone considering making it their new home. The city is generally very affordable, and you comfortably enjoy life in Porto without breaking the bank.

In this article, we’ll explore all the facets of the city’s offerings, the average apartment rental price, how much you should budget for utilities, and where to find the best Francesinha in Portugal.

Is Porto expensive?

Living in Porto is generally more affordable than in many other European cities, though costs depend on lifestyle. Average monthly expenses for a single person are around €800–€1,000 without rent, while rent for a one-bedroom apartment ranges from €700–€1000. Dining out and transportation are inexpensive, but imported goods may be costly.

In the sections below, we’ll break down all of the costs of living in Porto, including housing, food, transportation, and entertainment.

Rental and Property Prices in Porto

Deciding between buying and renting a house can be challenging. To buy property in Porto is a significant investment, considering the city’s popularity as a tourist destination and the rising rental prices, buying might prove to be a more lucrative long-term investment.

Monthly rental prices in Porto

According to data from Numbeo, the average monthly rental price in Porto is 27 percent cheaper than an apartment in Lisbon, while the overall cost of living, including rent, is 15.1 percent lower in Porto than in Lisbon.

Here’s a breakdown of the average monthly price for rent in Porto:

• A one-bedroom apartment in the city center – €1,016
• A three-bedroom apartment in the city center – €1,887
• A one-bedroom apartment outside the city center – €827
• A three-bedroom apartment outside the city center – €1,369

Rent prices in Porto vary depending on which neighborhood you opt for, the size of the apartment, its age, and other factors. Some apartments include utilities, while others require extra payment.

Property prices in Porto

Property prices in Porto, as with all cities, will depend greatly on whether you live in the center of the city, or in the suburbs. In general, the closer you live to the city center, the more expensive it will be. However, some neighborhoods in the city will evidently be more desirable and, therefore, more expensive than others.

In the city of Porto, the average asking price for an apartment was €3,319 per square meter, and for the entire metropolitan area of Porto, was €2,352 per square meter. It is important to note that these are the average asking prices. The transaction price can be either higher or lower than this. Also, Porto has many different neighborhoods, up-and-coming districts, traditional housing, and properties with sea views. Each will have its own unique characteristics, advantages, and price bracket.

Food Prices in Porto

Food prices are usually a good indication of the price of a city and if you are looking into the cost of living in Porto, you’ll be pretty pleased by the affordability – and quality – of the produce. With fresh fruits and vegetables, local fish, and good-quality meat, you will be able to eat well. Here, we’ll give you an indication of the prices of some daily essentials in Porto.

Eating Out in Porto

The north of Portugal, including Porto, has some of the best gastronomy in the country. You will find many family-owned restaurants serving up delicacies and very affordable meals. Alongside this, Porto is home to many luxury and Michelin-starred restaurants if you are celebrating a special occasion.

According to Numbeo, an inexpensive meal in a restaurant costs €8. Porto’s gradually becoming more international has also given the city a wide choice of cuisines. As for the best francesinha dish in Porto, the Brasão Aliados restaurant scores 4.6 out of 5 on Google with almost 14,000 reviews. Another great option is Café Santiago, which scored 4.4 on Google and had almost 15,000 reviews.

Utility Costs in Porto

It is important to understand the average cost of utilities per month, as this can significantly impact the cost of living in Porto. To give you an indication, basic utilities (electricity, heating, cooling, water, and garbage) for an 85m2 apartment will cost around 107€ per month. One minute of a prepaid mobile local tariff, without any discount or plan, will cost you 0.18€. Internet (60Mbps or more) will cost you approximately €34.

Note that with utilities, this will depend greatly on your usage. One good thing about living in Portugal is that the climate is very usually very good, and you will not need to spend much of the year on heating. However, the winters can be cold inside, particularly in Porto and the North of the country, so be prepared in advance.

Transportation Costs in Porto

Porto and Lisbon are the only two cities in Portugal that have a Metro system in place. In Porto, it is pretty easy to get around, with the metro, buses, and trams, all easily available. As with Lisbon, the metro service is very efficient and affordable, so this is a very good option for city dwellers.

A one-way ticket on local transport will cost €1.45, and a monthly pass will cost €40. If you drive in Porto, gasoline will cost €2.01. When budgeting, it’s good to know that the cost of living in Porto, with regard to getting around the city, will not break the bank.

Taxis are also usually more affordable than in other Western European cities. However,  for even cheaper fares, you can get around easily with Uber.

School Costs in Porto

If you are planning to move to Porto with children, you’ll be pleased to know that there are several options open to you. You have public schools, private schools, and international schools.

Public education is free for all Portuguese citizens and legal residents in Portugal. However, if you choose private education then you will obviously have to pay a fee. In Portugal, this usually falls between €800 and €1,500 per month for primary through to high school. Extra costs that you will need to factor in are book fees, enrollment fees, and, if the school requires a uniform, then you will need to pay for this as well.

International schools will cost you around €1,500 and there is a wide range of very good quality international schools in and around Porto. The cost of schooling in an international establishment will vary from school to school and, as with public schools, there will be extra costs such as enrollment fees, books, and so on.

