Portugal - Real Estate Lawyers & Law Firms - Europe | Chambers and Partners
Chambers & Partners has detected the use of an ad blocker.
We make use of tailor-made ads to enhance your experience of our website.
Please 'whitelist' http://www.chambersandpartners.com.
Close
Europe Guide

Real Estate — Portugal

Overview

Portugal: The comeback

Following the record shattering year of 2015, the past year also ranks among one of the best in the Portuguese real estate market over the past decade, and the number of transactions and their total value were broadly the same in 2016 as those registered in 2015.

The Portuguese real estate market has been extremely busy and attractive for both domestic and international investors, and this situation will continue in 2017. Players in this market unanimously believe there is still a large margin to increase all the figures that measure market dynamics and growth.

The main market drivers have slightly shifted from those of previous years. Indeed, the market is increasingly more mature and is nurturing ever more complex investment schemes. This contrasts with a previously fast-paced market mostly driven by Golden Visa Programme investors and other tax schemes designed to attract foreign real estate investors from non-traditional jurisdictions. This pace was also driven by the boom and impressive two-digit increase in tourists flowing into Portugal, which has meant high demand for new hotels and short-term rentals from those investments aimed at putting money into property, with real estate seen as a safer haven than traditional bank deposits.

Even though plenty of interesting deals have been made in the past few years, the market still offers many interesting business opportunities, which will keep pushing the market forward in 2017. There are plenty of domestic and foreign investors who have plenty of cash on hand and are eager to invest, even though a steady increase in financing of real estate purchases has been registered over the past year – a trend that is also likely to continue this year.

The Portuguese real estate market is now less frantically focused on satisfying the Golden Visa Programme investors' appetites, and is increasingly focused on larger building refurbishment and rehabilitation projects. These include projects in the tourism sector, as well as high quality real estate for residential and high street shopping purposes. Although there is still demand for Golden Visa Programme investments, it no longer drives the market as heavily as it did in previous years, and tourism and the non-habitual residents tax scheme keep gaining ground on the former.

As mentioned, the tourism sector continues to experience material year-on-year growth, with the number of tourists visiting Portugal breaking all records and with a very significant and positive impact on the country’s economy, and particularly the real estate market. Indeed, a vast amount of accommodation infrastructures of all shapes and sizes continue to open up throughout the country’s main cities to accommodate the ever-increasing number of tourists that choose to visit Portugal. Well-established international hotel chains maintain their interest in exploring new opportunities to open hotels, principally in Lisbon, Porto and the Algarve.

As a consequence of the increase in the number of tourists, ancillary tourism services, such as restaurants and retail, continue to open up in Portugal's main cities, with several award-winning fine dining restaurants opening in Lisbon, Porto and the Algarve. Moreover, there is a high demand for properties to be operated under the local accommodation rules, with significant demand for well-located small apartments in Lisbon and Porto’s most iconic central neighbourhoods.

Following a decrease in the number of shopping centre openings, the main focus has turned away from construction of new shopping centres, with a few exceptions, such as Mar Shopping Algarve, which will open this year. The focus is now principally on the expansion of the existing shopping centres and on redesigns, for example, the overhaul of several food courts.

Following a long period of negligence in maintaining the infrastructure of cities and public spaces, the Municipal Councils of Portugal’s two main cities, Lisbon and Porto, have been investing significant amounts in a substantial overhaul.

Lisbon is undergoing a dramatic facelift. The city riverfront has been extensively renovated with plenty of works still underway. These include the new cruise ship terminal, which should be completed and opened to the public during the course of this year. Many main arteries of the city, including some of the most iconic squares, have also been completely redesigned. The Government has further announced that the airbase at Montijo, on the south bank of Lisbon’s river, should be adapted to be used as the city’s second airport. This is intended to resolve Lisbon airport’s lack of capacity to deal with the ever-growing number of visitors.

Real estate prices keep on rising and it is believed they have not yet peaked. Considering all of these variables, comprehensive legal support remains highly recommendable for any investor who intends to conduct business safely, in order to mitigate potential legal issues, and to create a well-tailored investment vehicle for the deal in question. All this activity has translated into a steady flow of work in law firms' real estate practices, which, considering the effervescent market, have been constantly challenged to provide solid legal advice in very tight timeframes, in order to safely secure their clients' deals.

Politically, the minority government, which enjoys parliamentary support from the three parties on the left, has governed the country steadily. However, this year will prove a test for the reversal of some austerity measures imposed by the previous Government, which have, at least indirectly, contributed to the steady increase in public debt.

No major legislation has been changed and no changes are expected, except for the local accommodation rules, which are likely to be amended during this year. The tax schemes and exemptions applicable to building refurbishment and resale are expected to remain unaltered. These schemes and exemptions represent some significant tax savings for those who purchase real estate assets for rehabilitation purposes, which will foster further investment.

