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info@luznurcapital.com Above five million, Portugal is three places.
Count every home asking €5 million or more on the mainland and the map collapses to the Cascais line, the Algarve's Golden Triangle and a few streets of Lisbon, with Comporta and Melides as the fourth name being written in. This monitor reads that market address by address: how much is actually for sale above €5 million and €10 million, what the top of the ladder asks, what the few reported sales say, who is building for it, and what it costs to walk in.
Listing counts are live idealista searches on the date shown; they include plots and whole buildings and overlap where several agencies carry one house. Asking prices are not sale prices. D derived S secondary source U unconfirmed
Where the money actually sits.
One search, run on every municipality on 25 October 2026: homes asking €5 million or more, then €10 million or more. The result is not a country. It is a coast west of Lisbon, a triangle of golf resorts in the central Algarve, and a handful of Lisbon parishes. Scroll, and the map follows.
The Cascais line holds the top of the country.
Quinta da Marinha alone carries about 25 listings above €5 million, 17 of them above €10 million. Quinta Patiño, the Estoril golf quarter, Birre, Parque de Palmela and the town's own seafront streets fill in the rest. idealista's early-2026 count put Cascais at more than 50 homes above €8 million with a median ask of €13.5 million, up 20% in a year while the €4 to 8 million stock fell 10%.
The Golden Triangle is the deepest ultra market.
Quinta do Lago sets the ceiling: €26.5 million, €23.5 million and €19.5 million villas sit in the national top ten, and QP Savills reports several 2025 sales between €10 and 20 million. Vale do Lobo tops out near €8.5 million. Vilamoura's Pinhal Velho reaches €12.5 million, and the rest of the resort sits below the line. Across the Faro district idealista counted more than 140 homes above €8 million at the start of 2026, median €11.5 million.
Lisbon is prime by the square metre, thin by the ticket.
The capital has the country's highest prime prices per square metre and almost nothing to sell above €10 million: six listings, led by a €10 million duplex on Avenida da Liberdade and a €20 million nine-floor palacete in Chiado. idealista's early-2026 count found about 140 Lisbon homes above €4 million, median €5.2 million, and said the market above €8 million "practically disappears". Restelo and Belém carry a third of the city's €5 million-plus supply.
Comporta is scarcity, not yet a ladder.
The coast between Tróia and Melides has the highest prime price per square metre outside the Golden Triangle, Knight Frank puts Comporta at €16,000, and almost no finished homes to sell above €5 million. What exists is land, turnkey villas from €4.975 million at Pinheirinho and a pipeline of branded resorts arriving in 2028 and 2029. The supply cap is political: Grândola counted 11,893 tourist beds against a regional ceiling of 14,294 in early 2024 and moved to cut coastal allocations by about 40%.
At the edges, the exceptions.
Three places appear on the map without being markets. Sintra's hills hold palaces and estates, a €16.5 million quinta on 59,200 m² among them, that trade rarely and privately. Porto rose 8.5% in 2025, 11th in the world on Knight Frank's index, but Foz do Douro tops out below €5 million except for one indivisible seafront estate on Avenida de Montevideu at €6.4 million. Lagos has a single trophy listing and no depth behind it.
Six addresses, one municipality.
From the golf estates behind Estoril to the dunes above Guincho, this is where Portugal's ultra band lives. Counts are from the 136 listings above €5 million in the Cascais e Estoril parish and the 17 in Alcabideche on 25 October 2026; asking prices are the agencies' and often duplicated across them.
Quinta da Marinha
Pine, golf and the Atlantic behind a gate: the deepest ultra-prime pool in the country, where the national record is reported and the national street ranking is set.
Proof: about €40m for a 2,000 m² villa, February 2026, reported by Correio da Manhã and unconfirmed by the parties U; €11.18m at the state's judicial auction of a seized T7, July 2024, a public record.
Quinta Patiño
Fifty hectares bordering the Estoril golf club, laid out by Grupo Espírito Santo on the Patiño family estate: large plots, 24-hour patrols, two minutes to the A5.
Proof: the Patiño family's own villa on a 23,000 m² lot sold for €12m, as reported by Diário Económico. No 2025 or 2026 deed has reached the press.
Estoril, above the courses
The block north of the A5 around Avenida do Golfe and Rua do Pinhal, between the Estoril golf club and Quinta da Martinha, and the belle-époque slopes of Monte Estoril below it.
Proof: Engel & Völkers' largest sale in its Portuguese history, about €11m for an 8,549 m² Estoril property with an 1,100 m² house, May 2025, to a Portuguese buyer. Street not disclosed.
Birre to Malveira da Serra
Walled plots under the Sintra hills, the villas of Quinta do Pinhal and, at the top of the road to Guincho, the most expensive listing in the country.
