Excelsior Consulting

18/08/2026

🌇 Bright 2-Bedroom Apartment with a Terrace in the Historic Center of Cascais (Rua de São Cristóvão) | €1,900

Looking for a cozy place where you can comfortably live and work? An excellent, fully renovated apartment (80 sqm) is available for long-term rent.

The apartment is thoughtfully designed: with east- and west-facing windows, you will always enjoy plenty of natural light, excellent cross-ventilation, and absolutely no issues with dampness! ☀️

What’s inside:

🛏 Two bright rooms. A master bedroom and a second room that would make a perfect home office or guest bedroom. Both bedrooms have direct access to a balcony.

🌿 Enclosed terrace. Spacious and cozy, with direct access from the furnished living room.

🍳 Fully equipped kitchen. All essential appliances are already installed.

🛋 Move-in ready. The apartment comes furnished and features excellent built-in wardrobes.

🚿 1 bathroom in excellent condition.

🏢 1st floor (no elevator).

Location:
Rua de São Cristóvão — a highly convenient location right in the heart of the city. Shops, cafes, restaurants, public transport, and all essential amenities are literally just a few steps away.

💰 Rent: €1,900 / month.
📝 An official contract is provided. Exact move-in conditions and pet policy can be discussed individually.

📩 Send me a direct message — I’ll be happy to answer all your questions, share additional photos/videos, and arrange a viewing!

11/08/2026

🏨 €1.42B in H1 2026: Where Real Estate Investors Are Putting Their Money in Portugal

Investment in Portuguese commercial real estate reached €1.42 billion in H1 2026, up 11% year-on-year, keeping Portugal among Europe’s most attractive investment destinations.

International investors accounted for 65% of transactions, while the share of Portuguese capital increased to 35%.

💶 Where is the capital going?

Hotels attracted 34% of total investment and retail another 32% — together accounting for almost two-thirds of the market.

Major transactions included:

• Corinthia Lisbon hotel — approximately €150M
• Ritz-Carlton Penha Longa resort
• Aqua Portimão shopping centre
• A logistics portfolio worth around €90M

Logistics represented 13% of investment, while offices accounted for just 6%.

The market is becoming increasingly selective: investors are focusing on high-quality assets or properties with value-add potential through refurbishment, repositioning or change of use.

⚠️ Growth was uneven

Around €930M was invested in Q1, compared with approximately €490M in Q2. So the 11% annual increase does not necessarily indicate continuous acceleration — several large transactions early in the year had a significant impact.

🏢 Offices & logistics

In Lisbon, office take-up reached 66,900 sqm, although demand slowed. Prime rents remained at €32/sqm/month.

Porto recorded 15,850 sqm of office take-up, up 46%, with prime rents at €21/sqm/month. A shortage of high-quality space continues to limit market activity.

Logistics take-up reached 199,180 sqm, with Greater Lisbon accounting for 52% and Porto for 25%. Limited availability of modern facilities continues to support rental levels.

🏠 Residential prices rise despite fewer transactions

In Q2, residential prices increased 14% YoY, while the number of transactions in H1 fell 7% to 75,860.

Resale transactions declined 10%, while new-build sales increased 14%.
📍 Lisbon: €5,770/sqm, prices +13%, transactions −11%
📍 Porto: €4,030/sqm, prices +9%, transactions −11%

The key takeaway: rising prices are being supported by limited supply, but this does not mean every property is highly liquid.

🏨 Tourism continues to support hospitality

Through May, tourism revenues increased 5.7% to €2.36B. The average room rate reached €154, despite occupancy declining to 63%.

Another 84 hotels with 7,970 rooms are currently under development, and 56% of the future supply is in the upscale and luxury segments.

Portugal continues to attract capital — but investors are becoming more selective about sector, location and asset quality.

06/08/2026

⚡️ ELECTRICITY IN PORTUGAL: WHAT PROPERTY OWNERS NEED TO KNOW

In 2026, the key question is no longer only:

“How much does electricity cost?”

It is also:

→ Who pays for upgrades?
→ Who receives the savings?
→ Who controls the decision?

💶 CURRENT COSTS

Portugal’s regulated electricity tariff increased by an average of 1% in 2026.

Typical monthly bills:

• €36.82 — 3.45 kVA and 1,900 kWh/year
• €95.03 — 6.9 kVA and 5,000 kWh/year

Household network-access tariffs rose by 3.5%.