The combination of the public and private investments described above, and the country’s macroeconomic conditions, have created a healthy environment for sustained growth of the real estate sector during the current year. For this reason, most market players have optimistic investment volume forecasts for 2017, with the expectation that it will match (if not surpass) 2016’s transaction volume.

READ MORE

READ LESS


Garrigues - Real Estate

-

Band 1

第一等

Commentary from the Chambers Europe guide

Basic facts about the department
- Head of department: Jorge Salvador Gonçalves
- 1 partner
- 7 other qualified lawyers

What the team is known for Exceptional practice that handles the full range of real estate matters, with particular strength assisting international investors and real estate funds with inbound real estate investment. Provides solid transactional capabilities, covering significant property sales and acquisitions. Assists with the development of commercial and tourism projects and is regularly involved in major office building transactions in Lisbon. Also frequently advises Chinese developers in the Portuguese market.

Strengths Clients highlight the firm's far-reaching expertise: "It's really a one-stop shop and this is a great help as we use them for most things. They are very efficient."

Further sources confirm: "They are responsive and very meticulous."

Notable practitioners

Head of department Jorge Salvador Gonçalves is described by peers as a "very experienced lawyer." He advises clients on a wide range of matters in the real estate sector with a particular emphasis on asset management, investments and property financing.

Department profile by Garrigues

Department profile not yet provided by Garrigues. Please see their firm profile.

No Content Provided

Industries

  • {{industry.name}}

No Content Provided

Clients

  • {{client.name}}

No Content Provided

No Content Provided


PLMJ Network - Real Estate

-

Band 1

第一等

Commentary from the Chambers Europe guide

Basic facts about the department
- Head of department: Tiago Mendonça de Castro
- 6 partners
- 15 other qualified lawyers

What the team is known for Leading practice experienced across all aspects of real estate matters, including advising international investors on commercial property transactions, as well as assisting retailers with joint ventures and student accommodation work. Offices across Lisbon, Porto and Faro are well placed to assist high-profile clients, particularly within the retail sector.

Strengths Clients applaud the firm's "great ability to respond to multiple issues."

Sources highlight the lawyers as "pragmatic, straightforward and responsive."

Work highlights Assisted with the real estate transaction and implementation of the 'Time Out Markets' in Lisbon and Porto, a matter valued at EUR18 million.

Advised IKEA Centres on the construction and opening in the Algarve of one of the largest commercial complexes ever developed in the south of Portugal.

Significant clients Starbucks, CBRE Global Investment Partners, H&M, Primark, Michael Kors.

Notable practitioners

Pedro Sáragga Leal is recognised by fellow practitioners as an extensively experienced lawyer in the Portuguese market. His expertise encapsulates many areas within the real estate sector. Recently he advised Liberterrace on its acquisition of a plot of land for the purposes of constructing a luxury residential development.

Rita Alarcão Júdice is held in high regard by sources for her level of activity in the real estate space. Her practice focuses on acquisitions, developments and the lease and sale of property. She also assists clients with the restructuring and implementation in Portugal of Islamic investments in compliance with Shari'a law.

Practice head Tiago Mendonça de Castro is regarded as "one of the best in retail" by interviewees. He recently led the team in assisting IKEA Centres with the construction and opening in the Algarve of a sizeable commercial complex, a matter valued at EUR220 million.

Department profile by PLMJ Network

Department profile not yet provided by PLMJ Network. Please see their firm profile.

No Content Provided

Industries

  • {{industry.name}}

No Content Provided

Clients

  • {{client.name}}

No Content Provided

No Content Provided


Uría Menéndez - Proença de Carvalho - Real Estate

-

Band 1

第一等

Commentary from the Chambers Europe guide

Basic facts about the department
- Heads of department: Duarte Garin and João Torroaes Valente
- 1 partner
- 9 other qualified lawyers

What the team is known for Reputable team with a highly regarded corporate real estate practice. Frequently acts on behalf of international investors on complex property developments, as well as advising major shopping centres and hotel developers. Practice covers sale and leaseback transactions, establishing real estate funds and licensing procedures. Further bolstered by the support of the tax department.

Strengths Clients praise the team for its "technical knowledge, seniority, experience and flexibility."

Sources also commend the practice for its "very complete service with an excellent group of professionals."

Value for money It is noted by sources that the firm "offers good value for money" and "they tailor work accordingly" when it comes to the size of a particular matter.

Work highlights Represented Oaktree in its acquisition of a portfolio of eight office buildings from IVG Group.

