I’m about to head back out on the road…
Recently, I’ve been at my home base in County Cork, on the south coast of Ireland. I’ve been using this time to catch up with family and friends, and to investigate firsthand Ireland’s crazy real estate scene (you can read more about that here).
As I write, though, my wife and I are packing our bags, getting ready to go back to Portugal.
Late tomorrow night, we’ll board a car ferry in Rosslare (Ireland’s primary passenger port to continental Europe) and make the 30-hour trip to Bilbao in northern Spain.
After arriving early Sunday, we’ll drive straight to northern Portugal. There, I’ll be following up on the recent scouting by several members of my team, who had boots on the ground earlier in the summer.
My ferry route from northern Spain to southeastern Ireland. At around 30 hours, it’s not the fastest way to travel, but I can bring my car and the ferry is luxurious.
I’ll have a busy scouting schedule in Portugal. And you’ll hear about everything I uncover here in Overseas Dream Home.
But today, as I’m currently in Portugal planning mode, I thought this would be the perfect time to address a question I recently got from a reader…
Brian L. wrote in and asked:
“Hi Ronan. My wife and I are coming to Portugal in early October. We plan on exploring the country and looking for a retirement home or condo. We are unsure of where we want to live. We want to get a ‘feel’ for the country first. But any advice or instruction would be great.”
This question about how to plan and conduct your own personal scouting trip is an important one. I know a lot of readers have similar questions. So, today I wanted to share the process I recommend…
First, before setting an itinerary for your trip, I’d advise sitting down and profiling yourselves.
Portugal is a big, diverse country with a huge variety of cities, coastlines, environments, and climates to choose from. Setting your priorities will help you narrow your choices.
Do you want to live in a big city or a picturesque small town? Do you want to be near the beach or in the countryside? Do you want a hot, dry climate or a milder, more temperature one? Do you want to be in the heart of the tourist action or away from the madding crowds? Are there any activities that are central to your lifestyle, say golf or surfing or hiking?
The answers to all these questions will help you dramatically narrow your search.
For instance, if you’re looking for year-round warm weather, the southern Algarve region is an obvious choice. It gets 300 days of sunshine a year and is full of stunning beaches. You’ll also find rich culture, soaring cliffs, white-washed villages, world-class golf, incredible fine dining, and 5-star resorts. Plus, the coastline and climate here remind folks of Southern California.
That said, the Algarve is also one of the most popular vacation destinations in Europe. So, you need to be OK with seeing significant numbers of tourists. In fact, visitor numbers to the Algarve have been skyrocketing in recent years…and so too have property resale and rental prices.
Those trends mean that members of my Real Estate Trend Alert group who got in on our past member-only deals in the Algarve are now sitting pretty with gains of €160,000, €275,000…even €500,000 or more (details below). But it also means that finding value in the Algarve is now a significant challenge due to the big influx of people and the scarcity of properties at all price points.
Portugal’s stunning Algarve region is now one of Europe’s hottest destinations…for tourists and part- and full-time expats.
Say, on the other hand, that you want the beach but also to be away from the tourist crowds, then you should investigate the coast north of Portugal’s second city of Porto.
In this region of northern Portugal, you’ll find under-the-radar coastal towns and cities like Viana do Castelo, Esposende, and Caminha. These towns have many of the benefits of southern Portugal—the stunning beaches…the rich history and culture…the incredible food…but prices there can be a fraction of what you’ll find in the south.
You need to be aware, though, that the climate in the north is far more temperate. And the comparable lack of tourists means that rental income may be highly seasonal.
Northern Portugal boasts a host of stunning Atlantic beaches. Yet prices here can be a fraction of what you’ll pay in more popular regions to the south.
When I was looking for my home in Portugal, I profiled myself and identified a number of clear priorities…
I wanted to be close to the beach with a view of the ocean…in a quiet place away from the tourist crowds…with amazing golf…and within easy commuting distance of an airport (very important to me given my role as an international real estate scout).
