Monocle: From Bust to Boom

Fri 17 Aug 2018

International buyers are flocking to the resort town of Cascais, drawn in by its heritage housing stock, quality of life and top educational institutions. Developers are cashing in by modernising historic properties and constructing new high-end builds from scratch.

Real estate prices in Lisbon have surged in recent years as the Portuguese capital blossomed into a vibrant city both for business and culture. That boom has now reached Cascais, the coastal resort town situated some 30 km west of Lisbon, which is seeing a run of new residential properties launching this autumn as developers cash in on growing international interest.

Cascais stretches from the forest-covered mountains of Sintra to the surf beaches of Carcavelos, an area with 25 km of coastline. Its street, lined with palm trees, offer views of the Atlantic Ocean and its pretty cobbled lanes are lined with boutiques and restaurants. With its discrete grandeur and faded glamour it has long been on the international radar.

“A lot of Brazilian, Russian and French families are moving here now,” says Cascais deputy mayor Miguel Pinto Luz. “In the 19th century, Cascais was the royal holiday site and rich families built chalets and palaces here for their summer holidays so our housing stock suits families: we have many more villas than apartments.”

A number of new property developments are coming on the market to meet the influx. Tariq El-Asad is the founder of real estate consultancy Tamea International. The company currently has properties available in several developments in Cascais, including the new Quinta d’Agua project, which will offer six roomy townhouses and two detached villas with generously sized gardens and swimming pools. It’s due to be completed this summer.

“Property in Cascais is very different to that in Lisbon,” says El-Asad. “It’s an established resort town and instead of old buildings being converted into apartments that you find in Lisbon, here there is a focus in larger properties: mansions on the cliff overlooking the sea or villas within developments like Quinta Patinhas and Quinta da Marinha, which have private condominiums set golf courses.

The kind of upscale living offered in Cascais doesn’t come cheap: property in the area is among the most expensive in Portugal. “Cascais is definitely more expensive than Lisbon,” says El-Asad. “We’ve seen prices approaching €19,000 per sq. m. in some places.”

 

You can read the full article in “Monocle Summer Weekly Edition, Issue 2, from 16-22 of August, 2018”.

 

 

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