Excelsior Consulting

01/09/2026

🇵🇹 Portugal Tightens Immigration Rules: What Changed in 2026

Portugal has moved further away from the “arrive first, legalize later” model. In 2026, relocation requires more planning, stronger financial proof, and more time for citizenship and family reunification.

Key changes:

1️⃣ Post-arrival legalization is no longer the standard route
The Manifestação de Interesse pathway was closed to new applicants in June 2024. Entering as a tourist, finding a job, and then applying for residence can no longer be treated as a normal migration strategy.

For most employment routes, applicants now need the correct visa before arrival. For the D3 highly qualified worker visa, the 30-day deadline applies to visa processing — not to issuance of the AIMA residence card.

2️⃣ Higher income thresholds for D7 and D8
Portugal’s mainland minimum wage in 2026 is €920.

• D7: at least €11,040 per year for the main applicant
• D8 Digital Nomad Visa: average income of at least €3,680/month over the previous three months

Authorities also assess income stability, source of funds, and housing documentation.

3️⃣ Golden Visa remains available — but not through real estate
Property purchases no longer qualify for a new ARI/Golden Visa.

Main routes include:
• €500,000 in qualifying investment funds
• €500,000 in scientific research
• €250,000 in cultural or heritage projects
• certain business and job-creation options

ARI investments cannot be directed, directly or indirectly, into real estate.

4️⃣ Citizenship now takes longer
From 19 May 2026, the previous general five-year rule no longer applies to new applicants.

The standard residence periods are:
• 7 years for EU citizens and nationals of Portuguese-speaking countries
• 10 years for most other foreign nationals

Transitional rules apply to cases filed before the reform took effect.

5️⃣ Family reunification is stricter
The general rule is now two years of legal residence before applying.

In some cases, spouses or partners may qualify after 15 months if they lived together before relocating. Exceptions also exist for children and some highly qualified residents, Golden Visa holders, and EU Blue Card holders.

6️⃣ Job-search visas and renewals are changing
The standard job-seeker visa is being replaced by the Visto para Procura de Trabalho Qualificado, aimed at applicants with qualifying technical skills.

AIMA’s online renewal system is expanding, but the process is not fully automatic: extra documents, biometrics, or an in-person appointment may still be required.

Key 2026 numbers:
€920 minimum wage
€11,040 annual D7 benchmark
€3,680/month D8 benchmark
7–10 years to citizenship

Portugal is still open to relocation — but success increasingly depends on advance planning, the right visa strategy, and well-prepared documentation.

31/08/2026

🇵🇹 Portugal is safer than ever. But that doesn’t mean your investment will make money.

S&P has kept Portugal’s sovereign credit rating at A+ with a Positive Outlook.

For investors, that is clearly good news.

But there is a catch.

Portugal’s public finances are improving, while the economy itself is starting to slow.

📉 The numbers tell a mixed story:

• 2026 GDP growth forecast cut from 2.2% to 1.7%
• Budget expected to move from surplus to a 0.2% deficit
• Public debt projected to fall from 85.9% of GDP to around 75% by 2029

This is exactly why Portugal is an interesting case.

The country looks increasingly stable from a sovereign-risk perspective, but that stability does not automatically translate into high investment returns.

💼 What does this mean in practice?

Real estate
Portugal may remain relatively resilient to major macroeconomic shocks, but slower growth could weaken domestic demand.

That means investors should be careful with one assumption in particular:

“Prices went up before, so they will keep going up.”

In a slower economy, location, entry price and real end-user demand matter much more.

Financing
A strong sovereign rating helps keep Portugal’s risk premium under control, supporting a more predictable lending environment for businesses, investors and international buyers.

Business
Portugal can still be an attractive place to launch new projects, especially those linked to tourism, international clients or EU investment.

But business plans based on aggressive growth in local purchasing power may need to be revised.

💡 My main takeaway:

Portugal is becoming less of a “high-growth story” and more of a capital-preservation story.

That is not necessarily bad.

For many investors, stability, declining public debt and institutional credibility may be exactly what they are looking for.

But in this environment, the question is no longer:

“Is Portugal safe?”

The better question is:

“Which assets and projects can still outperform in a slower-growth Portugal?”

That is where the real investment opportunity is.

28/08/2026

🏠 Portugal’s property sellers are asking €159,000 more than buyers are looking to spend

According to Imovirtual data for May–July 2026, the average asking price of properties listed for sale in Portugal was €399,155, while the average budget reflected in buyer searches was just €240,000.

That represents a 66% gap between supply and buyer demand.
It is important to note that these are not completed transaction prices. The data compares sellers’ asking prices with the budgets and preferences entered by buyers when searching for property.

📌 What does the data tell us?

🏡 Houses
Houses accounted for 57.3% of buyer searches, but only 39.1% of listings.
Average asking price: €447,500
Average searched budget: €230,000
The gap is almost 95%.

🏢 Apartments
Average asking price: €385,000
Average searched budget: €245,000
A difference of approximately 57%.

