Penthouse with a full floor in Lisbon with24 balconies

Offering a view of Avenida da Liberdade, one of the most iconic European avenues, this 3,595-square-foot penthouse on the market boasts 24 balconies with panoramic views of Lisbon's historic center. "It's the Champs-Élysées of Lisbon with its wide streets and roundabouts," said Andrei Freyr, team leader at the agency in Lisbon and sales agent. "You are surrounded by luxury shops and the best restaurants in the city." The price is €4.795 million ($5.27 million) and reflects the insatiable thirst of foreign buyers for real estate in Lisbon, he said.

While the average price per square meter of real estate in Lisbon is around 5,301 euros, according to the Portuguese real estate website Idealista, "such properties can now cost more than 11,000 or 12,000 euros per square meter," said Freyr. "Top prices in Lisbon are not much different from top prices in Paris." According to Knight Frank, prices for premium real estate in Lisbon increased by 4.6% in the first quarter compared to the previous year.

About 21% of real estate sales in Lisbon were made to foreign buyers in 2022, according to Idealista, which is 0.9% higher than in 2019. However, there was a pandemic between these years that effectively halted sales to foreigners. According to the Bank of Portugal, Chinese buyers lead among non-residents, followed by the French. The average transaction value for non-residents was 143% higher than for local buyers.

The sellers of this four-bedroom apartment with five bathrooms, spouses José Neto and Paulo Leal, combined two units to create a unique penthouse in a five-story building that features amenities including a spa, gym, and 24-hour security. The penthouse occupies the entire top floor. "The apartment is sunny all day, with a beautiful view," said Neto, a Brazilian numismatist and former CEO of a textile company, who also owns homes in São Paulo and San Francisco. "The location is just minutes away from everything. And four parking spaces are a unique feature for a European apartment."

The African kambala wood, valued for its durability, adorns the walls of an apartment with sloped ceilings that extend over 13 feet. The apartment occupies three sections, Freyr said. The living area includes living and dining rooms, an office, and a kitchen. The private owners' area features three bedrooms, each with its own bathroom and balcony. The guest area, with its own entrance, offers a bedroom with a bathroom.

Local architects Aires Mateus designed the building; when the sellers combined the units, they also brought in a firm to develop a new floor plan and interior. The white stone building, completed in the early 20th century, was restored in 2020 in accordance with its original architectural style. "It is done in the Pombaline style, characteristic of Lisbon," said Freyr. "Many of our local architects practice integrating modern needs with local aesthetics and architecture."

Freyr said he expects the buyer to be "someone who wants to move to Portugal and is accustomed to a level of detail, luxury, and practicality." Lisbon continues to attract international buyers of luxury real estate because "Portugal is one of the safest countries in Europe and the world, with one of the highest levels of English proficiency in Europe. Most people you meet are likely to speak English."

As noted, the cancellation of the Golden Visa program in Portugal, which contributed to a boom in real estate investments in Lisbon and popular regions like Porto and the Algarve, has not affected luxury sales, said Freyr. "The Golden Visa is important, but luxury buyers are not focused on it," he said. "Only about 0.7% of the total real estate transactions are related to the Golden Visa. Luxury buyers come here because they want something new and different, and they want comfort."

Freyr said that Americans are increasingly buying real estate in Lisbon. "Portugal used to be for the British, Germans, Dutch, and Brazilians," he said. "Now Americans are among the top five buyers in Portugal. They realize it's just a six-hour flight from New York, and with a comfortable direct flight, they can have their 'summer home' in Lisbon." Last year, there were about 10,000 U.S. citizens living in Portugal, which is 2.39 times more than in 2017, according to the media. "They often compare life in Lisbon to the California lifestyle, where you're 15 minutes from the water and 25 minutes from the beach. Plus, our airport is just 25 minutes from the city center, which is very unusual for Europe."