By identifying these priorities, it quickly led me to the Silver Coast…
The Silver Coast stretches from the coast north of Lisbon to the mouth of the Douro River at Porto. The beaches here are long, wild, and sandy—ideal for walkers. You’ll also find amazing fishing, hiking, and paddleboarding right on your doorstep, alongside world-class golf courses. The weather here is also gentler and more temperate than the south coast…and this is a quieter and more authentic Portugal.
Along the Silver Coast, I found a beach and golf community called Praia d’El Rey. This community met all my criteria and I found the perfect condo here.
My Praia d’El Rey condo was not primarily an investment. I love spending time there. But it’s working out well…
My condo was an incredible bargain at €300,000. Last summer a broker wanted to list it for sale at €450,000. That’s €150,000 more than my original price.
Moreover, the latest statement from my rental manager shows that from July 2 to August 8, while I’ve been in Ireland enjoying time with family, my two-bed condo in Praia d’El Rey netted me €4,401. That’s more than that the total costs of ownership (HOA, property taxes, insurance…you name it) for the entire year PLUS golf club dues on two world-class oceanfront courses.
Praia d’El Rey, where I have my condo on the Silver Coast, sits right up on a stunning stretch of Atlantic beach.
The overall point being, once I nailed down my top-tier criteria, my search process became so much easier.
Once you identify your priorities, I’d suggest identifying four or five places that meet your criteria, and then spend a week in each of the places on your shortlist. And try and rent a property similar to the one you might buy, then keep a normal routine when you’re there.
Visit the local stores, eat in the neighborhood restaurants, see what it would be really like to live there. Create the living experience and put it to the test.
I hope that helps refine your search in Portugal.
And if you’re interested in amazing value real estate in Portugal, I’d suggest you stay tuned to Overseas Dream Home in the days ahead.
My team and I have been hunting for the “next places” in Portugal for some time.
Earlier this summer I sent my team members, Ciaran Madden and Alan Kennedy, on a scouting trip to Portugal’s north and they found some pretty amazing opportunities. These include frontline beachfront homes from €250,000…a condo in the heart of one of Portugal’s most livable, idyllic towns, near a river and multiple beaches, for just €190,000…large fixer-upper farmhouses overlooking the coast for €200,000…
You’ll find some of Ciaran’s dispatches from his trip here. And RETA members can check out Ciaran’s full, in-depth report on the RETA website… (complete with videos, property walkthroughs, contact details for local real estate agents, and much more). If you’re not yet a RETA member but would like access to this special report on northern Portugal, you can become a member here.
Northern Portugal is beautiful, historic, and culture-rich, boasting some of the most pristine and livable cities and towns in the country. Yet it remains overlooked…
As I say, from Sunday I’ll be in northern Portugal, following up on this scouting and digging deep on the best opportunities in this region.
I’ll be basing myself in the charming medieval town of Caminha (I named Caminha No. 2 on my list of the best places in the world to invest in real estate in 2024. See the full list here.) This will be my initial base for scouting this overlooked and undervalued part of Portugal.
Stay tuned…I’ll be sharing what I uncover.
Ronan McMahon, Founder, Overseas Dream Home & Real Estate Trend Alert
P.S. I first scouted Portugal’s southern Algarve region way back in 2002. Back then, it was busy only during the peak summer months. I always suspected that could change…that it could attract year-round expats and second-home owners. So year after year, I returned to scout the Algarve…watching the market and building contacts.
Then when Portugal began to explode in popularity in the mid-2010s, I brought a run of killer deals to my Real Estate Trend Alert group. To give you a brief sample…
- Boost of €160,000—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.
- Over €500,000 More—In 2020, I recommended condos in a community called Adega. RETA members could get penthouses there for the incredible price of €480,000. Those now list for around €1 million…meaning they’ve doubled in price.
- An Uplift of €275,000—In 2021, we had a RETA member-only deal in the luxury community of Dona Maria. RETA members could buy two-bed condos in Dona Maria from €575,000. These now list for about €850,000.
The stunning Santa Maria community in the Algarve. In 2019, I brought my RETA group a killer deal here. Two-bed condos available to RETA members for €390,000 now list for €550,000—a boost of €160,000. (Learn how you can join RETA here.)