Many international students flock to Lisbon, Porto, and Coimbra, among other universities in the country to study. The universities in the country are very good and internationally recognized for their excellence and long traditions.

With universities, you also have public and private ones. Public universities have a fee limit that can change annually but that, recently, has been a maximum fee of €900. For private universities, they will cost an average of €3,000 per year.

Healthcare Costs in Porto

For Portuguese residents and citizens, healthcare is almost completely free, with the exception of some procedures, such as visiting the emergency room or taking a diagnostics exam.

For private healthcare, you will be required to pay an average of €40 to €50 for a doctor’s appointment in a private healthcare facility, while yearly fees can cost €400. A comprehensive healthcare cover will cost you around €1,000.

How to Move to Porto: Portugal Visa Options

Portugal Golden Visa

The Portugal Golden Visa, launched in 2012, is one of the most popular residency-by-investment schemes of its kind in the world. If you are looking to move to Portugal then this could be a good option for you, with starting investments from €250K.

In brief, here are the investment options available for the Portugal Golden Visa:

• Fund Subscription: Make a contribution to a qualified investment fund worth at least €500,000
• Investment or donation in the arts or reconstruction of national heritage with a donation of at least €250,000
• Scientific Research: Science or Technology research contribution of at least €500,000
• Creation of ten jobs: Creation and maintenance of ten jobs during the required period
• Share capital and job creation: Incorporation of a company or reinforcement of a company’s share capital, in either case with an investment of €500,000, combined with the creation of five or maintaining ten jobs (5 of them permanent)

Portugal D7 Visa

The D7 Visa was introduced by the Portuguese government in 2007. It allows non-EU/EEA/Swiss citizens with a regular passive income to apply for residency in Portugal. This income can be from pensions, transferable equity, real estate, intellectual property, or financial investment.

Also known as the Retirement Visa or Passive Income Visa, the D7 allows holders to apply for Portuguese citizenship after five years of legal residency in Portugal, provided the requirements are met.

To be eligible for the Portugal D7 Visa and start your journey toward obtaining Portuguese residency, the main applicant must be a non-EU national and show that they have enough funds in a Portuguese bank account to support themselves during their stay. The minimum required amount to be eligible for the Portugal D7 Visa is €820.

Key Takeaways from Cost of Living in Porto

Porto has fast become one of the best European cities for expats. Alongside this, the city is very affordable, and you should be able to find everything from daily essentials to attractive property prices, at least compared to other cities in Western Europe. Indeed, you should be pleasantly surprised by the cost of living in Porto. With beaches close at hand, welcoming locals, and some of the best food and wine in Europe, you’ll quickly come to find why this historic town has become the home of expats from across the world.

If you are looking to purchase property in Porto, our real estate division, Goldcrest, can help you with securing the perfect option for you. We know that each person is looking for something different, which is why we provide a tailored service for each client.

Portugal also ranks 12th in Global Citizen Solutions’ pioneering Quality of Life Index, part of our innovative way to uncover the true value of a passport. This index factors in the cost of living, alongside the Sustainable Development Goals, levels of freedom, happiness, migrant acceptance, and environmental performance.

Why choose Global Citizen Solutions for your Immigration Visa?

GLOBAL APPROACH BY LOCAL EXPERTS

• GCS has offices located across Portugal.
• Members of the US-Portugal and UK-Portugal Chambers of Commerce in Portugal, and the Investment Migration Council (IMC).
• Our expert team can help you throughout your journey to secure your Visa. 

100% APPROVAL RATE

• Our successful track record in applications provides reassurance to applicants. 
• We have helped clients from more than 35 countries secure residency in Portugal.

ALL-ENCOMPASSING SOLUTION

• With a single channel of communication, our approach ensures that you have complete clarity on your application. 
• Our BeGlobal® Onboarding System allows for a total flow of information.

TRANSPARENCY AND PRIVACY

• Our pricing is clear and detailed, you will not face any hidden costs.
• All data is stored within a GDPR-compliant database on a secure SSL-encrypted server.

 

Frequently Asked Questions About The Cost of Living in Porto

How much money do you need to live comfortably in Porto?

The cost of living in Porto is quite affordable. A family of four can live in Porto for approximately €2,026€ without rent. A single person’s estimated monthly cost is €575 without rent. The cost of living in Porto for a couple will be something in between.

Is it expensive to live in Porto?

When looking at living in Porto, Portugal pros and cons, one of the advantages of living in Porto is the cost of living and high quality of life. Porto is a relatively cheap city to live in when compared with other Western European cities. 

Is Porto a good place to live?

Porto is a very good place to live for expats. The city is more affordable than Lisbon, has a very good food and drink scene, welcoming locals, and excellent natural beauty surrounding the city, from beaches to national parks.

For families, there are also excellent education facilities, and healthcare in Portugal is also of a very high standard. If you are contemplating moving to Portugal, Porto should definitely be on your radar.

Is renting in Portugal expensive for expats?

Renting in Portugal is typically more affordable for expats than in most Western European countries, especially in smaller towns and rural areas. Although major cities like Lisbon and Porto have higher rental prices in sought-after neighborhoods, budget-friendly options can still be found.