Updated: May 15, 2024

 

Over the past few years, Portugal’s blissful year-round climate, beautiful beaches, and affordable cost of living have attracted expats from around the globe. The country’s diverse and unique landscapes, welcoming charm, and blend of contemporary and traditional architecture have also boosted interest in Portugal among luxury buyers.

According to Banco de Portugal’s statistics sector (BPstat), a growing number of foreign investors have been purchasing luxury properties in Portugal’s key regions since 2008. In this detailed guide about Portugal luxury real estate, we look at the best areas to invest in luxury real estate in Portugal.

Luxury properties in Portugal usually offer exclusive features such as spacious living areas with large windows providing stunning views, a swimming pool, or a roof terrace. Properties in the luxury sector offer the ultimate comfort and amenities in top locations; plus, buying luxury homes in Portugal can be an extremely rewarding investment.

In the sections below, we will explore the best areas to invest in the Portuguese real estate market, the latest data on pricing for luxury real estate in Portugal, and more.

What is luxury real estate?

Luxury real estate in Portugal consists of exclusive and unique properties situated in prime locations offering a higher level of comfort and convenience. From apartments in upmarket areas near the most beautiful beaches offering several relaxing outdoor activities to a private condominium where you’ll be able to enjoy sweeping views of the Atlantic Ocean through large windows that let in natural light, you will find a wide array of luxury real estate options in Portugal to suit your needs.

Over the past few years, many celebrities have invested in trophy addresses across the Portugal and invested in the growing tourism sector. From sought-after Algarve region to the renowned Avenida da Liberdade in Lisbon, which is considered the most expensive street to buy property in the country, Portugal has much to offer the international luxury real estate scene.

In 2023, Portuguese footballer Cristiano Ronaldo purchased a €20 million luxury mansion in Cascais, and Australian actress Nicole Kidman invested in a property in Lisbon’s contemporary neighborhood of Parque das Nações.

World famous actor, George Clooney, is one of the celebrities who invested Portugal’s thriving tourism sector. Clooney purchased shares in the Discovery Land Company that acquired the CostaTerra Golf and Ocean Club near the Alentejo town of Melides while the iconic shoe designer Christian Louboutin opened his first luxury hotel, called Vermelho, in the town of Melides, which is located just an hour and a half south of Lisbon.

Portugal is home to other cities in the Lisbon Metropolitan Area and coastal areas like Comporta offer dream property investments for many luxury buyers. Luxury property investors can also find lush vineyard properties near the magnificent Douro River close to Porto, Portugal’s second-largest city, or even find beautiful properties on the autonomous islands of Madeira or the Azores.

The Best Areas to Buy High-End Properties in Portugal

In the sections below we will introduce you to the best areas to find high-end real estate and invest in Portugal.

Lisbon

The capital city of Portugal, Lisbon, is home to modern apartments and houses that magnificently blend modern living with historical flair. Lisbon real estate offers a great selection of family friendly houses with spacious gardens, as well as modern apartments, perfectly suited for young professionals. What makes Lisbon the most popular expat choice for luxury real estate is the high-quality of life the cosmopolitan city offers as well as the vibrant culture and touristic hotspots throughout the city that attract tourists year-round.

Many of Lisbon’s neighborhoods are also located near the best international schools in the country, making this city the perfect location for expat families to settle in. The neighborhoods of Santo Antônio, Parque das Nações, Estrela, and Avenidas Novas offer the best luxury real estate options to consider for your investment.

Porto

Porto, the country’s second city, is one of the trendiest places to invest in luxury property in Europe. According to Confidencial Imobiliario, property investors will find higher profitability from Porto, Portugal, real estate than in Lisbon.

This is due to the city’s captivating historical center, tranquil family friendly lifestyle, and stunning natural landscapes, where you’ll find the rolling Douro River rolling past and vineyards producing some of the best wine in the country Porto also offers more affordable property options available. In 2023, the average price for property in Porto City stood at €4,296 per square meter.