Proof: no reported deed above €5m in 2024 to 2026. The €28m estate sits inside the Sintra-Cascais Natural Park, five minutes from Guincho, and is marketed by Prosas Palacianas.
Parque de Palmela
The wooded hill above the town centre, along Avenida de Sintra and Ribeira das Vinhas: few houses, large gardens, and the highest price per square metre on the line.
Reading: the address where Cascais apartments and townhouses cross €7m without a sea view, on garden and privacy alone.
The town and the seafront
Gandarinha, west of the Cidadela towards Boca do Inferno, and the Costa da Guia streets beyond it: the highest apartment prices in town, and a short list of houses above the line.
Proof: Porta da Frente Christie's largest 2025 deal was a Cascais house at €8m; its luxury tier runs €5m to €15m and names Gandarinha and Quinta da Marinha as its Cascais zones.
Quinta do Lago sets the ceiling. Monte Rei is the next name.
Three resorts in Almancil parish and the top of Vilamoura hold 151 listings above €5 million and 40 above €10 million, the deepest ultra market in Portugal by count. Seventy kilometres east, Nobu has put its name on Monte Rei for 2029.
Quinta do Lago
Two thousand acres on the Ria Formosa, three courses, The Campus, and the only Portuguese market Knight Frank names by resort rather than region.
Proof: QP Savills reports several 2025 sales between €10m and €20m and limited demand above €20m. Casa Laguna, guided at €15m, sold at auction in London for €7.13m in May 2026, per Concierge Auctions. Buyers: UK 39%, Portuguese 17%, Irish 14%, Dutch 8%, French 8%, US 6%.
Vale do Lobo
About 1,500 homes on the cliffs between Quinta do Lago and Quarteira, now in a €200 million rebuild under a Davidson Kempner fund with Kronos as operator.
Pipeline: The Residences at Vale do Lobo, 227 homes in four phases, construction from June 2025, 40% of phase one reserved at groundbreaking. Entry €1.4m, so the new stock sits below the line.
Dunas Douradas and Vale do Garrão
The dune villas between the two resorts: beach rather than golf, a two-minute walk to the sand, and prices that stop at the threshold.
Reading: prime, not super prime. It belongs on this map because its buyers cross-shop the two resorts, and because the few beachfront plots behave like Quinta do Lago's.
Vilamoura, the top end
A marina town of 31 listings above €5 million, nearly all villas in Pinhal Velho and Vila Sol, inside a resort where Arrow says it has invested €400 million and plans €500 million more.
Pipeline: Arcaya by Bondstone, €700m on 68 hectares with Portugal's first Mondrian hotel, villas from €1.07m to €1.95m; the Els Club, a 68-berth marina extension and a PGA Tour Champions event. Volume, not the ultra band.
Monte Rei: Nobu's second Portuguese address
Nobu Hospitality and Norfin, Arrow Global's Portuguese asset manager, announced a 100-room Nobu Hotel, a Nobu restaurant and 21,000 m² of Nobu villas and branded residences on the 1,000-acre Jack Nicklaus estate, designed by DSA Architects with Rockwell Group. Construction is due to start in 2027 and the first guests are expected in 2029. The existing resort sells below the line, with Linked Villas at €1.0 to 1.3 million and a four-bedroom villa at €2.05 million, so the Nobu residences are the first product here that could enter the €5 million band. No prices have been published.
Ownership: an Arrow Global fund took sole control of Monte Rei in early 2025, cleared by the competition authority in February 2025; the development plan is reported at more than €196m. Nobu's Lisbon hotel on Avenida da Liberdade, announced in 2023, has no residential component.
Prime price change, Knight Frank PIRI 100
Annual change in prime residential values, 2022 to 2025. Knight Frank labelled the Algarve entry "Quinta do Lago" from the 2026 edition.
Knight Frank, The Wealth Report 2023 to 2026, PIRI 100 tables, read from the report PDFs. World ranks in 2025: Porto 11th, Quinta do Lago 24th, Lisbon 49th; global average +3.2%.
The capital, by the square metre.
Ninety-two listings above €5 million, six above €10 million. Lisbon's super prime is apartments, palacetes and the occasional Restelo villa, priced on €/m² rather than on size, and governed by the short-let containment map.
Avenida da Liberdade
The avenue and the Castilho and Braamcamp streets behind it: the highest prime price per square metre in the city, and the only Lisbon address with a branded tower on the way.
Rule: Santo António is under absolute short-let containment, with 25.1% of its housing already registered: a new Alojamento Local licence is not available here.
Chiado
Rua Garrett, Rua Vítor Cordon and the hill down to the river: the address that topped the national street ranking in 2023 and now sells by the whole building.
Rule: both parishes are under absolute short-let containment, Misericórdia at 43.8% and Santa Maria Maior at 66.9% of housing. Buy to live in or to let long term.
