Portugal’s New Wave

Portugal was once a nation of explorers. Today, that process is happening in reverse, as the world travels to this sunny corner of the Iberian peninsula, eager for a warm-weather lifestyle with attractive business opportunities. And in return, Portugal has prepared a great welcome.

Connections between the UK and Portugal have been forged over several centuries, from the bodegas of Porto to the golf courses of the Algarve. And while UK citizens’ passion for Portugal endures, they are now being joined by a global array of talent: executive nomads and high-net-worth buyers and renters clutching laptops instead of golf clubs.

The number of foreign residents in Portugal has increased for seven years in a row, according to figures from the Portuguese immigration and border service. Many of these are executive nomads, described by Paul Tostevin, head of Savills World Research, as “a distant cousin of the freelance creative working from a cafe in Bali, who is more likely to own a villa in the Algarve or a condo in Miami, and regularly hops on a plane for a board meeting in London or Geneva”.

In the latest Savills Executive Nomad Index, looking at the 15 most popular spots for long-term remote workers, Lisbon came out on top, with the Algarve in fourth place.

Lisbon soars
“The Executive Nomad Index considers destinations based on connectivity, climate, prime residential rental market and quality of life,” says Tostevin. “Lisbon tops the ranking thanks to the high quality of life that Portugal offers, helped by low pollution and strong physical connectivity through the international airport.”

Which neighbourhoods in Lisbon have the most appeal? Joana Vila Nova, sales manager at Savills Portugal, highlights established areas such as the grand, tree-lined Avenida da Liberdade, the chic squares of Príncipe Real, the pretty Jardim da Estrela, the mansions of Lapa and the cool Santos quarter.

New names to note include Alcântara, with museums, restaurants and trendy leisure spaces such as LxFactory, and Marvila in the east, heading towards Parque das Nações. Both are close to the River Tagus, and Marvila in particular is a fast-changing area where converted warehouses offer contemporary apartments and workspaces for Lisbon’s tech startup scene. Families who want easy access to international schools have excellent options in the centre of Lisbon, Parque das Nações and the smart beach towns of Cascais and Estoril.

“The arrival of digital nomads has transformed Lisbon and Porto,” says Miguel Lacerda, director at Savills Portugal. “Most of the historic buildings in Lisbon have been handsomely restored, and we have new restaurants and a thriving atmosphere. It’s a completely different city thanks to demand from foreigners.”

The Algarve reimagined
Portugal’s most expensive recent residential sale was not in the capital but on the sandy shores of the Algarve, which stretches for 125 miles along Portugal’s southern Atlantic coast. Kerstin Buechner, director and co-owner of QP Savills, acknowledges that eight-figure sales are relatively rare in the Algarve: “For the first time, we have achieved a price tag of more than €20m for the sale of a single private residence.”

The Algarve is holiday-home nirvana, with beaches backed by red cliffs, low-level umbrella pines and more than 30 golf courses. Its healthy outdoor lifestyle has proved alluring for decades – catch a flight to Faro in spring or autumn and the number of golf bags emerging on the carousel can outnumber suitcases – yet here, as in Lisbon, the demographics are changing.

“Twenty years ago, the central Algarve was a destination for retired golfers,” says Buechner. “It’s a very different story today. The average age of our buyers is in the mid-forties. It’s no surprise to those of us already living here that it has become seriously fashionable.”

The resorts of Quinta do Lago and Vale do Lobo, both within a 30-minute drive of Faro airport in the Algarve’s “Golden Triangle”, have some of the most desirable homes in the region. QP Savills’ average sales price there last year was €3.463m.

The one to watch
Portugal is a relatively small country – just over half the size of Florida – so finding an undiscovered region might seem unlikely. The Comporta peninsula, a 90-minute drive south of Lisbon, managed for a long time to be both off-radar and a celebrity hangout – but with Madonna, football manager José Mourinho and designer Philippe Starck among the regular visitors, the secret is out.

Comporta’s appeal lies in its long, protected coastline with a low-key, “feet in the sand” vibe. It is unspoilt, natural and blissfully undeveloped – a region of rice fields and fishing huts. Much of the new property down the coast in Melides recognises the flair of Portugal’s superb contemporary architects and designers. Spatia Melides is an upcoming development set in 170 hectares, where low-level, open-plan private homes are hidden in generous gardens – prices start at €3.79m for up to 350 square metres.

Portugal, once a nation of explorers, is now a nation welcoming the world.

Pictures from top: Avenida da Liberdade in Lisbon (Alamy); a clifftop villa in Carvoeiro; the popular seaside town of Lagos, on the Algarve (Unsplash); Spatia Melides, on a secluded 170-hectare estate; and the wild beauty of Praia do Carvalhal, just south of Comporta (Alamy)