Lower wholesale prices do not always mean a lower bill: consumers also pay for the grid, taxes and regulated components.

DECO’s July comparison showed:

• €32.32–€35.87 at 150 kWh
• €82.13–€93.04 at 400 kWh

✅ First step: review the supplier, promotions and contracted power.

🧾 ZERO VAT: STILL ONLY A PROPOSAL

Chega has proposed eliminating VAT on electricity from 1 January 2027.

The measure has not been approved.

Currently, the first 200 kWh per 30 days are generally taxed at 6% for contracted power up to 6.9 kVA.

The threshold is 300 kWh for larger families. Consumption above the limit and some bill components remain subject to 23%.

⚠️ Zero VAT would not reduce the entire bill by 23%.

The benefit goes to whoever pays it.

For long-term rentals, that is usually the tenant. For short-term rentals or fixed-utility contracts, it may increase the owner’s net income.

☀️ WHAT HAS ALREADY CHANGED

Lei n.º 29/2026 has been in force since 1 July.

It:

• allows condominiums to approve collective solar systems by simple majority
• introduces CAER agreements for roofs, terraces or land
• shortens licensing and provides tacit approval in specified cases
• supports comparison of surplus-energy offers

CAER may remove the upfront cost: an external company installs and manages the equipment, while the owner receives energy, payment or a share of the revenue.

But CAER does not mean “free solar panels.”

Contracts may last up to 15 years and be renewed once.

Before signing, review:

→ pricing and indexation
→ maintenance responsibilities
→ roof repairs and insurance
→ early termination conditions
→ ownership of the equipment

🏠 WHO PAYS — AND WHO SAVES?

The main challenge is the misalignment of interests:

• the owner funds the upgrades
• the tenant receives the lower bill
• the condominium controls the roof
• residents experience the disruption

For long-term rentals, the return is often indirect:

✨ better comfort
✨ stronger tenant retention
✨ fewer complaints
✨ a more competitive property

🧭 PRACTICAL STRATEGY FOR 2026

1. Review the tariff and contracted power.
2. Identify who captures the savings.
3. Analyse daytime and shared-area consumption.
4. Assess the roof’s solar potential.
5. Compare direct ownership with CAER.
6. Model returns under current and possible zero-VAT scenarios.

💡 EXCELSIOR TAKEAWAY

Tax relief benefits the person paying the bill.

Energy efficiency and on-site generation improve the property — but only when costs, savings and responsibilities are allocated correctly.

04/08/2026

A medieval tower. Two houses. One private palace.

Hidden in the historic streets of Coimbra, the Sub-Ripas Palace tells its story through layers of stone.

🏰 FROM FORTRESS TO HOME
The complex grew around Torre da Contenda, once part of Coimbra’s medieval defences.
By 1514, the tower had lost much of its military importance and was granted to João Vaz, a wealthy local official who already owned several neighbouring properties.
Rather than demolish the ruins, he did something far more interesting: he incorporated the tower, fragments of the city wall and nearby houses into one residence.

🌉 A ROOM ABOVE THE STREET
Sub-Ripas is actually made up of two buildings:
• Casa de Baixo, beside the tower
• Casa de Cima, across the narrow Rua de Sub-Ripas
They were connected by an enclosed passage built directly above the street.
Citizens continued walking underneath, while the owner could move between both parts of the palace without leaving home.

🎨 THREE ERAS, ONE BUILDING
Within just a few metres, the complex brings together:
— a medieval defensive tower
— Portuguese Manueline architecture
— European Renaissance decoration
The lower house features stone ropes, chains, plants and religious symbols.
The upper house, rebuilt in the 1540s, is decorated with medallions, human profiles and classical reliefs linked to the workshop of João de Ruão, the French-born sculptor and architect.

🩸 A DARK LEGEND
According to local tradition, Sub-Ripas may also have been the scene of a royal tragedy.
In 1379, Prince João of Portugal murdered his wife, Maria Teles, after being persuaded that she had betrayed him.
The royal marriage he had been promised never happened, and he later fled to Castile.

🎓 A PALACE THAT BECAME PART OF A UNIVERSITY
In the 20th century, Casa da Torre was acquired and restored by the Portuguese state. The restoration received a Europa Nostra award.
In 1987, this part of the complex was transferred to the University of Coimbra and became home to its Institute of Archaeology.
Casa de Cima remains a private residence.
Today, Sub-Ripas is neither simply a museum nor merely a monument.
It is a living academic space where students and researchers still work among walls shaped by centuries of history.