The Algarve

house in portugalWhen it comes to Algarve real estate, Portugal, Quinta do Lago, Vale do Lobo, and Almancil are the areas that comprise the Golden Triangle of the Algarve, which is one of the most popular areas to buy luxury homes in Portugal. In the Eastern Algarve, Tavira is recognized as a UNESCO Cultural Heritage Site because of the authenticity of the Mediterranean diet and Portuguese culture found in the city. The market for luxury homes for sale is also particularly lucrative in the city of Lagos in the Western Algarve, which is famous for the iconic wooden steps that lead to the sandy cove of Praia do Camilo and the magnificent cliffs of Ponta de Piedade. Due to its natural beauty and unique charm, Algarve luxury real estate options are some of the most sought-after, which includes expensive luxury apartments, houses, and villas in Portugal.

Central Portugal and the Alentejo

the history of coimbraThe Alentejo region is a haven for visitors and nature lovers who enjoy rural tourism. The Alentejo is known for its green rolling hills, incredible produce, vineyards producing some of the finest wine in Europe, and splendid coastal landscapes that stretch along the coast from Sines to the shores of Cape of São Vincente in Vila do Bispo, Algarve.

Towns in the Alentejo region have much to offer when it comes to luxury coastal living. Comporta, often referred to as The Hamptons of Portugal, is famous for its laid back atmosphere and chic architectural style.

The Tróia Peninsula is one of the many coastal regions in Portugal where white sandy beaches and blue waters attract luxury real estate buyers with its stunning beauty and waterfront views. Tróia offers investors a more refined luxury, with private condominiums, apartments, and villas dotted along the Atlantic coast and exclusive access to world class golf courses and estates such as Herdade do Pinheirinho.

Close by, Melides is also a growing golf tourist destination and is home to luxury villas, modern apartments, and waterfront houses.  The town is a quiet are that has recently been attracting visitors with its charms and has become home to a few more boutique hotels and wellness centers including Christian Louboutin’s luxury hotel, Vermelho.

Central Portugal and Alentejo offer more affordable luxury real estate choices than more popular choices like the Algarve and Lisbon city center. The following cities situated in central Portugal are known for their hidden charms, comfort and authenticity and are home to the most popular luxury property options in the region for foreign investors:

  • Coimbra: The riverfront city in Porto is a colorful blend of historic charm and modern living with a large student population living in the city and a vibrant nightlife.
  • Aveiro: This city is famous for its old town, scenic canals that are perfect for sightseeing and Art Nouveau and Romanesque architecture.
  • Nazaré: The charming coastal town of Nazaré attracts tourists and surfers from across the globe with its scenic beaches, quiet charm and big waves.
  • Caldas da Rainha: Located on the Silver Coast, Caldas da Rainha is a unique blend of old town charm and contemporary living offering an array of touristic hotspots, restaurants and charming markets.

Discover how to buy property as a foreigner in our comprehensive guide

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Prices for Luxury Real Estate in Portugal

Compared to other European countries, property investments in Portugal are still very inexpensive. In the table below, we provide the latest data showcasing the average price per square meter for luxury houses for sale in Lisbon, Porto, and the Algarve region in 2023.

Portuguese District

Price Per Square Meter (€)

Lisbon - Santo António

€8,117

Lisbon - Parque das Nações

€7,728

Porto - Foz do Douro and Boavista

€6,460

Algarve - Cascais and Estoril

€7,330

Algarve - Castro Marim

€6,151

Algarve - Loulé

€5,191

How to Choose the Perfect Luxury Home

To begin with, ensure you clearly define your preferences and budget. When searching for your ideal luxury home in Portugal you will come across diverse options which include spacious apartments, villas, mansions, vineyards, palaces, farms, and castles, each of which cater to different tastes. The uniqueness and exclusivity of these types of properties are what set them apart as luxury, not just their price tag.

During your search consider factors such as proximity to upscale activities, high-end shopping, gourmet dining, and cultural pursuits, as well as adjacency to other luxury property. A prestigious location or an splendid view can significantly enhance the appeal.

