Rediscovering Portugal
An insider's guide to home buying and living in one of Europe's most eclectic countries
Luxury buyers looking for a new home in Europe would be wise to give Portugal a good look.
Fully recovered from the housing crisis and buoyed by the Golden Visa program, Portugal has been attracting high-end buyers and investors from around the world in recent years, particularly in Lisbon, Porto, Sintra and the Algarve beach region.
In this special report, Mansion Global spoke to architects, listing agents, and other experts with intimate knowledge of Portugal’s luxury real estate market, its culture and its vibrant cities and regions.
Join us as we guide you through Portugal’s real estate landscape with tips from insiders on getting an edge on buying and investing.
The country has seen more than €3 billion in investments as a result of the Golden Visa program
Portugal, like several other European countries, has been going for gold in the last few years. Golden visas, that is.
The so-called golden visa residency program, launched in Portugal in 2012 to counteract the economic crisis of 2008 and 2009, has helped revitalize the housing market. That program allows foreign citizens to obtain visas in exchange for a real estate investment of €500,000 (US$546,000), and attracted more than 5,550 new buyers to the Portuguese market by the end of 2017, according to the country’s Foreigners and Borders Service.
“The golden visa program is going quite well from a government point of view,” said Julian Walker, director of InternationalPropertyForSale.com in London, which promotes property in Western European countries and other so-called investment hotspots...Read More
The charming city is laid back, the locals are friendly and the food is amazing
Lisbon, one of Europe’s oldest cities, has an abundance of charm: its steep, cobblestoned streets, baroque and sometimes crumbling buildings, historic cafes and bakeries make it feel like it belongs to a bygone age.
Known for its friendly locals, laid-back, seaside vibe and low prices, Lisbon, along with the nearby historic town of Sintra and the coastal resorts of Estoril and Cascais, is a holiday hotspot, but the city has been hit hard by population decline and neglect over the past few decades.
High property prices and economic recessions left the historic city center with large swathes of empty, bricked-up homes after many wealthy Lisbon natives relocated to the city’s coastal suburbs in the 1970s.
Now it is undergoing a revival, with regeneration schemes taking place in the city center and in post-industrial areas in the east and on its waterfront. Once-abandoned homes in the city center are in particular demand...Read More
Algarve and Cascais are tops for high-end buyers
Rafael Ascenso, manager of estate agency Porta da Frente, sold homes near Lisbon last year to people of 35 different nationalities in a sign of the dramatic change of fortune for a country that was in peak crisis just a few years ago. In fact, following the 2008 financial crash, Portuguese property prices fell by up to 50%.
As part of this new wave, beachside homes in Portugal are becoming as hot as the country’s year-round climate (over 250 days of sunshine are guaranteed a year), with a growing number of the global wealthy looking to invest in one of the world’s best destinations for golf, surfing, vast empty beaches and secure living...Read More
From taxes to average prices and down payments., here’s what you need to know
Recently, the sun has been shining brightly on Portugal’s property market. Since prices started to recover in 2014 from the housing market collapse, the country has experienced a slow but steady rise.
Prices rose by almost 5% year over year to November 2017, with an average price of $1,373 per square meter, according to the Global Property Guide. In the country’s capital city of Lisbon, prices were also up around 5%, to an average of $1,664 per square meter.
“The market is growing mainly because of economic growth and consumer confidence,” said Miguel Poisson, managing director, Portugal Sotheby’s International Realty. “Real estate is a safe and high return sector,” he added...Read More
From secret walks to artworks, here’s where to find the best that the city has to offer
Lisbon, which is a center of commerce, entertainment and arts, is the oldest city in Western Europe. The 4 million tourists who visit annually are attracted by its global vibe, its history and its beaches. The city’s art is underfoot (the streets are paved with intricate mosaics called calcada portuguesa) and up above (the buildings are illustrated with murals made of azulejo tiles).
From sightseeing to sampling the latest cuisine, Lisbon’s mayor, a star chef and a top concierge share what they love about the ancient city built on seven hills...Read More