On weekdays, visitors may also be able to see the interior through the Archaeology Library, which is open beyond the university community.
Interested in discovering lesser-known places or exploring property opportunities in Portugal?

31/07/2026

🏡 CostaTerra: When Real Estate Becomes a Service Subscription

A CostaTerra buyer is not simply purchasing a villa by the ocean.
They are entering a closed lifestyle ecosystem in which the residence, private club, security, hospitality, leisure and property management are operated as one integrated product.

💼 The business model starts with real estate sales
CostaTerra sells land and completed residences.

Premium pricing is supported by scarcity:
• around 300 homes
• a large, low-density territory
• a private beach
• a Tom Fazio–designed golf course

But the customer relationship does not end at closing.

🔄 The real value continues after the sale

The operator can generate recurring revenue through:
• initiation and annual membership fees
• home and landscape management
• security and household services
• sports and wellness
• restaurants and family programs
• additional concierge services

For the owner, this works like a premium subscription to a predictable lifestyle.

Everything is already assembled inside one ecosystem.

⏱️ The primary value is time
An owner can arrive for several weeks and immediately use the home, beach, golf course, equestrian facilities, restaurants and family programs.
There is no need to continuously supervise the property or coordinate multiple service providers.

🛡️ The second value is reduced uncertainty
Many US buyers already know Discovery Land Company through its other private communities.
They understand the expected service level, membership model and social environment.
As a result, CostaTerra may feel less like an unfamiliar development in Portugal and more like a trusted product in a new location.

👨‍👩‍👧‍👦 The model is especially attractive for families
One person can play golf.
Another can use the wellness or equestrian facilities.
Children can join supervised club programs.
The residence becomes a place the entire family actually wants to return to.

📊 The numbers illustrate the scale
Publicly reported figures indicate that:
• 71 villa sales generated approximately €288.5 million
• the average exceeded €4 million per residence
• the project includes around 292 residences
• the remaining sales potential was once estimated at nearly €930 million

⚖️ The economics work on both sides
CostaTerra earns not only at the point of sale, but throughout the ownership period.

The buyer receives:
✨ consistent service
🔐 privacy and security
🌊 access to a managed environment
🧘 convenience and predictability
The trade-offs are also clear:
⚠️ high annual costs
⚠️ dependence on the operator’s long-term quality
⚠️ a narrower resale market
💎 The broader lesson

In ultra-prime real estate, the most valuable product may not be the house itself.
It may be the operating system around it.

29/07/2026

🏗 Bought a plot and built a rental property? The capital gains tax exemption will not apply.

Portugal’s Tax Authority has clarified the rules of the new personal income tax (IRS) exemption regime for reinvesting property sale proceeds in residential real estate intended for long-term rental.

The key point: the tax benefit applies only when the proceeds are used to purchase an already completed property.

If an owner sells an apartment, uses the proceeds to buy land and then builds a house to rent out, the capital gain cannot be exempted under this regime.

📌 Why did the Tax Authority reject this option?
The clarification followed a request from the owner of an apartment that was not their primary residence. After selling it, the owner planned to:

▪️ purchase a plot of land;
▪️ build a detached house;
▪️ place the house on the residential rental market.

The Autoridade Tributária concluded that the law allows the proceeds to be reinvested in the acquisition of ownership rights over other real estate assets.

According to the Tax Authority, this means purchasing a completed and legally registered property. The cost of acquiring land and subsequently constructing a house does not fall within this definition.

🏠 An important distinction

For reinvestment in a taxpayer’s own permanent home, Portuguese law expressly allows the purchase of land followed by construction.

However, the regime for properties intended for rental does not include this option. The Tax Authority considers this omission intentional.

💶 When can the exemption apply?
The regime covers property sales completed between 1 January 2026 and 31 December 2029.

To qualify, the taxpayer must:

▪️ reinvest the sale value, less any outstanding mortgage on the property sold;
▪️ purchase a completed property in Portugal;
▪️ place it on the residential rental market;
▪️ set the monthly rent at no more than €2,300;
▪️ complete the reinvestment between 24 months before and 36 months after the sale;
▪️ declare the intention to reinvest in the tax return for the year of sale.

