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info@luznurcapital.com Lisbon, Cascais, Comporta and the Algarve: which property market fits your objective?
Four residential property markets that are often weighed against each other, compared by what the purchase is for: liquidity, income, holding period and the work of owning. Not a ranking by price. Every figure is tied to its source, and anything we could not confirm is marked.
Figures verified as at 12 October 2026. We update this page as new releases come out rather than leave dated figures in place. Markers: D derived by Luznur from sourced figures · S secondary source quoting the original · U single source, unconfirmed.
Four markets, four different decisions.
The same euro does different work in each. Lisbon trades on depth; Cascais on year-round use; Comporta on scarcity; the Algarve on rental demand. The right market follows from the objective, the time the capital can stay, and how much operating work the owner will accept.
8,235 sales a year and 11,779 short-term rental licences in a tightly zoned city. The easiest market to enter and leave, and the most regulated to operate in.
Cascais prices caught up with Lisbon's, rising 75% since 2019 to €4,550/m². Occupied year-round, with the highest implied long-let yield of the four at 4.3%.
About 470 sales a year across Grândola and Alcácer do Sal, inside a protected estuary. Supply arrives through resort master plans. A long hold by design.
The deepest international rental economy in the country, 42% of sales value from non-residents, and the strongest price growth since 2019. Seasonal and operationally demanding.
How easily capital gets in and out.
Liquidity is the number of willing buyers at the moment you need one. INE counts the sales; the share bought by non-residents shows how much of each market depends on international demand.
Homes sold per year, 2025
Dwelling transactions by municipality
Data table
INE, Construction and Housing Statistics 2025 (17 Jul 2026) via Observador; Grândola and Alcácer from Engel & Völkers Market Report 2025–26 citing INES. Cascais and Algarve municipalities are not in INE's published list; see the data note.
Who the buyers are
| Non-resident share of local sales, 2025 | Homes | Value |
|---|---|---|
| Algarve | 20.1% | 31.3% |
| Portugal | 5.0% | 8.2% |
| Share of all non-resident purchases in Portugal, 2025 | Homes | Value |
|---|---|---|
| Algarve | 29.7% | 42.4% |
| Greater Lisbon | 12.5%U | 22.2% |
INE, House Price Index Q4 2025 (23 Mar 2026). Greater Lisbon's within-market share is not published; the share of homes is from idealista citing INEU.
How fast homes sell
| Signal | Lisbon | Algarve | Portugal |
|---|---|---|---|
| Listings sold within 7 days | 6–10% (2024) | 10%; Faro city 30–33% (2024) | 10% (Q2 2026) |
| Listings taking 3 to 12 months | – | 46% (Q1 2024) | 35% (Q2 2026) |
| Listings with an asking-price cut | 10% (early 2026) | Faro city 11% (early 2026) | 8% (early 2026) |
idealista/data via idealista (Q2 2026), idealista (price cuts) and Postal (2024)S. Portal listings, not transactions; no public data exists on the discount between asking and sale price. Nothing comparable is published for Comporta.
What capital buys, and what it has done since 2019.
Median prices per square metre from INE, which records actual sales rather than asking prices. The prime segment in each market trades well above these medians.
Median sale price per m², 2019 and 2025
Annual medians by municipality; Comporta shown by Grândola
Data table
INE Local Housing Price Statistics, Q4 2019 via Postal and 2025 annual via Postal (18 Jul 2026); INE municipal profiles 2025. Grândola: 12 months to Q2 2025; no 2019 value published. Alcácer do Sal is suppressed by INE.
Growth since 2019
Change in median price per m², 2019 to 2025
Data table
Derived from the INE figures aboveD. Lagos uses a Q3 2019 base.
