Cascais in Portugal has a long-standing reputation as a luxurious destination for affluent visitors looking to invest in property. From the time of King Luis I’s summer home in the Citadela of Cascais, the region has attracted high-profile events and royal family members to its charming cobbled streets, beautiful villas, and idyllic coast. The neighboring resort town of Estoril, famous for its annual events like the Estoril Open and the Lisbon & Estoril Film Festival, also contributes to the region’s excellent reputation as a desirable location for property investment.
In addition to its beautiful coastal scenery, Cascais boasts well-curated museums, including the Casa Das Historias Paula Rego, Museo do Mar and Museo Condes de Castro Guimarães. The Casa Das Historias Paula Rego, designed by Pritzker Prize-winning architect Eduardo Souto Moura, is particularly striking both inside and out. Meanwhile, for those who prefer gothic architecture and European aristocracy, the Museo Condes de Castro Guimarães is a must-visit.
To experience local cuisine visitors can explore the Mercado da Vila, a large structure filled with fruits, vegetables, flowers, cheese, meat and fish. To learn more about the cultural and physical beauty of Cascais, JamesEdition has spoken to Nuno Durão, Managing Partner of Fine & Country Portugal.
What is the current state of the real-estate market in Cascais/Estoril, and how does it compare to other areas in Portugal?
Cascais and Estoril have for decades been described as the ‘Riviera and Hamptons of Portugal’, where wealthy families from Portugal and around the world choose to live. It’s a lifestyle spent by the ocean, sheltered by the Sintra hills and just 20 minutes from the city of Lisbon and its international airport.
It’s served by a large number of international schools, a nearby executive private airport, yachting marinas, excellent golf courses plus equestrian and tennis centers.
This means that the real estate market is always strong as the area is bordered on two sides by the ocean and almost surrounded by the Sintra/Cascais Nature Park, with no new construction allowed. This leads to demand constantly exceeding supply. Cascais is where Fine & Country started in Portugal; as a result, we have an in-depth local knowledge of this market.
What types of properties are most in demand in the Cascais/Estoril area, and what are some key features that buyers are looking for?
The Cascais lifestyle means nature and a connection to the beach and ocean. At Fine & Country we find that the most sought-after type of property is a detached villa with a private garden and pool in a mature and secure neighborhood. At the same time, there is also a significant market looking for top-class apartments in well-managed condominiums which have top-quality facilities, such as swimming pools and gymnasium, near the center of Cascais or Estoril and within walking distance to all amenities.
Can you explain the tax benefits that are available for foreign investors buying property in Portugal, and how do these benefits compare to other countries?
Portugal has in place laws to attract foreigners, such as the Non-Habitual Resident Scheme, which in very simplistic terms offers non-Portuguese citizens the opportunity to relocate their tax domicile from their country of origin to Portugal. In doing so, they become eligible to pay no tax in their country of origin on pension and investment income, and only 10% on that income in Portugal.
There is a requirement for the applicant to spend at least 183 days a year in Portugal and the benefits are guaranteed by the government for a minimum period of 10 years. The scheme has many different facets and its benefits vary dependent on the applicant’s nationality and country of tax domicile. At Fine & Country we always refer our clients to specialist tax advisors in Portugal for guidance regarding their personal taxation affairs.
How do the prices of luxury properties in Cascais/Estoril compare to other luxury real-estate markets in Portugal or Europe?
Portugal is still comparatively a cheap country in general, and, as everywhere in the world, prices vary location to location dependent upon demand. Prices for quality prop- erties in Cascais and Estoril vary from as little as €4,000 per square metre up to a maximum of €15,000 per square metre for the best of the best.
It should be noted that Portugal is a small country and Cascais is not a large town. This often means that top prime areas are relatively small in geographical terms and a few hundred metres’ difference in location can have a major effect on prices. Cascais would certainly be considered as the top luxury residential location in Portugal, but still compares favorably when prices are compared to equivalent luxury desti- nations around the world.
What areas of Cascais/Estoril are seeing the most growth in terms of luxury property development, and what factors are driving this growth?
In Cascais, Quinta da Marinha with its two 18-hole golf courses, superb health and racquet club, equestrian center, five-star hotels and large luxury private residences has always been considered as the prime location. In Estoril, Quinta Patino with its manicured gardens and lakes, 24-hour security and deluxe mansions is considered as the prime address.
Both Quinta da Marinha and Quinta Patino are difficult to enter as very few properties come on the market for sale and demand far exceeds supply. This has meant that the areas near to these two developments have become very popular and sought-after. In addition, there is the area of Monte Estoril with its royal provenance, having been home to many of the deposed crowned heads of Europe and their entourages after World War Two. Known for its large villas, village atmosphere and often great sea views, Monte Estoril is high on the list of prime areas.