Lapa and Estrela
The embassy quarter: palacetes with protected façades, gardens behind walls, river views from the upper streets. The city's house market, as opposed to its flat market.
Rule: Estrela sits in relative containment at 10.8%; a new short-let licence needs express council authorisation.
Restelo and Belém
Detached houses on the hill above the monuments, many from the 1950s and 1960s, now rebuilt with pools and Tagus views: a third of the city's €5 million-plus supply.
Rule: Belém is in monitoring at 4.0% registered short lets, with some neighbourhoods contained. Parque das Nações, for comparison, has nothing above €5m; its best penthouses ask €4.3m.
Prime Lisbon, 2025, down from 93 m² five years earlier. Knight Frank, The Wealth Report 2026.
Knight Frank; Savills measured +4.4%. Both forecast faster growth in 2026: +4.5% and +4 to 5.9%.
Across all Lisbon sales in 2025, against €4,813 for buyers domiciled in Portugal. INE.
Knight Frank's 2026 ranking: United States, France, Brazil, then the United Kingdom and China. "US buyers gaining ground."
The fourth name, still being written.
Sixty kilometres of rice fields, pine and empty beach south of Tróia, owned in large blocks and released slowly. The prices per square metre already match Cascais. The finished homes above €5 million do not yet exist in numbers.
What is actually for sale: a 603 m² villa on 2,242 m² by the Dunas course in Carvalhal at €5.95 million, Spatia Melides villas from €3.99 to 6.85 million off plan, the remaining turnkey villas at Pinheirinho from €4.975 million, Melides Villas at €4.3 to 5.25 million. The one ask above €10 million, a Muda Reserve estate of 800 m² on 58,000 m², circulates at €18 to 22 million on aggregators only U. Land asks run €560 to €2,140 per m² in Carvalhal and Brejos.
The cap is planning. Grândola counted 11,893 tourist beds at the start of 2024, 5,377 built, against a regional ceiling of 14,294, and its draft plan cuts coastal allocations by about 40% while refusing pending coastal applications. Alcácer do Sal's ceiling is 17,565. The Muda Reserve's fifty 5-hectare farms sold out in 2021 at €2.2 to 3.5 million built; CostaTerra's first 71 homes went for US$326.6 million. Scarcity is designed in.
Who buys: Engel & Völkers reports 55% of its Comporta and west-coast sales to foreign buyers, North Americans, French and Germans first; Athena names British and American buyers; the Muda Reserve sold to Portuguese, Mexican, Polish, Swiss and American families. Clooney, Paris Hilton and Sharon Stone at CostaTerra are reported by ECO and The Portugal News.
- CostaTerra Golf and Ocean Club, Melides
Discovery Land Company, 298 hectares, 292 homes planned; first 71 sold for US$326.6m from US$4.6m each, per The New York Times.
- Pinheirinho Comporta
VIC Properties, 400 hectares; remaining turnkey four-bedroom villas from €4.975m. The site of the Six Senses.
- Six Senses Comporta
70-key hotel and 58 branded residences of 210 to 1,400 m², from €2.76m; Michaelis Boyd; construction under way.
- JNcQUOI Comporta
Amorim Luxury, about €700m on 700 hectares: 34 hotel pavilions, 64 residences of up to 2,500 m², Vincent Van Duysen; beach club open.
- Park Hyatt Comporta
Coporgest, €220m: 58-room hotel, 37 branded villas, 71 managed residences, desalination plant for the pools. Prices unpublished.
- Terras da Comporta
Vanguard Properties, 1,367 hectares at Dunas and Torre bought with Amorim for €157.5m in 2019; more than €2.3bn planned; 245 house lots at Torre.
The ten highest asks, and what actually sold.
idealista's ten most expensive listings in August 2026, as published by Forbes Portugal, and every super-prime sale that reached the press or an auction result since 2019. The gap between the two rails is the honest measure of this market.
Asking prices on idealista, 1 August 2026, via Forbes Portugal, 26 August 2026 S. Five of ten in Cascais municipality, four in the Algarve, one in Lisbon. None in Comporta, Sintra or Porto.
Portugal publishes no deed-level register of prices. INE medians cover whole parishes; the super-prime tier is visible only when a party, an auctioneer or a newspaper speaks.
What is being built for this band.
Branded and ultra-prime projects with a developer, a date and, where published, a price. Two names that circulate on aggregators, a Four Seasons residence in Lisbon and a Bvlgari in Chiado, have no developer or press confirmation and are left out.
2026
2027
2028
2029
What it costs to walk in.
Above €1,150,853 every residential purchase on the mainland pays the single 7.5% transfer-tax rate, so at this level resident and non-resident buyers pay the same at the door. Choose the ticket; the figures are Luznur's own computation from the published 2026 tables D.
