This document provides a market insight into luxury real estate in Lisbon and the Silver Coast region of Portugal during the summer of 2012. It discusses definitions and characteristics of luxury properties, including location, views, amenities, and perpetuity. Examples of luxury properties for sale are presented, ranging from apartments to villas. The document also covers holiday homes, executive relocations, and buy-to-let investment opportunities in the region.

1. Market Insight
Lisbon & The Silver Coast Summer 2012

2. Market Insight
Lisbon & The Silver Coast Summer 2012
LUXURY
Luxury is almost a buzz word in the real estate
sector but its definition differs among countries.
Location normally indicates the property’s value,
especially if it offers views (particularly water-
front views) and especial caracteristics such as
proximity to golf courses, beach areas, school
and central business distrits or downtown.
This classification also takes into account the
presence of surrounding homes, absence of cri-
me-rate, industrialization or unwanted commer-
cialization, customizations of the home, and his-
torical or architectural significance. Exclusive Penthouse Apartments in Chiado with panoramic views over the historic downtown area and Tagus
river. The exclusivity of unique living spaces in a unique private residence condominium, built to set a new stan-
dard in luxury and refiment in Lisbon city. 2 Duplex units with 4 and 5 bedrooms, wide living areas and private out-
Perpetuity is in our opinion a condition for
door spaces. Price: POA
luxury real estate classification. Size is not
important but living space cannot be compromi-
se. High-end finishings are a standard but don’t
subsititute charater in a property. The condition
for perpetuity is based on the law of scarcity
where the uniqueness of places (property, loca-
tion and usability) have a timeless perceived
value.
Luxury real estate entails greater responsibility
for agents who handle transactions than ordinary
real estate. Advertising to an international
audiance is mandatory to attract non-local
buyers, whereas ordinary real estate only gene-
rally requires local exposure. There are also Exclusive Period dated apartments in Avenida da Liberdade ofering with wide spaces in the heart of Lisbon
greater legal responsibilities for the luxury estate Central Business Distrit. The apartment is composed of double living room, office, 3 bedrooms, one en-ensuite and
agent, which often involve attorneys and anony- kitchen. Wlaking distance to private schools, shopping areas, restaurants and a variaty of service, conviniente and
leisure amenities. Price: POA
mity issues.

3. Market Insight
Lisbon & The Silver Coast Summer 2012
Four bedroom apartment in private residence condo- Four bedroom apartment in private residence condo- Four bed beachfront apartment in Cascais, offering
minium located in Lisbon historic centre, with several minium located in central Lisbon with several leisure panoramic views, wide spaces and individual terraces
leisure and service amenities at walking distance. POA and service amenities at walking distance. POA in all bedrooms. POA
Contemporary 3 bedroom villa with double height cei- Magnificent 3 bedroom apartment in the first line of Four bedroom villa with private pool, mature garden
ling in the lounge area, excellent natural light, wide the coast, offering panoramic views towards the sea. offering full privacy. Located in a high-end area of
windows, private pool, terrace and a private garden Integrated in a luxurious condominium in Estoril. Cascais, 5 minutes from the centre and golf courses
bounded by Quinta da Marinha golf course. POA POA POA

4. Market Insight
Lisbon & The Silver Coast Summer 2012
HOLIDAY
HOMES
Choosing a holiday home is no easy Job. Not
only is the second most valuable investment a
person makes in their lives, but it also carries
with it a certain level of uncertainty especially
when it comes to the right location. Price is not
added to equation as people will only spend what
they can afford, and with the absence of banks
support, investing is really down to savings. The
market is fully transparent when it comes to
prices, as after spending some time looking at
properties through the Web, people get a pretty
good idea about what the market offers at each
price level.
What differentiates a good from a bad in-
vestment? Here are some mandatory guide This charming cottage is located in Quinta da Marinha, This villa boasts stunning views over the valley and the
lines to make a good decision when it comes to a stunning complex in Cascais, walking distance from sea towards the local beaches. The villa is approx.
the beach and golf courses. Mature garden. €790,000 15min from Sintra. Great charater. Price: €800,000
buying a home overseas:
1—Political stability—Its wise to look at coun-
tries that are Politically sustainable as they will
have an impact on the legal and fiscal part of
property investment.
2— Sustainable neighborhoods— communi-
ties are an important part of the equation. Look
for more established communities that can guar-
antee social life all year round. Skip over-
secluded areas that are only 100% operational
during the summer season, unless that’s exactly
what you're looking for
3—Views—Despite the difference in price it is
worth the extra money. Not only it provides an
outstanding lifestyle but it also guarantees a
higher demand on the resale market.
4—Terraces and other exterior areas—you Contemporary design, panoramic views, unique loca-
can compromise interior space as long as it pro- Hillside located offering open views towards the Atlan-
tion. 3 bedroom villa in the best spot of Praia D’El Rey
vides outdoor space for BBQ or al fresco dinning tic Ocean, golf course and beach. Walking distance
Golf Resort. Price: P.O.A.
from restaurant, bar and gym. Price: €1,400,000
not to mention some of the best recharging mo-
ments laying down in a sun bed