Advised Temprano Capital Partners on its acquisition of the Focus Retail Park from NAMA.

Significant clients Lone Star, Orion Capital, CB Global Investors, Madison Realty, Union Investment.

Notable practitioners

Joint practice head Duarte Garin receives plaudits from clients for his "hands-on mentality" and is described by peers as a "pioneer" in the real estate area. He maintains a far-reaching practice in real estate matters, with a focus on particularly high value and complex property transactions.

Counsel João Torroaes Valente is co-head of the department and is regarded as an expert in real estate, tourism and investment fund work. He is praised by clients for his "meticulous, organised, proactive and very smart approach."

Department profile by Uría Menéndez - Proença de Carvalho

With a solid reputation in the Portuguese real estate and construction markets, the lawyers in our Real Estate Practice Area have been involved in many of the most important transactions in the Iberian market. Our advice covers all areas related to the construction, promotion, financing of and investment in residential buildings, offices, business parks, logistics warehouses, hotels, tourist complexes, commercial centres and leisure centres in Portugal.

Promotion, investment and financing of real estate projects

  •       Designing legal and tax structures for the purchase, sale, investment and management of real estate projects
  •       Advising real estate promoters throughout the promotion and construction process, the preparation and negotiation of contracts for sale, lease and hotel management, and the purchase of real estate projects:        
    •                Due diligence reviews
    •                Sale and purchase of land
    •                Sale and purchase of real estate projects
    •                Planning and environmental issues
    •                Construction, architectural, and project design contracts
    •                Liability of building agents
    •                Financing
    •                Ownership, lease and management of assets
  •       Sale of real estate projects to institutional and private investors, real estate funds and individuals
  •       Financing contracts for the promotion and sale and purchase of real estate projects
  •       Monitoring, refinancing, restructuring and enforcement of guarantees

No Content Provided

Industries

  • {{industry.name}}

No Content Provided

Clients

  • {{client.name}}

No Content Provided

Uría Menéndez-Proença de Carvalho offers a global service, advising its clients wherever their interests may be. 

We provide multi-jurisdictional legal advice through our:

  • own offices in the main financial centres of Europe, Asia and the Americas,
  • joint ownership of Philippi, Prietocarrizosa, Ferrero DU & Uría, the leading regional firm operating in Ibero-America,
  • close ties with the most prestigious independent law firms in the countries in which our clients operate,
  • membership of the Lex Mundi international network,
  • regional practice groups formed by specialist Uría Menéndez-Proença de Carvalho lawyers in areas of particular strategic interest for our clients.

Cuatrecasas - Real Estate

-

Band 2

第二等

Commentary from the Chambers Europe guide

Basic facts about the department
- Head of department: Nuno Sá Carvalho
- 1 partner
- 5 other qualified lawyers

What the team is known for Solid real estate practice that provides a multidisciplinary approach, often acting for institutional investors on complex purchase and sale transactions, as well as project developments. Regularly assists with tourism and commercial real estate. Also advises on licensing, construction and contracts, in addition to assisting insurance groups. Demonstrates frequent collaboration with the firm's M&A, employment and tax departments to handle high-end transactions.

Strengths Sources commend the team's quality of client service, saying: "Their level of response and client management is great."

Interviewees further highlight the practice's knowledge and efficiency: "Their main strength is to understand the client's needs and provide a quick answer through their experienced team."

Work highlights Advised JD Sports on the acquisition of a portfolio of 15 shops across Portugal, in addition to restructuring the portfolio and renegotiating new lease agreements with numerous shopping centres.

Advised Mutschler Outlet Holding on real estate and town planning aspects of a joint venture agreement with IKEA for the development and management of an outlet in Portugal.

Significant clients DHL, H&M, Zurich, Bosch, Karlin.

Notable practitioners

Head of department Nuno Sá Carvalho is noted for his "knowledge, reliability and empathy." Clients also single out his "insight, know-how and availability." He specialises in many areas under the real estate umbrella and is regarded as a specialist in the town planning, construction and tourism sectors. Recently, he assisted H&M with the negotiations of store rental agreements and in other matters such as licensing, construction and contracts.

Department profile by Cuatrecasas

Please visit our website to find out more about how we work in this field: http://www.cuatrecasas.com/practice_areas/real_estate.html  

No Content Provided

Industries

  • {{industry.name}}

No Content Provided

Clients

  • {{client.name}}

No Content Provided

No Content Provided


Vieira de Almeida - Real Estate

-

Band 2

第二等

Commentary from the Chambers Europe guide

Basic facts about the department
- Head of department: Pedro Ferreirinha
- 2 partners
- 7 other qualified lawyers

What the team is known for Comprehensive real estate practice, experienced in assisting clients with real estate transactions and urban rehabilitation. Solid presence on the investment and divestment of commercial property, often assisting international players in the market. Prominent expertise in environmental issues, including licensing and compliance. Experience in sales and acquisitions encompasses all manner of properties.

