We are pleased to introduce The Edition 2024: the latest JamesEdition magazine issue that guides you to the top destinations for luxury real estate.
For this issue, JamesEdition spoke with Tyler Clark, CEO of Clark Baldwin, to discuss the latest trends, prime locations, and featured properties in Cascais and Estoril’s luxury real estate markets.
Forsell shares insights on evolving buyer preferences, highlighting exquisite properties situated in the island’s rural heartland and near the capital. Discover more about the unique opportunities and challenges in this prestigious market.
Q&A Highlights
How has the local real estate market changed in the past year, and what trends do you see shaping the market in the future?
Cascais’ and Estoril’s luxury real estate markets have grown significantly over the past year due to increased demand, mainly from international clients.
We anticipate even more demand in the upcoming year due to the newly announced NHR program. Furthermore, it wouldn’t be surprising if this new government were to create more incentives for businesses to relocate to Portugal in the upcoming year, further increasing demand. As demand continues to surpass inventory year-over-year in Cascais and Estoril, we expect to see an appreciation in property values.
Luxury Villa Set in Nature: Monolith, an architectural masterpiece, required years of research in the pursuit of perfection to create an optimized space for sustainable living within a functional design concept
The acquisition of assets for renovation in prime locations is a significant trend that we foresee shaping the market in the upcoming year. We have guided many clients through purchasing, renovating, and selling properties for a substantial profit. We expect robust growth in this trend of renovating in prime areas.
What are the most popular neighborhoods or areas for homebuyers right now, and what factors drive this popularity?
We recommend several prime neighborhoods in Estoril and Cascais that are now popular with buyers.
First, the center of Estoril (and Monte Estoril) are becoming increasingly popular due to their historical charm, ocean breeze, and proximity to Lisbon. Estoril (and Monte Estoril) have a long history as summer playgrounds for noble European families. Consequently, homebuyers can find architecturally significant and historic homes along the hillsides with ocean views. Estoril is only a 20-25 minute drive to the center of Lisbon, which is about 10-15 minutes closer to Lisbon than Cascais.
Second, Quinta da Marinha in Cascais continues to be a top choice for homebuyers due to its privileged seaside location, immersion in nature, and large-scale villas offering ultimate privacy. This neighborhood also offers horse stables, beachside restaurants, and fitness centers.
Third, the Historic District of Cascais is growing rapidly, with buyers investing in architecturally significant properties for renovation. This neighborhood exudes charm and character, is situated by the sea, and offers an excellent selection of casual and fine-dining restaurants. An increasing number of our clients have opted to buy and renovate to create their dream homes.
In your experience, what are some common challenges that buyers face in today’s market, and how do you advise them to navigate these challenges?
As we work primarily with foreign buyers, our clients’ primary frustration is rooted in the lack of structured data, systems, and procedures for acquiring property in Portugal. We combat this with a multi-faceted approach.
We provide guidance on competitive market prices based on location and specific factors of a given property to ensure that our clients acquire or sell at competitive market rates.
We have streamlined the buying process by partnering with top mortgage brokers and real estate lawyers to structure each step in the process, from offer to promissory contract to closing.
Clark Baldwin specializes in providing luxury properties in the most soughtafter locations of Lisbon, Cascais, and Estoril. Our boutique agency is dedicated to offering our clients a unique and personalized experience in the world of luxury real estate.
How does the current housing inventory level compare to historical averages, and what impact does this have on pricing and competition among buyers?
Over the past five years, we have noticed that the inventory of turn-key luxury properties has not kept up with the incredible demand for these types of assets. Today, there is still a lack of inventory within the luxury market due in large part to its size. Consequently, we find that there is robust competition for luxury properties, and it does impact pricing.
The hedge is on Portugal’s continual growth as a key luxury market in Europe, which may lead buyers to anticipate a significant increase in property value over the coming years.
Are there any demographic shifts you’ve noticed in recent buyer profiles, such as an increase in first-time homebuyers or a surge in downsizing retirees?
Year over year, we have witnessed incredible growth in demand for ultra-luxury real estate assets. This demand comes from across the globe, and we find our client requests are centralized in prime areas in Cascais and Estoril.
We have noticed an increase in first-time homebuyers within the three-to-six-million-euro range, as many younger clients are establishing long-term connections with Portugal.
What percentage of transactions in our market are cash purchases versus those involving financing, and how has this ratio changed over the past year?
Generally, eighty percent of our clients are cash buyers, and the remaining twenty percent receive financing from one of our incredible mortgage partners. We’ve noticed clients from the States tend to opt for financing more than our European clients, primarily due to the lower interest rates here than in the States. Our American clients tend to receive a much higher yield on their stateside investments than the interest rate for financing a property here, such that they tend to finance more than European clients.
What is the average number of days a property stays on the market before being sold in the current climate, and how does this compare to historical averages?
We specialize in the luxury market on the buy-and-sell side of incredibly prime assets. These types of luxury properties tend to transfer ownership before ever going “on the market.” Otherwise, luxury real estate properties in prime locations tend to sell within two to three months of being on the market.