5. Market Insight
Lisbon & The Silver Coast Summer 2012
Impressive contemporary villa set in a hilltop with Four bedroom apartment in private residence condomin- 4 bed villa with ocean views, at walkimng distance from
excellent views towards a vineyard area that surrounds ium located in central Lisbon with several leisure and the beach The villa is fully equipped with garage and
the property. Outstanding design. 4 hectares POA service amenities at walking distance. Price:850,000 pool . 50 minutes to Lisbon. Price:650,000
Contemporary 3 bedroom villa with double height cei- 2 Bedroom beach front apartment in in Praia D'El Rei 4 houses hillside located of contemporary design, offe-
ling in the lounge area, excellent natural light, wide resort, within walking distance to beach and restau- ring panoramic views of the ocean, full privacy and
windows, private pool, terrace and a private garden rants. Excellent terrace with panoramic views. high-end finishings. Featuring 3 bedrooms villas with
bounded by Quinta da Marinha golf course.Pr:€625,000 Price: €350,000 private pool Price: P.O.A.

6. Market Insight
Lisbon & The Silver Coast Summer 2012
EXECUTIVE
RELOCATION
Portugal is not just a great place for holidays,
surfing, golfing or site seeing. Our fabulous bea-
ches and singular weather conditions have posi-
tion this country as one of the best and more
exclusive residential tourism destinations in
Europe. But this is not the only source of inter-
national buyers in Portugal.
In the last 5 years international demand from
executives relocating to Portugal have register a
considerable increase. Africa has been one of the
An exclusive one bed apartment built with the charater The apartment is located in one of the main avenues
reasons sourcing both sides of the market, Exe- of a classic building and the confort and luxury of of Lisbon, near university, popular street shopping and
cutives realocating from Africa to Lisbon region modern living. Located in Chiado. Price: €680,000 leisure areas. Price: €622,000
and international corporations using Lisbon to
establish commercial relationships with local and
african partners already established.
The brotherwood between Brazil and Portugal
has also generate some demand in the capital
city, with executives being relocated to Lisbon
due to the African connection but also as a fami-
liar place and our connection to Europe.
The international mba (Lisbon mba) is also
atracting international students and news of
foreigns studing Portuguese as a international
language as also receive some attention from
buy-to-let investors.
Lisbon, has become a geo-politic strategic point
Apartment located in a prime area. An excellent 3 bedroom apartment in private condominium, offering
in this part of the world, and despite the focus
option. Privacy and location are two of your top list wide spaces, double lounge, terrace and views towards
on the private rental sector s a solution for relo- the communal garden and pool. Easy access to high-
requirements. Price: €360,000
cation, there is genuine interest in purchasing way and beach area. Cascais. Price: €800,000
top-end properties in historic and consolidated
areas of the city.

7. Market Insight
Lisbon & The Silver Coast Summer 2012
BUY-TO-LET
INVESTMENTS
Lisbon well positioned to attract
buy-to-let investors
Lisbon has seen a marked shift in recent years
towards a rental market. As a result of the recent
economic crisis in the country and the resulting
new policies aiming for higher solvency and the
reduction of banks overall debt, the number of
households has declined. Higher interest rates,
lower LTV ratios and the need for professional
mobility are turning Portuguese buyers towards One and three bed apartments in a traditional neighbe- A charming touristic house Integrated in Quinta da
the private rental sector. rhood, walking distance to Lisbon castle , restaurants, Marinha resort walking distance to the golf course,
public transportation and other services Pr: €240,000 gym and hotel. 5 minutes from Cascais. Pr: €265,000
Lisbon’s strategic plan was presented earlier this
year by Dr. Antonio Machado, president of the
city-hall, where a list of determinant factors for
long term sustainability, prominence and social
and economic development were presented to
the audience.
There were two major vectors highlighted in the
strategic plan: i) urban rehabilitation and ii)
entrepreneurship. The first one, which is already
in place with several projects accomplished and
others to start later this year, is related to the
recovery of riverfront areas by promoting leisure
and commercial areas on the banks of the river.
This plan also includes the rehabilitation of the This private condominium isl ocated located in the hosto- Two bed duplex apartment in prime area, near hospital
urban landscape, especially the historic areas ric centre, near restaurants, university and other ameni- s, university and embassies. Terrace with views
ties. One and two bed apartments. Price from: €249,000 towards St. Jorge castle. Low maintenance. €350,000
almost forgotten for the last two decades, and
which are Lisbon postcards for the tourism sec-
tor.
Continues on the following page