🛏 Property type
T3 apartments are the most common type of property listed for sale. However, among searches where buyers specified the property type, T4 houses were the most sought-after option.

📍 Geography
Lisbon, Porto and Setúbal districts together accounted for 53.3% of all searches.
Among smaller municipalities, Cadaval stands out with 21.2 searches for every property listed, indicating particularly strong demand relative to available supply.

⚠️ Where is the price gap the largest?
The biggest difference between asking prices and buyer search budgets was recorded in:
• Grândola — 240%
• Cascais — 155%
• Loulé — 121%
• Castro Marim — 112%

🧩 Key takeaway
The data points to a clear shortage of houses and apartments within the price range that buyers are actively searching for.

For investors and developers, this may be an important signal: properties aligned with real buyer budgets and demand could offer stronger liquidity and potentially be easier to resell in the future.

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25/08/2026

🏚 A house in exchange for renovation: can vacant homes in Portugal be brought back into use without changing ownership?

Habitare NaturaMente — Housing First is a pilot social project by APTEA in the municipality of Torres Vedras.

The concept is simple: an owner temporarily provides a vacant property, APTEA organises renovation through donations and volunteers, and the refurbished home is then used to accommodate families facing housing difficulties.

⚙️ How is the model expected to work?

According to the public description:
• the owner provides the property for around two years without rent
• APTEA raises funds, materials and volunteer support
• after renovation, families are accommodated temporarily
• each family may stay for up to three months
• the project aims to support eight families over two years
• at the end, the renovated property is returned to the owner

Ownership does not transfer. The expected legal structure is a comodato — a gratuitous temporary-use agreement.

🏠 What does the owner gain?

The main benefit is the renovation of a property that is currently vacant and generating no income. An occupied and maintained home may also deteriorate less over time.

But the economics need to be assessed carefully.

For a 75 m² property, our scenario estimate suggests that two years of forgone gross rent could amount to approximately €14,600–20,300.

This model may therefore make most sense when the property cannot currently be rented safely without significant renovation. For a rent-ready home, giving up two years of income may cost more than the improvements received.

📄 What should the agreement cover?

Before participating, the owner should clearly define:
• the exact scope of renovation works
• whether successive families may occupy the property
• who pays IMI, condomínio and utilities
• liability for damage and hidden defects
• insurance during renovation and occupancy
• when the use period starts and how the property is handed back

Volunteer work may be suitable for painting, cleaning and other basic tasks. Electrical, gas, structural and other regulated works should be carried out by qualified professionals.

📅 Where does the project stand?

The first known property is in Ermegeira. As of 24 August 2026, public information confirms only the renovation and preparation stage. There is still no public confirmation that the renovation has been completed, technically accepted, or that the first family has moved in.

💡 For property owners, this is an interesting model — but still an early-stage experiment, not yet a proven scalable solution.

Participation should only be considered after legal and technical due diligence, a calculation of lost rental income, and a detailed agreement defining each party’s responsibilities.



https://badaladas.pt/uma-casa-por-tres-meses-para-mudar-a-vida-inteira

24/08/2026

🏗 Portugal made it easier to reclassify rural land for housing — yet only 27 procedures have been registered in 18 months.

At the end of January 2025, amendments commonly known as the new Lei dos Solos came into force. They introduced a simplified mechanism for reclassifying land from rural to urban use, potentially opening the way for residential development.

📊 What has happened in practice?

By 31 July 2026, only 27 reclassification procedures had been registered nationwide:
• 21 completed
• 6 still ongoing
• only 9 new procedures since February

The cases cover 23 municipalities, including Loures, Coimbra, Albufeira, Olhão, Maia and Santa Maria da Feira.

The official figures do not specify how many procedures are actually related to housing. The total also includes economic and logistics projects.

🏛 How does reclassification work?

A landowner or developer may submit a proposal, but this does not mean the land automatically becomes urban.

The process typically includes:
• assessment by municipal services
• a decision by the Câmara Municipal to initiate the procedure
• public consultation
• final approval by the Assembleia Municipal

Reclassification therefore depends not only on the plot itself, but also on the municipality’s development strategy.

🗺 Why so few cases?

Many municipalities are still adapting their PDM municipal master plans to the new rules. By the end of July:
• 143 municipalities had completed the update
• 135 were still in the process
• 278 municipalities were being monitored

⚠️ What should landowners and investors check?

The new law does not automatically turn rural land into building land. Before purchasing, it is essential to verify:
• proximity to existing urban development
• compatibility with the local housing strategy
• access to roads and utilities
• REN, RAN, protected-area and flood-risk restrictions
• whether the municipality is likely to support a PDM amendment

💡 The key takeaway: reclassification can significantly increase a plot’s development potential, but pricing land today on the assumption of future approval is risky.

Until final municipal approval is obtained, the land should be valued according to its current legal status.

For due diligence on the planning potential and risks of a property in Portugal, contact Julia Egorova:
https://t.me/JuliaEgorova_Portugal

https://t.me/yuliainvestpt ИНВЕСТИЦИОНЫЙ КОНСУЛЬТАНТ

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.