- Cascais region is in the Portuguese Riviera. Portuguese Riviera spans through the west of Lisbon with a long and beautiful coastline near the Atlantic Ocean. The region is very popular among tourists.
- Cascais region also has several neighborhoods near Atlantic that appeal to high net worth investors with their luxurious fabric and fruitful real estate market.
Golden Visa Program Boosts the Real Estate Market in Cascais
The Cascais region of Portugal has a proliferous real estate market. There are many reasons for this, such as the amazing climate of the region, its proximity to the capital city Lisbon, its spectacular history, and countless natural beauties. However, there is another major contributor: Portugal’s Golden Visa program; https://getgoldenvisa.com/portugal-golden-visa-program
Since 2012, the program enables investors all around the world to acquire Portuguese property and obtain, in exchange, Portuguese residency. There are several other investment methods, such as venture capital funds, capital investment, or the creation of jobs. Yet, the most popular choice since the beginning of the program is the real estate investment option, which comes with a bundle of opportunities. The first one is to invest 500.000 Euro in Portuguese real estate in exchange for Portuguese residency. It is the most straightforward option. If the property is in a “low-density area” designated by the Portuguese government, applicants are given a 20 percent reduction in their minimum investment requirements, which makes the new requirement 400.000 Euro. If the property chosen by the applicant for the transaction is one of the items designated as “in need of rehabilitation and restoration,” the necessary minimum investment is set at 350.000 Euro. This option, again, is subject to a 20 percent reduction in the requirement if the real estate is located in one of the low-density areas. In that case, the minimum investment requirement becomes 280,000 Euro.
Cascais Real Estate is in Demand
Although the Portugal Golden Visa Program boosts Cascais’ real estate market significantly, the program by no means is the sole reason as to why Cascais’ real estate is in demand by countless investors. The amazing history of Cascais fills the region with spectacular monuments; breathtaking Atlantic coastline of the Riviera creates picturesque sceneries; the climate of the region creates a dream-like land for people to live in, and all of these factors contribute to the ever-growing popularity of the region.
Historical Importance of the Cascais Region
Cascais’ history does not go back millennia; its fame as an upscale region starts relatively new. The Cascais municipality is an affluent and well-established area. Luis I, the King of Portugal, has chosen Cascais as the location of his summer residence. After that, the town rapidly became a residential center for the wealthy population of Europe. Especially during World War II, the town became filled with wealthy evacuees since Portugal remained neutral throughout the war period.
General Information about the Cascais Region
The Cascais region of Portugal is divided into 4 parishes: Alcabideche, Carcavelos e Parede, Cascais e Estoril, and Sao Domingos de Rana.
One of the main reasons that make Cascais a very attractive option for real estate investment is its location. Apart from its geographical grandeur, the region is also very close to the Portuguese capital Lisbon. The trip by car between two areas takes less than 45 minutes, and there is a railway line connecting the two regions. So, people who conduct business activities in the capital also choose Cascais as their residence without any hesitation.
Another very attractive quality of Cascais is its climate. The region generally has Portugal’s characteristic climate that involves hot summers and mild winters. However, Atlantic provides Cascais with cool ocean breezes that reduce the average temperature during summer to more comfortable levels. The average temperature during summers in Cascais is 26 degrees Celsius. During winter’s coldest period, the average temperature is around 11 degrees Celsius.
As even the minimum research about Portuguese Riviera inevitably suggests, Cascais is full of world-class beaches. Some of the most popular beaches in the region are Carcavelos, Praia da Rainha, and Guincho. Moreover, Cascais offers choices for everyone’s taste. For instance, people who are interested in sports and surfing may choose Carcavelos as the beach is world-famous for its waves. Other people who want just to relax and enjoy the sun may choose Sao Pedro to lie in the gentle breeze of the Atlantic.
Culture and Lifestyle of the Cascais Region
Cascais’ cultural activities mimic its upscale society’s tastes. There are several top-notch art galleries hosted in the region. Two of the most famous galleries are the Casa das Historias Paula Rego, and the Museu Condes de Castro Guimaraes. The region is famous for its luxurious lifestyle with golf courses and top quality restaurants. The rough coastline of the region also hosts numerous restaurants and bars where one may ecstatically enjoy the views while sipping on their drinks. With a very small community that can be called “locals,” Cascais is mostly populated by high-end ex-pats who moved in via luxury real estate acquisitions.
Property Prices in the Cascais Region
The property prices within the Cascais region vary greatly according to the specific districts since the level of luxury also differs. For instance, the average property price in the Estoril district is around 5,200 Euro per square meter for an apartment while it is around 4,000 Euro per square meter for a house. Compared to the Carcavelos and Parede districts, for example, Estoril is considerably more expensive. The average property price in Parede and Carcavelos is around 2,600 Euro per square meter for an apartment and 3,200 Euro per square meter for a house. The cheapest options are found mostly in the Alcabideche district, where the average price for an apartment is around 2,500 Euro per square meter and about 2,200 Euro per square meter for a house. Even better deals can be detected in Alcabideche through extensive research.