8. Market Insight
Lisbon & The Silver Coast Summer 2012
More reasons to smile
Lisbon offers many investment opportunities in
With British Pound increasing its value against the
restored buildings in central points of the city. Euro, properties are becoming more attractive this
The charming atmosphere of the capital city owes summer. The evident weakness of the eurozone eco-
much to the picturesque Pombaline architecture nomy materializes a less strong currency despite the
that paints the city with bright colors and elegan- efforts of the European bank to mantain a strong
ce. These older properties are now on the radar Euro. Should you expect a further reduction on the
of real estate investors who seek higher returns euro? Its natural to think so, but there’s no prediction
on how much and how long it would take. There are
from the rental market. Discover a city where
mechanisms that allow you to cover currency risks.
old buildings are converted into up-market resi-
Ask our Winkworth financial advisors for more info.
dences in exclusive locations.
Big markets vs. Small markets
The second strategic vector is the facilitation and Why big is not good and why you should look for Spain on the other hand have massively attracted over-
creation of entrepreneurship. The project was small markets seas buyers on the last 20 years based on price, not out-
launched this year with a start-up incubator standing the fabulous coast and exotic culture, but it faces
(startuplisboa.com) and one of the participating Property is a location based market, as value differs an enormous challenge nowadays related to the extensive
companies has already been chosen to represent from location to location even on comparable prod- urban landscape along the coast. Mass markets are mate-
ucts. Simplistically we can rialized in a less planned territory and less differentiation.
Portugal in the greater global entrepreneurship
agree that Supply and De- Here is where Portugal wins against any other
competition in Barcelona. The aim is to create
mand are the two forces destination. Its size makes Portugal bigger on
vibrant new companies who will generate
that define market prices, the European holiday market. Along the coast
employment and wealth for the economy. You will find niche property markets with con-
although we all know fi-
nance is one major force in trolled supply and adequate demand that fore-
As these types of strategic innovations are rolled this equation too, but put- seen good investment opportunities. The
out in Lisbon, buy-to-let is becoming a real driver ting that aside, purchase increasing frustration of British buyers that
in the market as demand for rental apartment’s prices are given when sup- want to get out of the Spain and don’t find
increase and selling prices adjust reflecting mar- ply meets demand. buyers for their holiday homes almost at any
So, we can also agree that price has hit British news, and despite being a
ket conditions. Lisbon offers excellent investment
over-supply will force the negative feedback for residential tourism it
opportunities in the low-end and top-end of the
price down (see figure above). emphasizes the fact that small markets, such
market and in a variety of locations.
Portugal has been recognized, for many years now, as Portugal, represent better investment opportunities for
For more information about buy-to-let or other overseas investors than mass markets. Quality in Portugal
as a Quality Market Destination, and the reason as
property investment opportunities in Lisbon con- much to do with its market size than to a strategic comes as a strategic option, but also as a differentiator
tact us at lisboa@winkworth.pt or directly to decision of product positioning towards the interna- factor of a small market, considerably unexplored, that
(+351) 91 8621 869 tional markets. offers security and uniqueness.

9. Winkworth since 1835
Winkworth originated in central London in 1835. Our original Head Office was located in Curzon Street, Mayfair, with a country office in
Brighton. Our main business involved selling residential property to an exclusive client list and letting houses in Mayfair to the landed gentry
for 'the season'.
Of course, things are very different today. Society has changed and so has Winkworth. Our network now has over 80 independently owned
and operated offices. Over 50 offices are located in prime central London and greater London, established country offices are located across
the UK and carefully controlled expansion into exclusive international markets has taken our business to France and Portugal.
As a name synonymous with prime residential real estate, Winkworth has become the obvious choice for both UK and international buyers
and sellers.
The Network
Every single Winkworth office is owned by an independent proprietor, whose market expertise is unlikely to be surpassed. Our proprietors
and their staff are encouraged to be active members of the local community too, which means they have a vested interest in ensuring every
client receives an exemplary service. All our offices work together. They share business and refer those clients that they can't help, perhaps
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office, you benefit from a whole network of offices, plus the specialist marketing services of the Franchisor Office in London.
Winkworth Lisboa | +351 918 621 869 | lisboa@winkworth.pt
www.winkworth-international.com