📍 What does this mean in practice?
The new regime encourages the purchase of completed homes for the long-term rental market, but it does not support the development of new rental properties from the ground up.

Planning to sell a property and reinvest the proceeds in a rental asset?
Contact us to assess in advance whether your transaction may qualify for the exemption and which requirements must be met

15/07/2026

Portugal is preparing a rental reform that could reshape the long-term housing market. 🏠

The government’s goal is to restore landlords’ confidence and bring part of the country’s vacant housing stock back into use.
More than 250,000 homes are estimated to be empty, partly because owners fear that resolving disputes or recovering possession can be slow and uncertain.

Here are the main proposals:
🔑 Faster eviction for rent arrears
The threshold could be reduced from three months of unpaid rent to two. Eviction may also become possible when tenants repeatedly pay more than eight days late.
For landlords, this could make long-term rentals less risky.

📄 More flexibility in lease renewals
The reform would clarify that landlords may refuse the first automatic renewal of a lease.
Owners may be more willing to list properties if they know a contract will not become effectively open-ended.

⏳ Earlier end to rent controls
Current rules limit rent increases on new leases to 2% when the property was rented during the previous five years.
The government wants this restriction to end by late 2026 — three years earlier than planned.
For investors, this means more flexibility when recalculating returns. For tenants, it creates a risk of further rent increases.

🏚 Pre-1990 leases
Portugal has around one million rented homes, but the lease stock is old: more than 23% of contracts are over 20 years old, and 13% are over 40 years old.
Under the proposal, higher-income tenants under 65 could gradually lose some legacy protections, allowing rents to move closer to current market values.
This matters when acquiring buildings with long-standing tenants. A property may look attractive on paper while its income remains locked at historic levels.

⚖️ Why the reform is controversial
Tenant associations argue that Portugal already faces a severe housing crisis and that new rents have nearly doubled since 2017. Faster evictions and fewer restrictions could make housing even less affordable.

The government’s counterargument is that without greater legal certainty, many owners will continue to keep homes vacant.

The key point: this reform is not designed to reduce rents immediately.

It is an attempt to make long-term rentals more predictable, unlock vacant housing and encourage owners to return properties to the market.
If approved by Parliament, the changes could make Portuguese long-term rentals more attractive — particularly in older buildings, renovation projects and properties left unused because of legal risk.

For now, this is still a proposal. Parliamentary support is not guaranteed, and political risk remains.
We will continue monitoring the reform and explain what changes if the bill is approved, rejected or substantially amended.

11/06/2026

Portugal’s construction sector continues to grow — but new building permits are already slowing down.

At the beginning of 2026, construction activity in Portugal remained strong and even outpaced the broader economy. In Q1, GDP grew by 2.3%, while investment in construction increased by 2.6%, according to AICCOPN.

At first glance, the picture looks positive: construction is active, the sector remains resilient, and its contribution to the economy is growing. However, there is an important detail behind the headline figures: current activity is still strong, but the pipeline of new projects is beginning to weaken.

In Q1 2026, the number of building and demolition permits fell by 11.8% compared with the same period last year. The permitted area for residential projects decreased by 14.1%, while non-residential projects declined by 7%.

In simple terms: construction is still moving, but fewer new projects are entering the pipeline. This may affect the supply of real estate in the coming years.

At the same time, construction costs continue to rise. In March, the cost index for new housing construction increased by 5.8% year-on-year, and in April by 5.9%, according to INE.

Both labour and materials are becoming more expensive. In April, labour costs rose by 7.3%, while material costs increased by 4.7%. Among the most notable examples: diesel fuel rose by around 30%, while copper wire, tiles and mosaics increased by approximately 15%.

There are still signs of strong real activity. Cement consumption grew by 6.3% in the first four months of 2026, which is usually a good indicator that construction works are ongoing on the ground.

Lending to construction companies also increased. In April, loans to the sector rose by 12.1% year-on-year, exceeding €7.2 billion — the highest level since December 2020.

Public construction, however, shows a different trend. In April, the value of announced public tenders reached €2.385 billion, down 44% year-on-year. Signed contracts also declined, reaching €1.336 billion, a decrease of 25%.

The overall picture is mixed: the private sector continues to support construction activity, but permits are falling, costs are rising, and public projects are slowing down.

Portugal’s construction market still looks strong, but not as calm as the headline growth figures may suggest.

