Luxury Apartments and Condos in Portugal: Your Guide to the Finest Properties

Portugal has become one of the most sought-after countries for investors looking to jump on the luxury real estate ladder. Across the country, you’ll come across beautifully created properties that combine traditional architecture with modern interiors. With a coastline of 1,794 km, many homes and luxury apartments in Portugal will come with stunning ocean vistas, while others will provide captivating city skyline views.

You will also find a high number of condominiums in Portugal, which are the perfect spot for home seekers looking to have all the home comforts, facilities, and amenities right at hand.

In this article on luxury apartments in Portugal, we’ll provide you with an overview of the luxury real estate market before delving into the top locations to consider. We will also provide you with information on condominiums in Portugal and the buying process so that you are well-prepared should you choose to invest in luxury properties in Portugal’s most desirable areas.

Why choose Portugal for your luxury property investment?

Portugal’s one-of-a-kind property market is, in many ways, a cut above the rest. The luxury property market here has moved from strength to strength in recent years, with the Algarve and Porto two of the best locations to invest in luxury real estate, according to Knight Frank’s The Wealth Report 2023.

The country offers a diverse range of high-end properties, from stunning beachfront villas to historic city apartments, all at competitive prices compared to other European luxury markets. This has attracted leading designers and celebrities to relocate to Portugal or snap up property here, from Madonna to Christian Louboutin.

Additionally, Portugal’s stable political and economic environment enhances its appeal as a safe investment destination, alongside the high quality of life, diverse landscapes and cities, and sublime climate. The fact that Portugal is the seventh safest country in the world, according to the 2024 Global Peace Index, adds another layer to the country’s appeal.

Luxury Condos in Portugal

Portugal is home to a wide array of property types, but two of the most common types of properties are apartments and condos. However, it is important to define the differences between them. An apartment is usually part of a larger building, while a condo is an individual unit within a building or development, that is often used for tourism purposes.

Condos are great options for buyers looking to have all the amenities and facilities close at hand, as they often have shared amenities, such as swimming pools, gyms, and parks. You will also not have to worry about the maintenance of the condominium.

The condominium assembly will be responsible for the management and maintenance of the condominium, and you will have a condominium regulation document that outlines the guidelines for living in the condominium. This will cover key rules for cleaning, maintenance, conflict resolution, and so on.

Top Locations for Luxury Apartments in Portugal

You will find luxury condos across Portugal, but the Algarve is probably the most well-known location for those seeking out an exclusive condo. Lisbon, Cascais, Porto, and the Silver Coast are other locations where you will be able to find condos in the country.

Key Features of Luxury Condos and Apartments in Portugal

You’ll come across many different types of luxury properties in Portugal, and this extends to there being a wide range of stunning apartments and condos in the country. From modern apartments with elegant finishes that you’ll find in the city center to penthouses with sweeping cityscapes or ocean views. You will also find more modest apartments situated in quieter parts of the country. The condos in Portugal usually have state-of-the-art facilities and are kept in optimum condition.

State-of-the-art amenities

Most new build luxury apartments in Portugal are built with state-of-the-art amenities, with many having their own swimming pool, private gym, and smart home technology. These features make living in an apartment in Portugal effortless, as apartments are built with modern comforts and with convenience in mind.

High-end interior design

The interiors of many luxury apartments and condos are designed with modern finishes, such as in maximizing natural light. Regarding the exterior of the property, this will depend on what you are going for. You’ll come across properties that have traditional architecture, such as in Melides and Comporta, where architects very much work with the local Alentejan architecture to create stunning properties, to other properties that have a modern exterior, more common in some parts of the Algarve and in Parque das Nações in Lisbon.

Most luxury properties in Portugal will have bespoke furnishings and meticulous attention to detail, creating an atmosphere of refined opulence. Many will also come with a private balcony, often with stunning ocean views, should you be located close to the coast. Bear in mind that you will find fully finished apartments in Portugal, but also ones where you can design the interior based on your preferences.

Security and Privacy

Security and privacy are paramount in Portugal’s luxury apartments. Many will have advanced security systems, and private parking and access to ensure residents enjoy a tranquil and secure living environment.

The Buying Process for Luxury Real Estate in Portugal

The process of buying property in Portugal follows the steps below. For further information on each step of the process, you can check out our definitive guide to buying property in Portugal

Following this, we’ve armed you with some top tips for finding your ideal property in Portugal.

1. Determine whether you need a mortgage loan to finance the purchase
2. Identify your ideal property in Portugal
3. Negotiation
4. Sign a Reservation Agreement
5. Sign Promissory Contract (CPCV)
6. Finalize the purchase by signing the Escritura (Final Deed)

Finding the right real estate agent

Navigating the Portuguese real estate market is tricky, particularly if you don’t speak Portuguese or are unfamiliar with the local market. We strongly recommend working with a reputable real estate agent or buyer’s agent to help you. An experienced team will offer valuable insights, access to exclusive listings, and support throughout the property search and purchase process.

