Mar 07, 2023
By Sara Outeiro

How Ericeira and Setúbal became the next top regions to invest in Portugal

It is a well-known fact that the Portuguese real estate market has been growing steadily for almost a decade. From an undervalued proposition to the sought after premium it now is.

The positive increase in the country's reputation abroad, the way in which the Portuguese are so welcoming, the weather, the beautiful beaches, quality of life, exceptional cuisine, safety and access to excellent health care and education are factors frequently mentioned by expats looking to find a home in the relaxed lifestyle typical of Portugal. However, it's not just Lisbon, Porto and the Algarve that are on everyone’s radar. In fact, for some it is quite the opposite. With the increase in price per square meter in the city centers and a substantial lack of supply relative to the demand there are new areas on the rise.

There is a new trend, especially in the post-covid market: an intentional search for a laidback lifestyle closer to nature, beautiful beaches but with a quick and easy access to a city center. For this reason the village of Ericeira and the city of Setúbal became appealing places to live and invest in 2023. Both located only 35/40 minutes away from Lisbon’s city center, Ericeira up north and Setúbal the south of Lisbon, offer all of the above.

 

“Ericeira is every Digital Nomad surfer’s paradise!”

Located on what is known as “The Silver Coast” of Portugal, Ericeira is a well known destination for surf lovers worldwide. It has world-class surf breaks and the only “World Surf Reserve” in Europe. No wonder some people refer to it as the “Bali of Europe”, it even has its own NALU BOWLS! With 8km of coastline to surf for all skill levels, and big or small wave beaches a short distance from each other, this village is every surfing digital nomad’s dream.

The village itself is a beautiful whitewashed traditional Portuguese fishing village. Many families have unsurprisingly chosen this village to settle in with their families preferring the exceptional work life balance it offers. 

Supply in Ericeira is struggling to keep up with demand as is the case in much of Portugal, however according to @numbeo, a central Ericeira apartment is half the price per square meter when compared to Lisbon. Good value when you’re only 40km away from Lisbon! The room for growth is encouraging if looking for a residential or investment property as the town’s reputation grows off the back of strong tourism, quality of lifestyle fundamentals.

  

“Arrábida National Park – Setúbal, is probably one of Portugal’s best kept secrets”

Located on “The Blue Coast”, Setúbal city is a short 35 minute drive south from Lisbon and is home to the Arrábida National Park – a stunning landscape of green hills and steep cliffs leading to bright blue clear water beaches. This gem is very well known by the Portuguese community but less by expats or tourists. If you happen to be someone who loves trekking and a little more on the adventurous side you can explore the surrounding wild beaches, some of them only accessible by sea.

The Real Estate market in Setúbal is the 2nd fastest growing market in Portugal with strong capital growth and yields. The average price per square meter is still low compared to Lisbon and the city is growing yearly with new businesses developing (especially those related to tourism), making it a very attractive opportunity for investment. 

Setúbal is a port city with great restaurants and a short ferry boat ride to the Tróia Peninsula which connects to the hot spots of Comporta and Melides. If you are looking for a place with the feel of a small city with the art, history and culture but in the midst of nature and pristine beaches then Setúbal is a good place for you.

 

Sara Outeiro, Business Development Manager at EQTY Capital