Typical features of a luxury apartment or villa

Here are a few features that a luxury property in Portugal will have:

  • Privacy and security, sometimes to the point of seclusion
  • Aesthetics, unique architecture, and dramatic detail
  • An integrated wellness and fitness area
  • Large rooms and window fronts
  • Planned open kitchen, including high-quality designer furnishings
  • Spa bathtubs, separate showers, and double washbasins
  • High-quality materials and furnishings often complemented by smart home solutions and high-tech elements
  • The latest technology, such as motion detectors, car lifts, or temperature-controlled wine cellars

Buying luxury real estate in Portugal with confidence

Below, we provide a few steps that can help make your luxury real estate investment process easier:

  • Consider working with a buyer’s agent, as their expertise and local knowledge can save you time and money. A buyer’s agent like Goldcrest will guarantee access to more and exclusive real estate listings. They will also help negotiate the best price possible and assist with legalities and paperwork.
  • Portugal offers several visa programs designed to attract foreign investment and make it easier for expats to relocate to Portugal. Ensure you take the time to consider which option best suits your requirements. Visa programs include the Portugal Golden Visa, Portugal D7 Visa, and Portugal D8 Visa.
  • When you begin the buying process, it is important to do your due diligence by having the property inspected and acquiring the services of a Portugal real estate lawyer. Some aspects of real estate investing are enjoyable, but even seasoned investors can benefit from professional advice and support, particularly when buying in a new country where you may be unfamiliar with the language and buying processes. Due diligence requires time, effort, and attention to detail—but it’s worth it. It will save you from costly mistakes and provide you with opportunities to get better deals.

Goldcrest: How We Can Help You

Goldcrest is a buyer’s agent based in Lisbon, Porto, and the Algarve. Equipped with local knowledge, exclusive networks, and international experience, we provide expert, impartial advice on real estate investments and how to buy property in Portugal. From scouting out the perfect property to property acquisition, and beyond, we have you covered throughout the process.

Frequently Asked Questions About Luxury Real Estate, Portugal

You’ll find an array of luxury apartments in Portugal, including spacious apartments with stunning views of the Atlantic Ocean, modern villas near the coast, vineyards with rolling hills and even castles for sale in Portugal. You will often find these properties in prime locations, and they will often have high-quality interior and outdoor features.

Avenida da Liberdade and Principe Real in Lisbon, the Algarve (Golden Triangle and Lagos), Porto (Foz do Douro), Cascais, Sintra, Tróia, Comporta, and Melides are prime locations to find a luxury home in Portugal.

Portuguese luxury real estate is still quite inexpensive, in comparison with prime locations in other European countries.

  • Ensure you do your research if you are considering buying luxury real estate in Portugal.  Additionally, here are a few tips to help you find the right luxury property for you:
    • Enlist the help of an experienced real estate or buyer’s agent
    • Know your budget
    • Define your requirements as early as possible
    • Don’t rush the buy
    • Familiarize yourself with the area and visit the property both in the daytime and nighttime, as places can have a different feel to them depending on when you visit them
    • Keep an eye on resale value

According to Portugal’s Ministry of Finance (GPEARI), the most popular areas in Portugal for luxury real estate investments include Algarve, Lisbon, Oeiras, Cascais, Sintra, Porto, and Vila Nova de Gaia.

Real estate investors who seek exclusivity and luxury will find Lisbon’s Avenida da Liberdade, the Algarve region’s golden triangle which consists of Quinta do Lago, Vale do Lobo, and Almancil, as well as Porto’s areas of Foz do Douro and Boavista to be amongst the most exclusive places to live in Portugal.

Having a Portuguese NIF number, the Portuguese tax number, is essential. In addition to your NIF number, which you can get from your local tax office, you will need the following documents:

  • Photo ID: A valid identification document that verifies your identity.
  • Contrato Promessa de Compra e Venda (CPCV): The buying contract or property deed that outlines the terms and conditions of the property purchase.
  • Energy Certificate: This document provides information about the energy efficiency of the property and must be presented to you by the seller.
  • Imposto de Selo: The stamp duty payment, which is a tax required by the Tax Authority for property transactions.
  • Caderneta Predial: The land register document that contains information about the property, including its location, boundaries, and registered owner.

In 2023 the average price for luxury property in Lisbon’s neighborhood of Santo António which is home to Príncipe Real and the sought-after Avenida da Liberdade was €8,117 per square meter.