I’m back at my home in Ireland, near the southern city of Cork…
This is the perfect time to return to my homeland. The cold days of spring are fading. The afternoons are warm…the days long and bright. Sunset here now arrives after 9:13 p.m., providing plenty of daylight for golf in the evenings and long strolls on the windswept Atlantic beaches along the coast near my home.
The long, bright summer days in Ireland leave plenty of time for golf in the evenings. Here’s a selfie I grabbed yesterday evening in our short game area at Fota Island.
My course in Ireland is Fota Island. I like to do a bit of chipping and putting before joining friends and neighbors for a casual nine holes. No comfort stations, no carts, just strolling…golf and camaraderie…
I’m a member of four golf clubs around the world, including an Alister MacKenzie-designed course, one of the world’s most revered links courses, and an oceanfront course in Portugal. The dues are a fraction of what you might expect. (Have a question about what my dues cost or about living a golf lifestyle overseas? Share it with me here.)
My point is that when you look beyond your home shores you wouldn’t believe the opportunities it opens up…
In the weeks ahead, I’ll share some insights about the real estate market in Ireland. I’ll also be heading to the Loire Valley in France next week for some scouting and a little R&R.
Today, though, I want to return to Portugal…and to highlight my #1 destination for real estate investment in Europe.
Portugal is one of the key destinations on my global real estate beat. It’s where I’ve found some of the most incredible deals I’ve brought to my Real Estate Trend Alert group. (More details on those below.)
Last week, I was at my condo on Portugal’s Silver Coast, and while there I talked to contacts and gathered new research on the key destinations across the country. This week, I’ve been sharing this intelligence with RETA members in a series of special alerts, covering things like…
- The astonishing boom of Portugal’s Silver Coast and the southern Algarve region and whether there are still opportunities to invest in these destinations.
- Why the government is no longer issuing new short-term rental licenses in certain key destinations in Portugal and what it means for us as investors.
- Where we’ll find the next opportunities in Portugal. ((Not a RETA member? Sign up here with this special offer.)
- Where we’ll find the next opportunities in Portugal.
Today, in your Overseas Dream Home, I wanted to give you a snapshot of what I’m sharing with RETA members by highlighting my top investment destination in Portugal (and indeed all of Europe)—the small, charming town of Caminha.
The town of Caminha is in the far north of Portugal, on the country’s border with Spain.
Caminha is about an hour’s drive north of Portugal’s second city, Porto, and is separated from Spain by only a river.
Its Old Town is centered on an enchanting cobblestoned plaza where cafés and restaurants circle a 16th-century stone fountain. Two blocks from the plaza, a promenade runs alongside the Minho River, leading to forested campgrounds and Camarido Beach, which juts out into the river and is less than half a mile from the coast of Spain at it nearest point. Travel 10 minutes by car and you’ll reach Moledo, a stunning strip of Atlantic beach.
Caminha offers an enviable lifestyle. You’ll find a charming Old Town with excellent dining options. You’re on the river and near the ocean. You can be in Spain in less than 30 minutes and the historic Spanish city of Vigo in about an hour. And Porto’s international airport is about a similar distance south along excellent roads.
Yet, looking at real estate listings in Caminha feels like stepping into a time machine, as if the global real estate boom of the last several years never happened. That’s why I named it my #2 destination in the world for real estate investment in 2024, and the top one in Europe. (Check out the full list here.)
Torre do Relogio, a 13th-century clocktower, sits at one end of Caminha’s delightful town square.
In the post-COVID era, Caminha is exactly the kind of place people have been flocking to…a destination with plenty of space, where you can live a relaxing outdoor lifestyle.
I predict Caminha is on the cusp of a boom. If Portugal interests you then this is a place you should pay serious attention to. The wealthier visitors and second-home owners from Northern Europe and North America aren’t coming yet, but I believe they will…and when they do they’ll drive prices higher.
In recent days, my team has been looking into the listings there. Prices in Caminha remain remarkably affordable. For now, the window of opportunity is still open. Here’s a sample of what you’ll see on the market in Caminha today… (Note: We haven’t visited these properties or done any due diligence on them.)
Historic Fixer-Upper in the Town Center for €230,000
This vast, 3,200-square-foot house is nestled in the narrow cobbled streets of Caminha’s Old Town. It’s next to Caminha’s main church, Igreja Matriz de Caminha, built around the 15th century and classified as a National Monument in Portugal.
The Igreja Matriz de Caminha church is nestled amid the cobblestoned streets of Caminha’s Old Town.
The house boasts a traditional stonework façade and spans three floors. On the first two, you’ll find four bedrooms, a living room, and a bathroom. On the top floor, you’ll find a large living space with views of the river.