What are some key legal and financial considerations that potential buyers should be aware of before investing in real estate in Cascais/Estoril, particularly in terms of tax and residency requirements?
At Fine & Country, we are not taxation or residency legal advisers. We have excellent relations with specialist advisers, who can help clients considering buying a property in Portugal and those who may wish to become residents here. Portugal is not complicated in this respect. There are no laws relating to the ability to import or export capital.
All clients should, of course, appoint a lawyer here in Portugal to carry out the necessary due diligence on any proposed property purchase. We at Fine & Country can guide you in the right direction for this.
Taxes are levied on a property purchase based on a sliding scale linked to the purchase price of the property. All matters relating to taxes associated with purchasing a property and the ongoing ownership of a property, as well as the Capital Gains Tax liability on resale, should be explained to you by your real-estate agent and reconfirmed to you by your lawyer. There are no hidden catches.
How do the nearby amenities and attractions in the Cascais/Estoril area affect the resale value of a luxury property, and what are some features that can make a property more attractive to potential buyers?
The proximity to the international airport, the capital city, to Tires Executive Airport, proximity to over 10 international schools and English-language business universities. Proximity to over ten first-class golf courses. Some of the best waters for sailing in the world. Excellent cuisine. A truly cosmopolitan feel. Low crime rates. No prejudices in relation to race, creed or color. No significant religious minority groups. Surrounded by beaches and the Sintra/ Cascais Nature Park. All these and so much more make Cascais and Estoril totally unique in Europe. The features that clients look for vary so much from client to client, culture to culture, that it is not practical to list them here.
Homes for sale in Cascais
Villa with a sea view in Guincho Poa
Price: upon request
Located in the Sintra-Cascais Natural Park, 5 minutes from the centre of Cascais and the A5 highway, in the heart of Guincho beach, this unique property has 12,000m2 of luxurious gardens. The house is in excellent condition, has a traditional-modern architecture, a construction area of approximately 1,000m2 and includes a 2-bedroom annex. It has spacious living areas, 7 bedrooms and a large master suite on the 1st floor with magnificent views. It also has a large basement with game rooms.
This is an exclusive property surrounded by the magnificent Serra de Sintra (Sintra Mountains), with a foot on the beach and fabulous sunset views. Traditionally a fisher- man’s village, Cascais offers much more to its residents, from its picturesque historic centre with a diversified offer of shops and restaurants, to its beautiful beaches as well as the fantastic and internationally famous Guincho Beach. Cascais has several 5-star hotels, luxury restaurants, 10 golf courses, tennis courts, water sports, horse-riding clubs, health clubs and international schools. With its marina and the pleasant seawall for walks by the sea to Estoril, Cascais has a temperate climate and is also known as the Portuguese Riviera.
Villa with a sea view in Estoril
Price: €5,600,000
A villa in a 960m2 plot in the heart of Mon- te-Estoril, which stands out for its 180o views overlooking the sea. A perfect place for a family wanting to live in Monte-Estoril, near Passarinhos Park (Parque/Jardim dos Passarinhos), with commerce such as cafés, restaurants, grocery stores and a nearby wide promenade that connects the beaches of the Estoril coastline, giving rise to the expression ‘Portuguese Riviera’.
The villa is composed of an entrance hall, a large kitchen, a dining room that can open to the living room, an office, a guest WC and a balcony surrounding the entire 1st floor with a breathtaking view of the ocean, plus an ample terrace for al fresco dining.
On the 2nd floor there is the main suite, an additional suite and 2 bedrooms with a support bathroom, all with access to the same balcony that also surrounds the 2nd floor and allows you to enjoy the view while reading, meditating or just relaxing.
Reaching the 3rd floor, we find the villa’s attic: perfect for a living room, a library, a games room or even an office, with a unique and privileged view of the sea and the entire Cascais Coast. It also has 2 rooms and a guest WC. On the villa’s ground floor, with direct connection to the garden, there’s an apartment with a kitchen and dining area, a living room, 2 bedrooms that share a bathroom, a laundry area and a small suite.
You’ll have the privilege to practice sports or walk along the promenade, which is accessible on foot and just a few meters away, and still have access to a wide variety of shops without using a car. From the villa at night you’ll be able to see the lights from the boats and the entire coast from the Marina and Cascais Bay to Oeiras and, in the distance, one of Lisbon’s symbols: the 25th April Bridge.
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