The prime segment
| Market | Prime indicator | Source |
|---|---|---|
| Lisbon | Santo António parish (Avenida da Liberdade, Príncipe Real) €6,986/m² median, 12 months to March 2026; new-build €6,226/m² citywide. Prime prices +3.4% y/y in Q1 2026, 15th of 46 world cities. | INE; Knight Frank Prime Global Cities Index |
| Cascais | Four-bedroom-plus homes €5,000/m², the highest among Portugal's 24 largest municipalities (12 months to March 2026). Prime homes trade at €2–3m. | INE; Knight Frank Lisbon Insight 2026S |
| Comporta | Homes listed above €1m: Grândola median asking €14,286/m², the highest in Portugal (Q2 2026). Beachfront above €16,000/m². | idealista/data; Knight FrankS |
| Algarve | Homes listed above €1m: Loulé €10,804/m² (+19%), Castro Marim €12,626/m² (Q2 2026). Quinta do Lago and Vale do Lobo villas €8,000–12,000/m². | idealista/data; QP Savills May 2026S |
Prime figures mix transaction medians (INE) with asking prices and broker reports; they indicate the level, not a valuation.
What the asset earns.
Two income models: a long lease, priced by INE's new-contract rents, or short-term letting, which depends on tourism and on each municipality's licensing. The models suit different markets.
Long-let: implied gross yield
INE median new-lease rent × 12 ÷ median sale price, 2025
Data table
INE Local Rent Statistics 2025 and Local Housing Price Statistics 2025 via Postal (18 Jul 2026); yields derivedD. Algarve uses regional rent and price.
Tourism demand behind short-term letting
| Market | Overnight stays | Trend | Foreign share |
|---|---|---|---|
| Lisbon municipality (2024) | 15.7m | Greater Lisbon 2025: RevPAR €106, highest in Portugal | 81% |
| Cascais (2024) | 1.6m | Average stay 2.7 nights | – |
| Grândola + Alcácer (2024) | 0.27m | Alentejo 2025: +3.8%; 67% domestic guests | ~33% |
| Algarve (2025) | ~20.7m | ▼ 0.2%, first fall since 2020; RevPAR €78 | 75% |
INE municipal tourism profiles 2024; INE Tourism Statistics 2025 (9 Jul 2026) via ECO. Loulé and Lagos municipal figures not verifiedU.
Short-term rental licensing, October 2026
| Market | Registrations | Rule now | What to watch |
|---|---|---|---|
| Lisbon | ~11,800 active | Containment by neighbourhood since 6 Dec 2025: absolute where licences exceed 10% of homes (Santa Maria Maior 67%, Misericórdia 44%, Santo António 25%), relative at 5–10%. 6,765 lapsed licences cancelled in February 2026; a licence in a containment zone lapses on sale. | Monthly reclassification of zones. |
| Cascais | 2,457 | No municipal containment rule foundU. With more than 1,000 registrations, the council must decide on a regulation by 31 December 2026. | Council decision due by year-end. |
| Comporta | Grândola 762, Alcácer 315 | No regulation, and under 1,000 registrations so none is required. Carvalhal alone holds 445. New registrations are rising: 86 in 2025, 60 so far in 2026. | Resort operators run most lettings. |
| Algarve | Albufeira 10,486 · Loulé 7,333 · Lagos 4,786 · Tavira 2,996 | No containment rule found in Loulé, Albufeira, Lagos or PortimãoU; Lagoa drafted one in January 2026. Lagos cancelled 1,548 inactive licences. All large municipalities must decide by 31 December 2026. | Council decisions due by year-end. |
Lisbon: Aviso 29926-A/2025 via Cuatrecasas and ECO (11 Jun 2026); DL 151/2026 via PLMJ. Registration counts from Turismo de Portugal's RNAL register (12 Oct 2026); whether they exclude cancelled licences is unconfirmedU.
The work of holding the asset.
Taxes, management, planning limits and access differ more between these markets than most buyers expect. For purchase taxes, see our acquisition cost guide on the Markets page.