Strengths The team is described by clients as "perfectly professional, efficient and available."

Work highlights Advised Deutsche Bank on the refinancing of an acquisition by Blackstone of a logistics and retail portfolio.

Advised Fundação Oriente on the sale of its headquarters in Lisbon to Pavilions Boutique Hotels.

Significant clients Group Claude Berda, Aerium Finance, Kildare Partners, La Marrón International, Imopríncipe.

Notable practitioners

Miguel Marques dos Santos has recently joined the firm and, according to sources, remains "a well known lawyer and one of the most active partners in the market." A standout name in the real estate field, impressed clients view him as "a huge asset - for us it is essential to have the confidence, the knowledge and the support of Miguel Marques dos Santos. We trust him a lot."

Practice head Pedro Ferreirinha is a renowned practitioner in the Portuguese real estate arena. He is noted by clients as an "excellent negotiator. His excellent reputation is a major contribution" when it comes to real estate transactions.

Pedro Pereira Coutinho is lauded by sources for his "fine negotiation skills." He assists the team with real estate acquisitions and developments of residential, commercial and tourism projects.

Department profile by Vieira de Almeida

Department profile not yet provided by Vieira de Almeida. Please see their firm profile.

No Content Provided

Industries

  • {{industry.name}}

No Content Provided

Clients

  • {{client.name}}

No Content Provided

No Content Provided


Morais Leitão, Galvão Teles, Soares da Silva & Associados, SP, RL. - Real Estate

-

Band 3

第三等

Commentary from the Chambers Europe guide

Basic facts about the department
- Head of department: Filipa Arantes Pedroso
- 2 partners
- 4 other qualified lawyers

What the team is known for Experienced team specialised in transactional real estate matters, supported by corporate law strength. Advises on real estate M&A, joint ventures and portfolio transactions. Offers expertise in urban planning, with highlighted skill in rehabilitation for investment in residential and commercial property. Also advises on the acquisition of land plots for hotels, office space and industrial developments.

Strengths Sources appreciate the practice's skill in this area, calling it "a great team and very efficient."

Work highlights Represented Redevco and its Portuguese affiliate in the refinancing of a EUR9.4 million term loan for the purposes of financing a retail park in Portimão.

Advised Oaktree Capital Management on acquiring land in Monte Estoril, Portugal to develop for residential purposes.

Notable practitioners

Department head Filipa Arantes Pedroso regularly assists clients with major real estate transactions, such as asset and share deals, sale and leasebacks and tourism projects. She is lauded by sources for her "global comprehension and deep understanding of the national and international real estate sector."

Rita Ferreira Vicente has expertise in the development of office parks, shopping centres and negotiating real estate contracts. Clients describe her as "on the ball and available." Recently, she advised ING on the financing of a EUR79 million term loan granted to refinance the development of Alegro Setúbal Shopping Centre.

Department profile by Morais Leitão, Galvão Teles, Soares da Silva & Associados, SP, RL.

Department profile not yet provided by Morais Leitão, Galvão Teles, Soares da Silva & Associados, SP, RL.. Please see their firm profile.

No Content Provided

Industries

  • {{industry.name}}

No Content Provided

Clients

  • {{client.name}}

No Content Provided

No Content Provided


Pedro Pinto, Bessa Monteiro, Reis, Branco, Alexandre Jardim & Associados - Sociedade de Advogados, R - Real Estate

-

Band 3

第三等

Commentary from the Chambers Europe guide

Basic facts about the department
- Head of department: Pedro Pinto
- 3 partners
- 2 other qualified lawyers

What the team is known for Well regarded department offering a varied practice, covering a range of real estate matters for major financial institutions, developers and investors. Assists with investment projects involving the purchase and sale of real estate assets; also adept at urban planning, licensing and construction. Additionally, it handles environmental aspects of real estate transactions.

Strengths Sources praise the team's responsiveness: "They are very reactive and proactive."

Further clients say: "They are very strong in their approach to client’s needs and are very consistent in their knowledge of the law."

Value for money Sources acknowledge that "the value for money is really good."

Work highlights Advised Stone Capital on joint ventures with several investors in the development of numerous real estate projects.

Assisted Hewlett Packard with the restructuring of leased assets in Portugal.

Significant clients Bouygues Immobilier, Hypothekenbank Frankfurt, Cushman & Wakefield, Abanca, ECS Capital.

Notable practitioners

Pedro Pinto is head of the real estate department and typically assists investors, developers and financial institutions. He is praised for his approach to client care and is lauded for "really understanding their concerns" and for being "really efficient."

