Cascais has it all. Spellbinding beaches, fine dining restaurants, charming properties, a beautiful marina, and an incredible selection of luxury properties. For lifestyle buyers or savvy investors, look no further than this quaint seaside town, just a short 30-minute drive from the bright lights of Lisbon, Portugal’s bustling capital.Â
In this article on Cascais luxury real estate, we’ll delve into the key areas to find the very best properties in Cascais, provide a brief overview of the types of properties you can find, and run over the buying process. We’ll also arm you with some top tips to bear in mind should you be looking to invest in a life of luxury in Cascais.
Why buy luxury property in Cascais?
Cascais has long been the ultimate destination for those seeking out a calm, relaxed seaside town close to the hustle and bustle of Lisbon, where they can enjoy the best of both worlds, the city and the sea.
Some of the key selling points to choosing Cascais are:
- Prestigious location: Cascais is renowned for its upscale neighborhoods, offering a prestigious and desirable address. Once the haunt of the Portuguese royalty, Cascais retains its sophisticated charm and refined elegance and is one of the top locations in Europe for lifestyle buyers.Â
- Stunning scenery: The area boasts breathtaking coastal views and beautiful natural landscapes, including close proximity to the Sintra-Cascais Natural Park, Cabo da Roca, the westernmost point of Continental Europe, and an array of stunning beaches.Â
- High quality of life: Excellent infrastructure, top-tier schools, and abundant leisure activities contribute to an exceptional lifestyle in Cascais.Â
- Investment potential: Luxury properties in Cascais have strong appreciation potential and high demand in the rental market.
- Exclusive amenities: Many luxury properties feature exclusive amenities such as having a private pool, high-end finishes, and advanced security systems. The Cascais Marina is also one of the finest in Europe, where you’ll find an incredible number of yachts bobbing in the water.
An Overview of the Luxury Real Estate Market in Cascais
Cascais has been a privileged location for more than a century, gaining prominence in the 1870s due to its connection with Kind LuÃs of Portugal and being frequented by the Portuguese royal family. Each year, the Portuguese royals would head to this charming seaside spot, attracting nobility and creating a vibrant, affluent community.
Moving to the present, the architecture of Cascais is the perfect balance of traditional styles and contemporary design, with many of the properties coming with very good sun exposure, a swimming pool, and effortless elegance. For the luxury buyer looking to secure a world-class property in Portugal, Cascais is one of the top locations to consider.
Cascais remains a top tourist destination and has increasingly drawn foreign expats seeking their dream home, including celebrities. Ian Fleming famously enjoyed martinis in nearby Estoril and drew inspiration for his James Bond novels at Hotel Palacio. More recently, Portuguese footballer Cristiano Ronaldo purchased a luxury home in Quinta da Marinha, Cascais.
Luxury Real Estate Cascais: A Unique Investment Opportunity
Portugal luxury real estate has been highly sought after by investors and lifestyle buyers in recent years, with Cascais being one of the most prized locations. The average asking price for property in Cascais is €5,835 per square meter. However, luxury properties will be priced higher than this and will cost more if they come with additional amenities such as a swimming pool, a private office, additional security, or a gym. While luxury properties in Cascais may seem pricey, compared with equivalent properties in other Western European countries, you will find that they are quite reasonable.
As an investment, Cascais presents attractive options. In the third quarter of 2023, rental yields on properties in Cascais were 5.7 percent in São Domingos de Rana, 5.9 percent in Carcavelos and Parede, and 4.8 percent in Cascais and Estoril, with an overall yield for Cascais at 5.6 percent, highlighting that this charming seaside town is more than just the perfect postcard picture, but owning property here can also ensure a steady stream of income.
Cascais Luxury Real Estate Market: Key Areas
Cascais is a prime location for discerning property buyers looking for the ultimate spot to call home or snap up their dream luxury investment property. In this section, we delve into some of the top areas to consider.
Cascais and Estoril
Cascais is unlike anywhere else in Portugal, providing the perfect mix of quaint seaside town and luxury destination. From grand estates to sleek modern apartments and a vibrant yacht marina, Cascais provides a range of property options.
Quinta da Marinha, located just outside the town center, features exquisite properties with spacious layouts and stunning ocean views. For families, areas like Birre and Bicesse near Estoril offer spacious homes with a garden or terrace, ideal for a comfortable lifestyle.
Cascais boasts beautiful beaches, including the centrally located Praia da Rainha and the surfer-favorite Praia do Guincho. The Sintra Cascais Natural Park nearby enhances the area’s appeal with its serene landscapes, secluded beaches, and majestic palaces.
