Valuation check: 145 m² Lisbon apartment asking €1,320,000

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Landlord
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I have looked at three active listings and one completed sale, yet I still cannot see whether the immediate Lisbon location supports €1,320,000 or whether the comparison is being distorted by city-wide averages.

The apartment has five bedrooms within about 145 m². It is livable but dated, with good natural light and a location I like; against that are future updating, insurance, maintenance and possible costs linked to rental restrictions.

My instinct is to use the completed transaction as the starting point and treat the listings as evidence of seller expectations. Before doing that, I need to know whether all four properties use the same definition of floor area. I am also missing the precise street, lease position, service charges, parking and outdoor space. Which would you verify first, and how would you separate the value of parking from the basic €/m² comparison before paying for a local appraisal?
 
I would anchor the exercise to the completed sale, provided its location, condition and stated floor area are genuinely comparable. I wouldn’t apply a generic condition percentage: estimate the work required and deduct that cost, plus something for disruption and uncertainty.

The biggest missing fact for me is exact micro-location. In Lisbon, two superficially similar apartments can differ materially because of the immediate street and building.
 
Before adjusting the 145 m², confirm what that figure includes and whether every comparable measures area on the same basis. Otherwise the price-per-square-metre calculation can look precise while comparing different things.

Also: does either the subject apartment or completed comparable have parking, outdoor space, a lift, materially different service charges, or an existing lease? Those details could explain much of the gap without any floor-area adjustment.
 
I’d be more cautious than nadiab52 about treating the single sale as an anchor. One completed transaction can itself be unusual, while three asking prices show seller expectations rather than achieved value. Use the sale as one data point, not the answer.

I’d ask the agent for the closest factual match and a clear explanation of every difference. If parking or outdoor space is absent here but present in the sale, no amount of broad “average condition” grading will fix the comparison.
 
Agreed that the completed sale should not dominate. I’d build a small comparison table with consistent area, exact micro-location, condition, parking, outdoor space, occupancy or lease position, and recurring service charges. Leave adjustments blank where there is no defensible evidence rather than forcing a percentage.

Then compare the resulting range with €1,320,000 and use the local appraisal to challenge any assumptions, especially the area definition and renovation allowance.
 
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