Department profile by Pedro Pinto, Bessa Monteiro, Reis, Branco, Alexandre Jardim & Associados - Sociedade de Advogados, R

Department profile not yet provided by Pedro Pinto, Bessa Monteiro, Reis, Branco, Alexandre Jardim & Associados - Sociedade de Advogados, R. Please see their firm profile.

No Content Provided

Industries

  • {{industry.name}}

No Content Provided

Clients

  • {{client.name}}

No Content Provided

No Content Provided


DLA Piper ABBC - Real Estate

-

Band 4

第四等

Commentary from the Chambers Europe guide

Basic facts about the department
- Head of department: Luís Filipe Carvalho
- 2 partners
- 6 other qualified lawyers

What the team is known for Focused real estate team, aided by an extended international network as a member of DLA Piper RealWorld. Able to provide a broad range of advice, from purchase and sale transactions to leasing agreements and financial structuring. Standalone real estate department advises a varied clientele, from fund managers to real estate consultancies.

Strengths Clients highlight the practice's varied knowledge: "They are a multidisciplinary group of lawyers who, between them, work as a team. They always have strong skills in each subject."

Work highlights Assisted EDP with its new headquarters in Lisbon and also its new arts centre, a matter valued at over EUR150 million.

Advised Volkswagen Autoeuropa, specifically the members of the board and directors of its Portuguese operation, on the negotiation, drafting and revision of lease agreements.

Significant clients Prime Yield, Barclays Bank, Mobiser, Pfizer, Fosun.

Notable practitioners

Head of department Luís Filipe Carvalho is a "well-known lawyer" in the Portuguese market. He represents both domestic and international clients in a wide range of real estate matters. He is also particularly active as the co-ordinator of the firm's Angola link, where he advises real estate companies on development projects.

Department profile by DLA Piper ABBC

DLA Piper ABBC Real Estate team has a longstanding and vast experience in the areas of real estate and urban development and covers all services related to real estate, advising all kinds of players, from real estate consultancy firms to real estate fund managers.

No Content Provided

Industries

  • {{industry.name}}

No Content Provided

Clients

  • {{client.name}}

No Content Provided

No Content Provided


CMS - Real Estate

-

Band 4

第四等

Commentary from the Chambers Europe guide

Basic facts about the department
- Head of department: Luís Abreu Coutinho
- 1 partner
- 3 other qualified lawyers

What the team is known for Provides notable expertise on transactional and regulatory issues, with particular strength in the development of commercial projects. Particularly active on the acquisition and operation of resorts for the tourism sector. Advises major investors in the market, often from the retail, energy and financial sectors. Also active in the amendment of older lease agreements into the new legal framework of the market's urban lease regime.

Work highlights Represented M&G Real Estate in its EUR164 million acquisition of 12 hypermarket and supermarket assets in locations across Portugal from Sonae.

Advised Chamartin Imobiliária on the restructuring of its retail and shopping centre businesses operating in Portugal.

Significant clients Explorer Investments, REN Gasodutos, Opway, Inter Ikea, Swedwood Group.

Notable practitioners

Practice head Luís Abreu Coutinho is a key contact for the team.

Department profile by CMS

CMS Portugal Real Estate Practice has the experience and the legal know how to advise on mainstream real estate work, complex investment structures, including real estate funds, property finance, environmental, construction and planning law.

We provide advice to investors on real estate transactions with domestic and international dimension involving construction and sale of real estate assets and related financing.

Our recent experience includes:

  • advising on the construction of retail parks and shopping centers
  • advising on housing projects
  • advising on touristic developments
  • advising real estate management players on the draft and negotiation of operation agreements 
  • advising on the construction of industrial complexes, including the acquisition of real estate properties, execution of protocols with municipalities, licensing and other legal issues

No Content Provided

Industries

  • {{industry.name}}

No Content Provided

Clients

  • {{client.name}}

No Content Provided

No Content Provided


Sofia Galvão Advogados - Real Estate

-

Band 4

第四等

Commentary from the Chambers Europe guide

Basic facts about the department
- Heads of department: Sofia Galvão and Hugo Nunes
- 2 partners

What the team is known for Specialist boutique regularly assisting clients with complex real estate transactions. Provides an integrated and comprehensive service substantiated by recognised planning expertise. Recently active across investment and development. Also demonstrates activity in urban renewal.

Strengths Client are impressed, saying: "They are very professional, deliver a good service and a high level of quality."

Value for money One client attests: "Fees charged are fully in line with current market practice, with a better service quality."

Work highlights Assisted SLB with its EUR20 million development of an exclusive resort in Herdade do Barrocal, Alentejo.