| Factor | Lisbon | Cascais | Comporta | Algarve |
|---|---|---|---|---|
| Annual property tax (IMI), 2026 | 0.30% | 0.35%, up from 0.33% | 0.30% (Grândola and Alcácer) | 0.30% in Loulé, Albufeira, Tavira, Faro; 0.37% Portimão |
| Letting managementS | Short-let 20–25% of revenue plus VAT; long-let about 7% plus one month's rent | Same providers as Lisbon | Few independent operators; resort-run programs | Short-let 7–25% depending on service level |
| Planning | Containment zones limit short-term letting; dense, regulated stock | Mature suburb; no specific constraint found | Inside the Sado Estuary Nature Reserve and Natura 2000; supply comes through master plans (Six Senses with 58 branded residences, sales from June 2026) | Coastal planning rules; water restrictions cut to 5% in March 2025 with reservoirs at 67% in November 2025; golf courses have run on 20% cuts since 2023S |
| Access | Humberto Delgado airport 36.1m passengers in 2025; new airport due 2035–2037 | A5 and Marginal; Tires aerodrome concession suspended since March 2025 | About 1h15 by road from Lisbon; Setúbal–Tróia ferry only, concession under review | Faro airport 10.4m passengers in 2025, +5.8%; A22 tolls abolished January 2025 |
| Operating complexity | High regulation | Low | High planning, thin services | High if let; seasonal |
IMI: Portal das Finanças 2026 table via Economia e Finanças. Comporta planning: DGT, PU Comporta terms of reference; Six Senses via Marketeer (9 Jun 2026). Water: APA via Postal; RR (14 Mar 2025). Airports: INE via Observador (12 Feb 2026); new airport via Observador (22 Jul 2026). Management rates are operator price lists, not a survey. Complexity ratings are Luznur's assessment.
Where each objective fits.
Our reading of the data above, by what the capital is for. These are assessments, not predictions, and a specific asset can sit outside its market's pattern.
| Objective | Lisbon | Cascais | Comporta | Algarve |
|---|---|---|---|---|
| Preserve capital, exit on short notice Liquidity first | Strong fit | Strong fit | Poor fit | Partial |
| Long-let income Steady, low effort | Strong fit | Strong fit | Poor fit | Partial |
| Short-let income Higher gross, more work | Partial Only outside containment zones | Partial Rule due by Dec 2026 | Partial Via resort programs | Strong fit Seasonal |
| Capital growth, 10+ years Scarcity-led | Partial | Strong fit | Strong fit | Strong fit Golden Triangle |
| Family base, year-round Schools, services | Strong fit | Strong fit | Poor fit | Partial |
| Privacy and discretion Off-market, low density | Poor fit | Partial | Strong fit | Strong fit Gated estates |
| Minimum holding period Luznur's view | 3–5 years | 5 years | 10 years or more | 5–7 years |
Luznur Capital assessment, October 2026, based on the figures on this page. For the market profiles and locations we work in, see Portugal, market by market.
How to read this comparison.
Prices, rents and sales counts come from INE, Portugal's statistics office, which records completed transactions. "Comporta" is represented by the municipalities of Grândola and Alcácer do Sal, which INE partly suppresses for small samples, so Comporta's figures are the least complete. Listing speed and price cuts come from idealista and describe listings, not sales. Yields are gross and derived from medians. Markers: D derived by Luznur from sourced figures; S secondary source citing the primary; U a single source we could not confirm. The fit table is Luznur's assessment.
- INE, Construction and Housing Statistics 2025, 17 Jul 2026
- INE, Local Housing Price Statistics, Q4 2019, 2025 and Q1 2026; municipal profiles 2025
- INE, Local Rent Statistics 2025 and Q2 2026
- INE, House Price Index Q4 2025, 23 Mar 2026
- INE, Tourism Statistics 2025 and municipal tourism profiles 2024
- Turismo de Portugal, RNAL register, 12 Oct 2026
- Lisbon City Council, RMAL amendment (Aviso 29926-A/2025); DL 151/2026
- Portal das Finanças, municipal IMI rates 2026
- DGT, Plano de Urbanização da Comporta terms of reference
- idealista/data, Q2 2026; Knight Frank; QP Savills; Engel & Völkers
- Observador, ECO, Postal, Renascença, Marketeer
Which of these markets fits your mandate.
A market comparison describes the pattern. A mandate turns on one asset, one objective and one timeline. We are glad to walk through which market, and which asset within it, fits yours.
This comparison is for information only. It is not investment, tax or legal advice. Figures are attributed to their publishers; official statistics are from INE and Turismo de Portugal. Assessments are Luznur Capital's own and should be tested against a specific asset before any decision.
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