Single rate above €1,150,853 in 2026. Since 25 May 2026 non-residents pay a flat 7.5% at any price; above the threshold that changes nothing.
On the purchase price, paid at the deed. A separate 0.6% applies to any mortgage registered.
Taxes only. Add notary and registration, legal fees and, if you use one, your adviser's fee.
IMT rises to 10% for acquirers resident in or controlled from blacklisted jurisdictions. Personal and EU holding structures pay the standard rate.
How this page was counted.
- idealista.pt, filtered searches "desde 5.000.000 euros" and "desde 10.000.000 euros" by district, municipality and parish, 25 October 2026.
- idealista/data via Cision press release, 28 May 2026, and Forbes Portugal, 30 May 2026: homes above €4m and €8m by municipality, Q1 2026.
- idealista/data via Forbes Portugal, 26 August 2026: the ten most expensive listings in Portugal, 1 August 2026.
- idealista/data via Euronews, 19 August 2026: the ten most expensive streets, median asking prices, 1 August 2026; 2023 edition via Notícias ao Minuto.
- Knight Frank, The Wealth Report 2023, 2024, 2025 and 2026, PIRI 100 tables; Knight Frank Lisbon Residential Market Insight 2026 (April 2026); Knight Frank Central Algarve Insight 2023.
- Savills, "Lisbon will lead prime residential price growth in 2026", 20 February 2026; Savills Prime Residential Index: World Cities H1 2026.
- QP Savills (Quinta Properties), H1 2025 market report and "Algarve luxury property market 2026", 13 February 2026; Savills listing inventory, 25 October 2026.
- Engel & Völkers Market Report Portugal 2025–2026 via idealista/news, 31 July 2026, and Essential Business, 24 July 2026; E&V Estoril sale via idealista/news, 8 July 2025.
- Porta da Frente Christie's 2025 results via Essential Business, 29 January 2026, and idealista/news; Porta da Frente listings (Quinta Patiño PF40606).
- Concierge Auctions, London Global Sale results, 3 June 2026 (Casa Laguna).
- Correio da Manhã via idealista/news, 28 April 2026, and The Portugal News, 6 May 2026 (reported €40m Quinta da Marinha sale); The Portugal News, 19 February 2026, and idealista/news (judicial auction); Diário de Notícias, 1 August 2019 (Castilho 203); idealista/news (Patiño villa).
- Nobu Hospitality press release, PR Newswire, 28 July 2026; Euronews and The Portugal News, 29 July 2026; ECO, 15 January 2025, and Postal, 4 February 2025 (Arrow and Monte Rei); Barlavento, 16 April 2026.
- Karl Lagerfeld Residences: idealista/news, 12 January 2026; karllagerfeld.com. Bellevue Cascais: idealista/news and property-magazine.eu. Vale do Lobo Residences: idealista/news, 30 June 2025. Arcaya: QP Savills H1 2025.
- Comporta: ECO, 14 November 2019 (Herdade da Comporta deed); idealista/news citing The New York Times (CostaTerra); Marketeer, 9 June 2026, and Globetrender, 16 July 2026 (Six Senses); Iberian Property, 6 August 2026 (Park Hyatt); Forbes Brasil, July 2026 (JNcQUOI); Diário de Notícias, 18 September 2021 (Muda Reserve, Terras da Comporta); Postal and Athena Advisers, July 2026 (€/m²); Observador and idealista/news, 2024–2025 (Grândola bed ceilings).
- INE, Preços da Habitação ao Nível Local, 2025 and Q1 2026, via Dinheiro Vivo, RTP and idealista/news; Lisbon short-let containment: Câmara Municipal de Lisboa RMAL amendment, December 2025, via GuestReady; Cascais IMI 2026: Diário de Notícias, 15 December 2025.
- Tax: Autoridade Tributária, Ofício Circulado 40129/2026 (IMT tables 2026); Decreto-Lei 97/2026 via PwC Worldwide Tax Summaries, reviewed 24 July 2026, and OCC, 19 June 2026; Código do IMI, article 135-F (AIMI); OCC, February 2023 (non-resident capital gains).
Above five million, the market is a conversation.
Most of what trades at this level never reaches a portal. Tell us which of these addresses you are weighing and we will show you what is actually available there, including what is not advertised, what it will cost to hold, and how to approach the owner. Enquiries are read by João Carvalho and answered within one business day.
This monitor is for information only. It is not investment, tax, immigration or legal advice. Listing counts are live idealista searches on the date shown and include plots and whole buildings; asking prices are the market's and were not verified for availability; reported sales are as published by the press or the auctioneer; assessments are Luznur Capital's own.
Figures first. Then the mandate.
These pages exist so that a first conversation can start from the numbers. Tell us what you are weighing in Portugal and we will answer with the figures and, where they run out, with our view.
Contact us today at info@luznurcapital.com