Advised French-based real estate investment and development firm Groupe Jean Turon on the acquisition and development of a plot in Lisbon.

Significant clients Finsolutia, ECS Capital, Orion Capital Managers, Auchan Portugal Hipermercados, Megawell Capital.

Notable practitioners

Sofia Galvão has extensive experience in a wide range of issues within the real estate market, including territory, planning, tourism and environmental issues. Clients praise her abilities as a practitioner, noting she is "very effective with a great emotional intelligence, which I think is also very important for this kind of job."

Hugo Nunes is described by sources as "a hard worker with a deep knowledge of not only the legal matters but the practical ones." His considerable real estate practice covers many industry sectors, such as finance, construction and transportation.

Department profile by Sofia Galvão Advogados

Department profile not yet provided by Sofia Galvão Advogados. Please see their firm profile.

No Content Provided

Industries

  • {{industry.name}}

No Content Provided

Clients

  • {{client.name}}

No Content Provided

No Content Provided


SRS Advogados - Real Estate

-

Band 4

第四等

Commentary from the Chambers Europe guide

Basic facts about the department
- Heads of department: William Smithson and José Carlos Soares Machado
- 4 partners
- 11 other qualified lawyers

What the team is known for Well regarded team acting primarily on behalf of asset managers and investors, with a strong domestic and international real estate practice. Particularly active in the residential sector, and on real estate acquisitions. Also provides expertise in construction and planning. Notable activity in urban regeneration projects.

Strengths Sources remark on the firm's standing in this market: "The team has a deep knowledge of all legal requirements regarding real estate transactions in Portugal."

Work highlights Advised Corpus Sireo on its acquisition of two significant office buildings in Lisbon, a matter valued at approximately EUR100 million.

Advised Ed Züblin on numerous construction agreements related to the construction of a religious temple in Lisbon.

Significant clients M7, Sky UK, CP Carga, Galp Energia, Brookfield.

Notable practitioners

Department heads William Smithson and José Carlos Soares Machado are key contacts for clients.

Department profile by SRS Advogados

SRS Advogados’ real estate team has an extensive understanding of the real estate sector and extensive technical expertise, advising on all types of operations, irrespective of size, complexity or geographical location.

Our team has decades of experience in providing legal support to a wide range of entities operating in the different segments of the real estate sector.

The team is organised so as to give a rapid and integrated response to clients’ requests, providing a multidisciplinary approach and giving personalised solutions in line with the characteristics of each case.

We regularly advise clients in relation to investment or disinvestment in real estate, construction, redevelopment, distribution, tourism and related services.

We assist our clients throughout the life-cycle of their real estate projects, providing the right advice at all stages of a transaction in a timely manner.

No Content Provided

Industries

  • {{industry.name}}

No Content Provided

Clients

  • {{client.name}}

No Content Provided

Through the creation of SRS Global (Angola, Brazil, Macau, Malta, Mozambique, Portugal and Singapore), as well the creation of a strong network of international relationships with third parties, we aim to extend our experience, expertise and services globally so as to ensure that we can respond efficiently to complex issues with global implications.


Overview

Portugal: The comeback

Following the record shattering year of 2015, the past year also ranks among one of the best in the Portuguese real estate market over the past decade, and the number of transactions and their total value were broadly the same in 2016 as those registered in 2015.

The Portuguese real estate market has been extremely busy and attractive for both domestic and international investors, and this situation will continue in 2017. Players in this market unanimously believe there is still a large margin to increase all the figures that measure market dynamics and growth.

The main market drivers have slightly shifted from those of previous years. Indeed, the market is increasingly more mature and is nurturing ever more complex investment schemes. This contrasts with a previously fast-paced market mostly driven by Golden Visa Programme investors and other tax schemes designed to attract foreign real estate investors from non-traditional jurisdictions. This pace was also driven by the boom and impressive two-digit increase in tourists flowing into Portugal, which has meant high demand for new hotels and short-term rentals from those investments aimed at putting money into property, with real estate seen as a safer haven than traditional bank deposits.

Even though plenty of interesting deals have been made in the past few years, the market still offers many interesting business opportunities, which will keep pushing the market forward in 2017. There are plenty of domestic and foreign investors who have plenty of cash on hand and are eager to invest, even though a steady increase in financing of real estate purchases has been registered over the past year – a trend that is also likely to continue this year.

The Portuguese real estate market is now less frantically focused on satisfying the Golden Visa Programme investors' appetites, and is increasingly focused on larger building refurbishment and rehabilitation projects. These include projects in the tourism sector, as well as high quality real estate for residential and high street shopping purposes. Although there is still demand for Golden Visa Programme investments, it no longer drives the market as heavily as it did in previous years, and tourism and the non-habitual residents tax scheme keep gaining ground on the former.