Are there any notable trends in pricing, such as year-overyear appreciation or depreciation, that you’ve observed recently? How do these trends vary across different property types or neighborhoods?
Location is the most critical factor in real estate appreciation. Accordingly, we continue to see year-over-year appreciation of eight to thirty percent in prime areas of Cascais and Estoril, such as Monte Estoril, the Center of Estoril, Quinta da Marinha, and the Historic District of Cascais.
We notice even higher levels of appreciation when our clients buy to renovate or at the beginning of construction in a luxury project and hold the asset until the property is completed, often doubling their total investment. However, the trend is moving towards renovation and a bit away from buying early in new construction projects. In my opinion, this shift can be attributed to clients wanting more control over the final outcome of their residence.
Luxury villa in Casa V erde, an architecturally significant estate, situated in the heart of Estoril with sweeping ocean views
Could you share data on the list price ratio to sale price for homes in the area? What factors do you attribute to any notable changes?
Within the realm of luxury real estate in prime areas of Cascais and Estoril, the ratio of list price to sale price tends to be 0.95-1.2/1.0 today and historically. This ratio has remained relatively constant, likely due to the robust demand for luxury properties in Cascais and Estoril.
How does your agency approach client communication and support throughout the buying or selling journey, and what feedback have you received from clients about this approach?
We founded our agency to provide best-in-class client support and guidance in acquiring and selling luxury real estate assets. As American expats, we understand the expectations of international clients and strive to exceed them. We take the time to understand our clients as people and work together to deliver tailor-made results. Nearly all of our clients purchase or sell multiple properties with us, and we are grateful for their trust.
Post-acquisition, Clark Baldwin offers design and renovation guidance. They have the experience and capacity to support a client’s renovation with their network of best-in-class architects, designers, and constructors.
Does your agency specialize in any services or niche markets, providing a tailored experience for specific types of buyers or sellers?
Our greatest strength is specializing in bespoke client needs and delivering results on those needs. We focus on the luxury and ultra-luxury markets in Cascais and Estoril and across the country in prime locations and incredible real estate assets – residential and commercial.
On the buy and sell side, we partner with top law firms and mortgage brokers to ensure peace of mind through the process.
Post-acquisition, we offer design and renovation guidance. We have the experience and capacity to support a client’s renovation with our network of best-in-class architects, designers, and constructors.
We strive to anticipate client needs and tailor our services to each client’s unique needs.
Premier Property Selections
Architectural Luxury Villa In Estoril
Price: €18,000,000
Location: Cascais, Lisbon
Welcome to Casa Verde, an architecturally significant estate, situated in the heart of Estoril with sweeping ocean views.
The original 1940s Art Deco property has been seamlessly integrated into a modern expansion with North and South Wings of the estate spread across five levels, with an elevator connecting the top four levels of the property.
This gated and secured estate offers seven en-suite bedrooms, with three ensuites situated in the North Wing and four ensuites located in the South Wing of the property. This creates an ideal environment for living within one estate while maintaining privacy between the en-suite bedrooms.
In the North Wing of the estate, you will find an open-concept living and dining area with access to a beautiful terrace overlooking the private gardens and pool. Connected to the primary living space, there is an open-concept entertaining kitchen supported by an adjacent service kitchen.
On the fifth and top level of the estate, you will enter a light-filled sitting room with an expansive terrace offering panoramic sea views. Adjacent to the sitting room, there is a social bathroom as well as a food elevator with direct access to the kitchen, ideal for entertaining on the top level of the property.
This is an opportunity to acquire an unparalleled estate spanning over 1600m2 situated on a perfectly manicured plot with terraced gardens and a private pool that offers sweeping sea views, situated within a secured compound in the heart of Estoril.
Modernist Villa In Estoril
Price: €2,950,000
Location: Cascais, Lisbon
Welcome to this T5+3 Villa with 365m2 of light-filled interior living space nestled in the lush greenery of the coveted Estoril Hills neighborhood.
This gated property sits on a landscaped 1,100m2 lot with treetop views and incredible privacy.
This property offers three levels of living space. On the ground floor, you will find two bonus rooms: one room can serve as a cinema room, while the other is perfect for a study or a kid’s playroom. There is also a large storage room ideal for housing your summer/winter wardrobes.
On the first floor, you will find an impeccably renovated and open-concept living space with a state-of-the-art kitchen, natural stone counters, light-filled living room, dining room, and social WC. Connected by an impressive glass pivoting door, enter the study with access to a private terrace.
There is a beautiful outdoor dining area with handmade calcada tiles, which leads to your private garden and plunge pool.
Returning inside to the second floor, you will find four bedrooms and three completely renovated bathrooms. Along the hallway, there is incredible storage and a laundry area.
The property offers secured parking for two vehicles.There is a possibility of acquiring the fully-furnished property for an additional fee.
For more insights on luxury real estate trends and this season’s hotspots, download The Edition 2024