The house is in need of extensive renovation, but given its size and prime location in the heart of Caminha’s Old Town, it could be subdivided into a number of units, some of which could be sold or used as rentals. It’s listed for €230,000 ($247,000).
This large property with big potential lies at the heart of Caminha’s Old Town, beside the town’s main church. Listing here.
Four-Bed Apartment with River Views for €150,000
This apartment is also in the center of town, just a few minutes’ walk from Caminha’s charming town square. The property needs updating, but you’re getting plenty of bang for your buck.
It spans four bedrooms across more than 1,200 square feet. And it’s on the top floor, offering views out over the Minho River and Spain. It’s on the market for €150,000 ($160,000).
This spacious town center apartment offers spectacular views out to the Minho river. Listing here.
Large Villa with Outdoor Kitchen for €295,000
About a five-minute drive from the town center, this detached house sits on a 9,300-square-foot plot and has a large garage, outdoor kitchen, and garden with fruit trees.
Inside the two-story home, there are four bedrooms and three bathrooms spread across more than 4,000 square feet. Upstairs you’ll find a balcony with views out over the leafy, surrounding neighborhood and the hills beyond. It’s on the market for €295,000 ($316,500).
This spacious four-bed villa with a large garden is just five minutes’ drive from the center of town. Listing here.
Condo Walking Distance to the Beach for €200,000
Situated just south of Caminha near Moledo beach, this one-bed condo is on the market for €200,000 ($214,500). It spans just under 1,000 square feet and features a small balcony in the bedroom as well as a rooftop terrace with ocean views. The real selling point of this condo, though, is its proximity to the stunning Moledo beach, which is just a five-minute walk away.
The rooftop terrace of this condo looks out onto the ocean at Moledo beach, just a short stroll away. Listing here.
Three-Story Mansion for €395,000
When I last visited Caminha, I stayed in a Casa da Índia, a house built from the proceeds of colonial wealth. In and around Caminha, you’ll see shells of these and other impressive older mansions dotting the landscape. Rejuvenation work was ongoing on a few, but many more sat idle, waiting to be restored.
These can be astonishing value. Here’s one built in the 1930s. It has 12 rooms, including five bathrooms. It’s also overlooking the river and just a two-minute walk from the center of Caminha. It’s in need of restoration but the potential is awe-inspiring. It’s on the market for €395,000 ($424,000). Listing here.
This mansion spans more than 3,200 square feet across three floors and offers views out to the Minho River.
Caminha is far from the only emerging destination that I’m tracking in Portugal.
I’m also keeping a close eye on developments in a historic, affordable city in the north of the country that’s been dubbed the “next Porto”—the implication being that this city is the next target in Portugal’s relentless wave of gentrification and prices there will spike higher.
Also on my radar is a stretch of coast just south of Porto where you’ll find vast stretches of sandy Atlantic beach and oceanfront real estate at affordable prices.
Then there’s a chain of Portuguese islands famed for their beauty, good weather, and where it’s easy to get by in English. These islands have been called “Ireland in the Tropics” and “New Zealand in Europe.” Those who know say it’s like Hawaii 20 years ago. Right now, these islands are off the radar but tourism is growing…
I’ll be sharing updates on all those destinations with members of my RETA group as part of our special Portugal series of alerts this week. RETA members can stay tuned for those… (Not a RETA member? Sign up here with this special offer.)
I’ll be sharing updates on all those destinations with members of my RETA group as part of our special Portugal series of alerts this week. RETA members can stay tuned for those…
Ronan McMahon, Founder, Overseas Dream Home & Real Estate Trend Alert
P.S. Ever been to Caminha? Interested in owning in northern Portugal? If you have a question or any feedback, I’d love to hear it. Let me know here.
P.P.S. I’ve brought RETA members a run of incredible members-only, off-market deals in Portugal’s southern Algarve region. Here’s a brief snapshot of some of those deals…
- In December 2019, RETA members could buy in a community called Santa Maria from €310,500. Two-bed condos available to RETA members for €390,000 now list for €550,000—a boost of €160,000.
- In 2020, I recommended condos in a community called Adega in Lagos. RETA members could get penthouses here for the incredible price of €480,000. Those now list for around €1 million…meaning they’ve doubled in price.
- In 2021, we had our RETA deal in the luxury community of Dona Maria. One RETA member purchased a penthouse there for €1.1 million. That was recently listed at double that—€2.2 million. RETA members could also buy two-bed condos in Dona Maria from €575,000. These now list for about €850,000—an uplift of €275,000.