As mentioned, the tourism sector continues to experience material year-on-year growth, with the number of tourists visiting Portugal breaking all records and with a very significant and positive impact on the country’s economy, and particularly the real estate market. Indeed, a vast amount of accommodation infrastructures of all shapes and sizes continue to open up throughout the country’s main cities to accommodate the ever-increasing number of tourists that choose to visit Portugal. Well-established international hotel chains maintain their interest in exploring new opportunities to open hotels, principally in Lisbon, Porto and the Algarve.

As a consequence of the increase in the number of tourists, ancillary tourism services, such as restaurants and retail, continue to open up in Portugal's main cities, with several award-winning fine dining restaurants opening in Lisbon, Porto and the Algarve. Moreover, there is a high demand for properties to be operated under the local accommodation rules, with significant demand for well-located small apartments in Lisbon and Porto’s most iconic central neighbourhoods.

Following a decrease in the number of shopping centre openings, the main focus has turned away from construction of new shopping centres, with a few exceptions, such as Mar Shopping Algarve, which will open this year. The focus is now principally on the expansion of the existing shopping centres and on redesigns, for example, the overhaul of several food courts.

Following a long period of negligence in maintaining the infrastructure of cities and public spaces, the Municipal Councils of Portugal’s two main cities, Lisbon and Porto, have been investing significant amounts in a substantial overhaul.

Lisbon is undergoing a dramatic facelift. The city riverfront has been extensively renovated with plenty of works still underway. These include the new cruise ship terminal, which should be completed and opened to the public during the course of this year. Many main arteries of the city, including some of the most iconic squares, have also been completely redesigned. The Government has further announced that the airbase at Montijo, on the south bank of Lisbon’s river, should be adapted to be used as the city’s second airport. This is intended to resolve Lisbon airport’s lack of capacity to deal with the ever-growing number of visitors.

Real estate prices keep on rising and it is believed they have not yet peaked. Considering all of these variables, comprehensive legal support remains highly recommendable for any investor who intends to conduct business safely, in order to mitigate potential legal issues, and to create a well-tailored investment vehicle for the deal in question. All this activity has translated into a steady flow of work in law firms' real estate practices, which, considering the effervescent market, have been constantly challenged to provide solid legal advice in very tight timeframes, in order to safely secure their clients' deals.

Politically, the minority government, which enjoys parliamentary support from the three parties on the left, has governed the country steadily. However, this year will prove a test for the reversal of some austerity measures imposed by the previous Government, which have, at least indirectly, contributed to the steady increase in public debt.

No major legislation has been changed and no changes are expected, except for the local accommodation rules, which are likely to be amended during this year. The tax schemes and exemptions applicable to building refurbishment and resale are expected to remain unaltered. These schemes and exemptions represent some significant tax savings for those who purchase real estate assets for rehabilitation purposes, which will foster further investment.

The combination of the public and private investments described above, and the country’s macroeconomic conditions, have created a healthy environment for sustained growth of the real estate sector during the current year. For this reason, most market players have optimistic investment volume forecasts for 2017, with the expectation that it will match (if not surpass) 2016’s transaction volume.

READ MORE

READ LESS

Senior Statesmen

Pedro Sáragga Leal

PLMJ Network

From the Chambers Europe guide

Pedro Sáragga Leal is recognised by fellow practitioners as an extensively experienced lawyer in the Portuguese market. His expertise encapsulates many areas within the real estate sector. Recently he advised Liberterrace on its acquisition of a plot of land for the purposes of constructing a luxury residential development.

^ Return to Top

Star Individuals

Uría Menéndez - Proença de Carvalho

From the Chambers Europe guide

Joint practice head Duarte Garin receives plaudits from clients for his "hands-on mentality" and is described by peers as a "pioneer" in the real estate area. He maintains a far-reaching practice in real estate matters, with a focus on particularly high value and complex property transactions.

^ Return to Top

Band 1

Jorge Salvador Gonçalves

Garrigues

From the Chambers Europe guide

Head of department Jorge Salvador Gonçalves is described by peers as a "very experienced lawyer." He advises clients on a wide range of matters in the real estate sector with a particular emphasis on asset management, investments and property financing.

^ Return to Top

Band 1

Miguel Marques dos Santos

Vieira de Almeida

From the Chambers Europe guide

Miguel Marques dos Santos has recently joined the firm and, according to sources, remains "a well known lawyer and one of the most active partners in the market." A standout name in the real estate field, impressed clients view him as "a huge asset - for us it is essential to have the confidence, the knowledge and the support of Miguel Marques dos Santos. We trust him a lot."