Monte Estoril offers luxurious waterfront properties set along its picturesque promenade, perfect for enjoying blood-red sunsets and an ice-cold beer over the Tagus River. A short distance from the river, you’ll find expansive mansions and detached houses, many of which come with large gardens, a private pool, open kitchen, and a storage room.
Both Cascais and Estoril are ideal for families, offering access to top-tier international schools such as Park International School, St António International School, St Julian’s School, St Dominic’s International School, and St John’s International School.
Carcavelos and ParedeÂ
Carcavelos is a popular destination for Lisbon residents seeking a beach escape close to the city. During the summer, this seaside spot attracts numerous day-trippers with its relaxed vibe. Carcavelos is a prime location between Lisbon and Cascais, offering the perfect blend of beach and city life. Beyond the bustling shoreline, Carcavelos boasts quieter areas with stunning houses, many featuring expansive gardens ideal for stylish living.
Just west of Carcavelos, Parede offers the serene Avencas and Parede beaches, complemented by top-notch restaurants and terrace bars spread along the waterfront promenade. Investing in property in Carcavelos or Parede is a smart move, as these areas are highly sought after by tourists and those looking for quality longer-term rentals.
Alcabideche
Nestled to the north of Cascais and Estoril, Alcabideche borders the prestigious Sintra Cascais Natural Park, offering breathtaking vistas of the vibrant Pena Palace and the majestic Castle of the Moors. This destination is a haven for discerning nature enthusiasts, presenting unparalleled opportunities for hiking and cycling amidst the region’s exquisite natural splendor.
Its proximity to the tranquil and exclusive beaches of Praia da Ursa and Praia da Adraga further elevates its allure. These pristine shores provide an idyllic retreat, allowing you to enjoy some of the finest beaches free from the bustling crowds typical of beaches closer to Lisbon.
For golf enthusiasts, Alcabideche boasts world-class courses within convenient reach, with the renowned Penha Longa Resort standing out as a premier choice for an exceptional golfing experience.
São Domingos de Rana
São Domingos de Rana presents the most affordable luxury homes for sale in Cascais, situated behind the prestigious neighborhoods of Carcavelos and Parede. Nestled close to the sea and distanced from the bustling tourist areas, this luxury enclave retains its quiet ambiance even during peak tourist seasons.
A significant advantage of São Domingos de Rana is its proximity to Lisbon, just a 20-minute drive away. The exclusive area boasts spacious, elegant properties, making it an ideal choice for families, with numerous reputable schools nearby.
Types of Luxury Properties in Cascais
Cascais is one of the most desirable locations to buy property in Portugal. Cascais offers a diverse array of residential properties ideal for discerning investors, families looking for the perfect place to settle down, and retirees looking to enjoy their golden years in style. Property types will vary depending on the neighborhood you visit, from exclusive neighborhoods like Quinta da Marinha to prime locations near the region’s stunning beaches.
You’ll find a wide array of property types on the market, from detached houses to opulent villas, presenting investors with an array of opportunities.
You will also find a gated community or villa that could make the perfect holiday home, or if your dream is to build your ultimate property from scratch, you’ll also be able to find a plot of land for sale, which is a more affordable – but time-consuming – option as the building process can be slow. If you are looking to move into the property or have it up and running in the coming months, buying a property is the best bet.
Many properties in Cascais are also incorporating the latest innovation and energy-saving technologies, in line with the increasing interest and drive from buyers and developers to ensure the best sustainable practices.
Below, we highlight some of the most common types of luxury real estate in Cascais.
Exquisite apartments
Investing in apartments within the Cascais municipality presents a compelling opportunity driven by the town’s surging popularity among both locals and tourists. These elegant apartments promise a steady stream of passive income and significant potential for capital appreciation. Many of the apartments have strikingly modern interiors and are just a short walk away from the region’s best beaches.
Spacious homes
Perfect for families, you’ll find an array of houses and villas located in and around Cascais, many of which have large gardens, private swimming pools, an open kitchen, storage room, and security. Many will also have a patio where you can set up a great barbecue and have close proximity to some of the best beaches in the region.
Waterfront estates
The breathtaking coastline of Cascais, with its panoramic ocean views, is a highlight of the Portuguese Riviera. These prestigious properties, with their unparalleled vistas, are highly sought after, making them a lucrative investment choice.
Luxurious residences
For those pursuing high-end investment opportunities, Cascais boasts a portfolio of luxurious homes equipped with private swimming pools, state-of-the-art security, and exclusive gyms. These sophisticated estates cater to an elite clientele and offer substantial returns bolstered by Cascais’s reputation as a premier luxury destination.
Buying Process for Luxury Properties in Cascais
There are no restrictions placed on foreign buyers purchasing property in Portugal, and the buying process is not too difficult, particularly if you work alongside real estate professionals and have an experienced real estate lawyer by your side.