In short: construction in Portugal is currently growing faster than the economy, but the future volume of new developments may come under pressure. Fewer permits, higher material costs and rising labour expenses may continue to support high prices for new housing and intensify the shortage of supply.

Investimento no sector aumentou 2,6% no primeiro trimestre, enquanto crédito às empresas da construção atingiu o valor mais elevado desde 2020, revela a Aiccopn.

09/06/2026

🏦 Mortgage rates in Portugal have increased again

In April, the average interest rate on new mortgage loans in Portugal rose to 2.86%, the highest level since July 2025, according to Banco de Portugal.

At first glance, the increase may seem moderate — just +0.05 percentage points compared with March. However, the broader trend is more important: the average monthly mortgage payment has now been rising for eight consecutive months. In April, it reached €428, up €3 from the previous month.

Most new mortgages in Portugal are currently being issued with a mixed interest rate. These contracts accounted for 85% of new agreements. Under this structure, the loan starts with a fixed rate and later switches to a variable rate. The average rate for mixed-rate mortgages increased to 2.74%.

The rise was more noticeable for variable-rate mortgages, where the average rate reached 2.96%. In other words, the more “flexible” option is currently more expensive and more sensitive to market movements.

At the same time, Portugal still compares relatively well with the eurozone. The average rate on new mortgage loans in the euro area stands at 3.43%, while Portugal continues to have the fourth-lowest mortgage rate among eurozone countries.

So while borrowing has become more expensive, Portugal remains relatively accessible by European standards.

The increase in rates has not been limited to housing. Consumer credit rose to 8.98%, while the average interest rate on new corporate loans increased to 3.79%. At the same time, the volume of new lending declined both for individuals and for businesses.

In simple terms: money has become slightly more expensive again.

For real estate buyers, this means that it is not enough to look only at the property price. The real monthly mortgage payment matters just as much. Even a small difference in the interest rate can turn into a significant amount over the lifetime of a long-term mortgage.

🚨 In short: mortgage financing in Portugal remains cheaper than in many eurozone countries, but the period of easy credit no longer looks as calm. Buyers are likely to calculate their budgets more carefully, while overpriced properties may take longer to sell.

A taxa de juro média dos novos créditos à habitação subiu para 2,86% em abril, o valor mais alto desde julho de 2025, e a prestação mensal já sobe há oito meses consecutivos.

19/05/2026

Build-to-Rent in Portugal: why tax incentives are not enough

The Build-to-Rent model, where housing is developed specifically for long-term rental, is often presented as one of the key answers to Portugal’s housing crisis.

The state has made a strong move toward capital by introducing a powerful fiscal incentive package:

VAT on construction reduced to 6% instead of 23%.
IRS fixed at 10% for rental contracts of 3+ years.
Full exemption from AIMI, the additional property tax.

On paper, the financial model should work.

But institutional capital is still not rushing to launch large-scale BTR pipelines. Why?

Where the BTR model breaks

Tax incentives reduce CAPEX and OPEX pressure. But they do not solve three structural problems that can damage IRR before the project even starts.

Land basis
In Greater Lisbon and Porto, land is already highly priced. Buying plots at current values and then operating under limited rental levels makes net yield difficult to justify.

Time-to-market
Licensing delays can freeze capital for 2–4 years. In a high-rate environment, these “empty” years can absorb much of the tax benefit.

Construction costs
Traditional construction remains expensive, partly due to labour shortages and ex*****on risk.

How private investors can adapt
The opportunity is not necessarily in copying the institutional BTR model. It is in adjusting it to Portuguese realities.

Mid-scale BTR
Mega-projects of 500 units are likely to remain dependent on municipal concessions and long approval cycles. The more flexible segment is boutique BTR: 15–50 units, small plots or targeted redevelopment, with faster licensing and better operational control.

Geographic arbitrage
The BTR economy is under pressure in the centres of Lisbon and Porto. More interesting opportunities may be in well-connected satellite locations and logistics hubs: Campanhã, Almada, Loures, Braga. Land is cheaper, while demand for €1,000–1,500 monthly rentals remains strong.

Prefab and modular construction
Traditional methods expose BTR projects to material inflation and delays. Modular construction can shorten delivery times, accelerate cash flow and reduce interest-rate risk.

Summary
Tax incentives have made BTR legally attractive in Portugal. But the market has not yet solved the operational ex*****on problem.

The investors who learn to build faster, smaller and outside the most expensive city centres may capture the strongest opportunity in the next five years.