Portugal, a bright and shiny real estate market

Our meeting with Filipa Frey-Ramos, Director of BARNES Portugal, began in Portuguese, went on in English, and continued in perfect French. That’s because, Filipa tells us, each BARNES Portugal consultant is multilingual in order to effectively meet the expectations of their many foreign clients.

For several years, Portugal has been experiencing a boom in interest, and as a result, in its real estate market as well. Foreigners from all over the world have discovered this coastal paradise and its sunny way of life.

What are investors and buyers looking for in Portugal?

“It’s very simple,” says Filipa Frey-Ramos, “new residents are attracted to the Portuguese quality of life and warm welcome, the sun, good food, security, as well as an attractive tax for non-habitual residents. Not to mention, its dynamic real estate market, which has always offered interesting prices per m2 that are lower than other European capitals.

Our clients have a clear preference for 2 specific types of properties.

Firstly, there are beautiful apartments with high ceilings in the city center and the traditional charm of Lisbon in the old town, and in residential neighborhoods near good schools, monuments, and chic boutiques. The neighborhoods of Principe Real, Chiado, Avenida La Liberdade, Estrela, Lapa, Graça, Alfama, and Castelo are very popular. Our buyers want a lifestyle that allows them to enjoy the hustle and bustle of the city, strolling about and discovering restaurants. They are looking for beautiful surfaces with a lovely, unobstructed view - especially properties with terraces and/or gardens. Fortunately, Lisbon is comprised of 7 hills; still, these types of properties make rare appearances on the market. The city’s geography, and certain regulations in play, prevent mass new construction, floors or developments.”

“Our clients love peaceful houses on beautiful grounds, just 20 minutes west of the capital in the seaside resorts of Cascais and Estoril, both famous for their beautiful beaches and the incredible colors of the water. It’s a unique opportunity to give your primary residence the pleasures of a vacation residence.”

Tell us about the real estate in Lisbon and Portugal at large:

“The market is very dynamic. Prices have risen because the demand has become much stronger than the supply, but let’s not forget that prices were already quite low. This growth is continuing. Every day we have new clients who know how the market works. They come to us with investment budgets of 8,500 to 10,000 euros per m2 (or more) for high-quality properties we select for them. Moreover, it’s important to know that the Mairie or City Hall doesn’t allow the city’s skyline and postcard panoramas to be changed. Therefore, the charm, authenticity, and cachet of Lisbon are preserved.”

Who are BARNES Portugal’s clients?

“90% of our clients are foreigners. Many are French-speaking (from France, Belgium, Switzerland, as well as former London residents), who are primarily interested in buying main residences, though some buy second homes. Oftentimes, the acquisition of a vacation villa comes before moving permanently to Portugal. We also have Brazilian clients who are looking for a pied-a-terre, a safe plan B if we can say so. Also, there are savvy investors who benefit from this thriving real estate market with profitability over a significant period.

Our Portuguese clientele is mostly made up of homeowners who want to benefit from the dynamics of the market, selling and then buying another property. Interest rates are favorable and loans redeemed.”

To meet this significant and exigent demand, Filipa Frey-Ramos runs 2 BARNES agencies - one in Lisbon, the other in Cascais - but her teams cover the entire country thanks to consultants in Algarve and Porto. A team of expert professionals offers clients the best services, advice, and the most beautiful residences in Portugal.

In one word …

We asked Filipa to play our little game: Define your country, your city, in one word. She chose her own and that of her clients: Paradise.

So, here’s a little tip from a friend, don’t wait too long to reserve your place in the paradise of Portugal.