^ Return to Top

Band 2

Rita Alarcão Júdice

PLMJ Network

From the Chambers Europe guide

Rita Alarcão Júdice is held in high regard by sources for her level of activity in the real estate space. Her practice focuses on acquisitions, developments and the lease and sale of property. She also assists clients with the restructuring and implementation in Portugal of Islamic investments in compliance with Shari'a law.

^ Return to Top

Band 2

Pedro Ferreirinha

Vieira de Almeida

From the Chambers Europe guide

Practice head Pedro Ferreirinha is a renowned practitioner in the Portuguese real estate arena. He is noted by clients as an "excellent negotiator. His excellent reputation is a major contribution" when it comes to real estate transactions.

^ Return to Top

Band 2

Pedro Pinto, Bessa Monteiro, Reis, Branco, Alexandre Jardim & Associados - Sociedade de Advogados, R

From the Chambers Europe guide

Pedro Pinto is head of the real estate department and typically assists investors, developers and financial institutions. He is praised for his approach to client care and is lauded for "really understanding their concerns" and for being "really efficient."

^ Return to Top

Band 2

Nuno Sá Carvalho

Cuatrecasas

From the Chambers Europe guide

Head of department Nuno Sá Carvalho is noted for his "knowledge, reliability and empathy." Clients also single out his "insight, know-how and availability." He specialises in many areas under the real estate umbrella and is regarded as a specialist in the town planning, construction and tourism sectors. Recently, he assisted H&M with the negotiations of store rental agreements and in other matters such as licensing, construction and contracts.

^ Return to Top

Band 2

João Torroaes Valente

Uría Menéndez - Proença de Carvalho

From the Chambers Europe guide

Counsel João Torroaes Valente is co-head of the department and is regarded as an expert in real estate, tourism and investment fund work. He is praised by clients for his "meticulous, organised, proactive and very smart approach."

^ Return to Top

Band 3

Filipa Arantes Pedroso

Morais Leitão, Galvão Teles, Soares da Silva & Associados, SP, RL.

From the Chambers Europe guide

Department head Filipa Arantes Pedroso regularly assists clients with major real estate transactions, such as asset and share deals, sale and leasebacks and tourism projects. She is lauded by sources for her "global comprehension and deep understanding of the national and international real estate sector."

^ Return to Top

Band 3

Luís Filipe Carvalho

DLA Piper ABBC

From the Chambers Europe guide

Head of department Luís Filipe Carvalho is a "well-known lawyer" in the Portuguese market. He represents both domestic and international clients in a wide range of real estate matters. He is also particularly active as the co-ordinator of the firm's Angola link, where he advises real estate companies on development projects.

^ Return to Top

Band 3

Sofia Galvão Advogados

From the Chambers Europe guide

Sofia Galvão has extensive experience in a wide range of issues within the real estate market, including territory, planning, tourism and environmental issues. Clients praise her abilities as a practitioner, noting she is "very effective with a great emotional intelligence, which I think is also very important for this kind of job."

^ Return to Top

Band 3

Tiago Mendonça de Castro

PLMJ Network

From the Chambers Europe guide

Practice head Tiago Mendonça de Castro is regarded as "one of the best in retail" by interviewees. He recently led the team in assisting IKEA Centres with the construction and opening in the Algarve of a sizeable commercial complex, a matter valued at EUR220 million.

^ Return to Top

Band 4

António Raposo Subtil

Raposo Subtil e Associados-Sociedade de Advogados

From the Chambers Europe guide

Founding partner António Raposo Subtil of Raposo Subtil e Associados, Sociedade de Advogados is regarded by peers as highly active and, in particular, "very good at funds" work within the real estate space.

^ Return to Top

Up and Coming

Rita Ferreira Vicente

Morais Leitão, Galvão Teles, Soares da Silva & Associados, SP, RL.

From the Chambers Europe guide

Rita Ferreira Vicente has expertise in the development of office parks, shopping centres and negotiating real estate contracts. Clients describe her as "on the ball and available." Recently, she advised ING on the financing of a EUR79 million term loan granted to refinance the development of Alegro Setúbal Shopping Centre.

^ Return to Top

Up and Coming

Sofia Galvão Advogados

From the Chambers Europe guide

Hugo Nunes is described by sources as "a hard worker with a deep knowledge of not only the legal matters but the practical ones." His considerable real estate practice covers many industry sectors, such as finance, construction and transportation.

^ Return to Top

Associates to watch

Pedro Pereira Coutinho

Vieira de Almeida

From the Chambers Europe guide

Pedro Pereira Coutinho is lauded by sources for his "fine negotiation skills." He assists the team with real estate acquisitions and developments of residential, commercial and tourism projects.

^ Return to Top