The buying process is as follows:
- Define your requirements and outline your budget
- Find your dream home or investment property
- Negotiate and agree on the price with the seller and conduct thorough due diligence on the property
- Sign the Promissory Contract (CPCV)Â Â
- Signing the Escritura or Final DeedÂ
If you are unfamiliar with the buying process in Portugal, we highly recommend that you seek the assistance of real estate agent or a buyer’s agent, such as Goldcrest Real Estate, who will be able to assist you with the buy.
Financial and Legal Considerations
We’ve mentioned that you will face no restrictions when buying property in Portugal. However, you will need to ensure you have a Portuguese Tax Identification Number, known as the NIF number. This is required for you to make any significant financial transactions in Portugal, and you will also need to have this number if you want to open a Portuguese bank account.
Taxes and Additional Costs
Investing in the Portuguese property market, you will need to ensure that you are up to speed with the taxes that you will be required to pay. Taxes can fall at the time of purchase but also on an annual basis and you will need to ensure you are clued-up on your tax obligations.
At the time of purchase, you will need to be aware of Property Purchase Tax (IMT) and Stamp Duty, while on an annual basis, you must consider Municipal Property Tax (IMI) and Portuguese Wealth Tax, if your property is valued over €600,000.
Additional costs to consider include
- Legal fees: Hiring a lawyer will cost approximately €2,000-€5,000, depending on the property’s type, price, and the complexities involved in the purchase, in addition to the level of expertise of the lawyer.
- Land Registry fee: The public fee for the Land Registry is €250.
- Notary fees: Notary fees will be around €1,200.
There are more than 15 banks that offer financing options to foreign buyers. If you are considering mortgage options, this will usually entail a €290 application fee and a €280 bank valuation fee.
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Frequently Asked Questions about Cascais Luxury Real Estate
What are the prime locations for luxury real estate in Cascais?
Prime locations in Cascais for luxury real estate include Quinta da Marinha, Monte Estoril, and the historic town center, offering stunning views, prestigious addresses, and proximity to amenities like golf courses, beaches, and upscale dining.
How does the buying process work for luxury properties in Cascais?
The buying process involves property selection, offer negotiation, due diligence, securing financing, and finalizing the purchase in front of a notary. Working with a local real estate agent and legal advisor ensures a smooth transaction.
What are the average prices for luxury homes in Cascais?
The average asking price for property in Cascais is €5,835 per square meter. However, luxury properties will be priced higher than this and will cost more if they come with additional amenities such as a swimming pool, a private office, additional security, or a gym. Location is also important, as properties close to Cascais and in Monte Estoril, for example, with come with a higher price tag.Â
What types of luxury properties are available in Cascais?
Cascais offers a variety of luxury properties, including modern villas, historic mansions, beachfront apartments, and gated community homes. These properties often feature high-end finishes, spacious layouts, and private pools. If you are looking for a large family house, you’ll find several options in Cascais, many with views of the Atlantic Ocean.
Are there any waterfront luxury properties available in Cascais?
Yes, Cascais boasts several waterfront luxury properties for sale, especially in the exclusive area of Monte Estoril and the coastal road towards Guincho Beach. These properties offer stunning ocean views and direct beach access.
What amenities are typically included in luxury homes in Cascais?
Luxury homes in Cascais often include amenities such as private pools, landscaped gardens, high-end kitchens, home automation systems, gyms, and entertainment areas. Many also offer security features and proximity to prestigious golf courses.
How does the property tax system work for luxury real estate in Cascais?
In Portugal, there are taxes that you will need to pay on property at the time of purchase and on an annual basis. At the time of purchase, you will need to pay Property Purchase Tax (IMT) and Stamp Duty. On an annual basis, you have to consider Municipal Property Tax (IMI) and Portuguese Wealth Tax, applicable if on properties valued over €600,000.
What are the legal requirements for foreign buyers of luxury real estate in Cascais?
There are no restrictions of foreign buyers purchasing property in Portugal. Foreign buyers will need a Portuguese fiscal number (NIF) and it’s advisable to hire a local lawyer to handle due diligence, contract preparation, and ensure compliance with all legal requirements.
Can luxury real estate in Cascais be a good investment?
Luxury real estate in Cascais is a strong investment due to its desirable location, stable property market, and high demand from international buyers. Properties here often appreciate in value and provide excellent rental income potential. Location is important to consider, with properties closer in Cascais and Monte Estoril particularly sought after.
How has the luxury real estate market in Cascais changed in recent years?
The luxury real estate market in Cascais has grown significantly, driven by increased demand from international buyers, investment in local infrastructure, and the appeal of its coastal lifestyle. Prices have risen in recent years, reflecting its status as a prime and highly-sought after location.