Note: Bear in mind that real estate agents represent the seller and may earn a higher commission on a higher sale price. In contrast, a buyer’s agent, such as Goldcrest, works exclusively for the buyer, ensuring their specific needs are met and protecting their interests.

Legal Considerations

Alongside having a real estate professional by your side, you should have a real estate lawyer in Portugal to assist you with your property purchase. They will be able to ensure you are aware of the legal complexities of the purchase, perform due diligence on the property and the seller, and ensure you have all the required documents, amongst other services.

Financing Options for Foreign Buyers

There are more than fifteen banks offering mortgages to foreigners. We recommend speaking with an experienced professional to find the right mortgage for your particular situation.

Benefits of Investing in Luxury Apartments in Portugal

Portugal’s luxury real estate market has moved from strength to strength over the years, with regions such as Lisbon and the Algarve well-known as top locations. However, Portugal’s second-largest city, Porto, has been rightly catching the attention of property investors in the past few years, alongside Comporta, Melides, and Tròia in the southwest, which, for some, are the ultimate locations to snap up Portuguese property.

Strong rental yields and potential for capital appreciation

The real estate market offers high rental yields and high potential for capital appreciation. For example, in the Lisbon Metropolitan Area, rental yields stood at 6.7 percent in the third quarter of 2023, while yields stood at 5.6 percent in Cascais. In the Metropolitan Area of Porto, yields stood at 6 percent, while for the Algarve, the figure was 5.6.

This highlights that there is strong potential to secure a nice return on your investment no matter which region you choose from. Plus, given the continued increased demand for properties in Portugal, capital appreciation on your property will also likely increase with time.

To secure the best investment property possible, should that be your end game, we recommend speaking with experienced professionals in the market who can discuss prime investment opportunities.

Quality of life and lifestyle benefits

One of the key reasons why so many foreign buyers have their hearts set on Portugal is the country’s high quality of life and sublime climate. Alongside this, the country boasts excellent healthcare options, some of the most beautiful beaches in Europe, world-class international schools, top restaurants, and countless leisure activities, whether you are into water sports, yoga, or golfing.

Portugal is home to more than 75 golf courses, but for those who are more into soaking up the culture, the country is home to some incredible art galleries and museums, particularly in the major cities, and countless events and festivals throughout the year, depending on where you decide to move to. The incredible gastronomy, welcoming locals, range of stunning locations, and the fact that English is widely spoken in the country add to Portugal’s appeal.

From a safety aspect, Portugal ranks in 7th position in the Global Peace Index and, with low crime rates and the range of residency options on the table, make it relatively easy to move here.

Finding Your Dream Luxury Apartment

Finding the perfect spot for you can be tricky. When you begin your search for your dream luxury apartment or condo in Portugal, make sure you define your requirements.

Consider factors such as:

• Which location in the country appeals to you and fits your lifestyle and investment needs
• What amenities are close by? For example, do you want to be close to international schools, the beach, or top restaurants, or do you want a city view or ocean view to enjoy? If you are opting for a condo, does it have all the facilities that you would like it to have, such as a swimming pool or gym?
• The investment potential of the property and your long-term goals

When you have jotted down what you are looking for, get in touch with a real estate professional who will be able to discuss your needs with you and kickstart the property search. Bear in mind that real estate agents work on behalf of the buyer and get a higher commission for a higher sale. As such, working with a buyer’s agent could be the better option.

Buyer’s agents, such as Goldcrest, work solely on behalf of the buyer, ensuring the buyer gets the best price and that their needs are protected.

Goldcrest: How We Can Help You 

Goldcrest is a buyer’s agent that is based in Lisbon. We provide expert, impartial advice on real estate investments and how to buy property in Portugal. From scouting out the perfect property through to property acquisition, we have you covered throughout the process.

If you are looking to purchase property in Portugal, don’t hesitate to get in touch. Our team of skilled experts is available to solve all your real estate doubts, helping you with the property search and offering insightful expertise and strategic advice.

Why choose Goldcrest?

• Local knowledge: With offices located across Portugal, our presence nationwide allows us to assist you personally across the country.
• Independent service: As an independent buying agent, we do not represent any development or project. Our service is entirely tailored toward each individual client, providing you with everything you need to secure the perfect property at the best possible price. As an impartial advisor on the market, we work solely on behalf of our client and provide a service tailored to your needs and requirements.
• Streamlined process: Our real estate agents speak English and Portuguese, and our service is completely focused on providing you with a hassle-free buying experience, saving you time.
• Experienced team: Our expert real estate team has a vast local knowledge of the Portuguese property market. We have cutting-edge technology and metasearch tools at your disposal to provide full market coverage, ensuring the best investment choices and negotiated prices.
• Network of partners: We have a close network of partners, including lawyers, property management services, builders, architects, designers, and landscape gardeners, again saving you time and hassle by providing you with trusted experts in their field of work.