I’m in Portugal…I arrived in Lisbon on Sunday.
(If you’re a member of my Real Estate Trend Alert I told you all this on Saturday in your RETA alerts.)
When I strolled the streets of Portugal’s capital back in 2012, crumbling facades were commonplace. Real estate prices were low. And though tourists were visible, they didn’t form queues outside the city’s attractions the way they do today.
Portugal was still relatively undiscovered. You couldn’t fly direct from the U.S., and few Americans had it on their radar. Rent controls had just been scrapped—decades of frozen rents had left many buildings neglected, their owners unwilling or unable to invest. Lisbon felt raw, authentic, and full of quiet potential.
The Golden Visa had just been launched, and whispers of opportunity were beginning to circulate. A few early movers were starting to trickle in—drawn by the low cost of living, peaceful streets, good food, and warm people.
But the floodgates hadn’t opened yet.
I remember trying to book a flight on TAP, the national airline. Their website didn’t work. The infrastructure for mass tourism wasn’t there at that time.
How things have changed…
A busy place! Rua Augusta, Lisbon’s liveliest pedestrian street, paved with traditional cobblestone and lined with hotels, restaurants and sidewalk cafes.
In 2012, Portugal welcomed around seven million international tourists. In 2024, that number came close to 30 million.
The country is now one of Europe’s hottest lifestyle and tourism destinations. Direct flights connect Lisbon, Porto, and Faro with major U.S. hubs. Digital nomads, retirees, and second-home buyers have flooded in. Entire neighborhoods have transformed.
And real estate?
In parts of Lisbon, prices have tripled since I first walked those streets. Much more in the case of derelict properties and land. Porto and the Silver Coast have followed close behind. The Algarve, long beloved by northern Europeans, has taken its place in the pantheon of truly internationalized places anchored by luxury strongholds—with homes in spots like Quinta do Lago and Vale do Lobo commanding millions of dollars.
My own journey with Portugal began, like many Irishmen, in the Algarve. First for holidays—golf, sun, and a break from the rain. Then as a scout.
As Portugal began doing smart, strategic things—like reforming its property laws, investing in infrastructure, and rolling out targeted incentives for investors—I expanded my search. I explored the entire country…I sent scouts to the hill-towns. I drove hundreds of miles of unspoilt coastline.
And I found real opportunities…
In 2020 I bought a condo on the Silver Coast about an hour north of Lisbon, in the Praia d’El Rey community. Ocean views, expansive beaches, amazing golf. Just my thing. It wasn’t primarily an investment but it’s sure worked out that way. The two-bed condo I bought for €300,000 would list today for €450,000. Nice upside considering when I bought it 75% of the funds came via a sub 1% mortgage.
I could have done so much better (financially) by going for a more premium and bigger home or condo. Those have more than doubled in value. Those were fearful times…those early Covid days…and before this coast took off.
Paria d’El Rey is where I’m likely to be when you read this…
My condo is rented so I’ll stay in the Marriott Hotel. My condo stays rented all summer long…and now the season is getting longer. I’m just passing through…my car is parked there, I need to get it serviced. And also I want to check in on the market here. I’m told it’s hot. And white hot if you own beachfront and/or have an ocean view…just like the real estate I bought and told RETA members to buy in their RETA alerts.
Inventory is scarce and properties like mine can never be built again thanks to new set backs and regulations. My condo is a keeper…it will stay in my portfolio as part personal use beach-and-golf condo and part investment. Honestly, I can’t think of a better place for my money than beachfront bricks and mortar with a killer ocean view.
Portugal’s Silver Coast has now been fully discovered and the real estate market is on a tear. I’m keeping my condo there and looking farther north for opportunities.
Tomorrow evening my wife Sayuri and I will drive north to Caminh where we are refurbishing a historic mansion. We’ll arrive and meet our interior designer, Maria and project manager who will walk us through our new home. Next Wednesday night will be the first time we’ve ever slept there. It’s exciting, and a bit nerve wracking at the same time. Maria tells us the beds will be made…that’s reassuring because when we last there a few weeks ago the new mattresses hadn’t arrived, nor had the bedding.
We haven’t had much by way of a photo update…I’ve been follower Maria’s Instagram where she has been dropping some photos of our place before heading on vacation to the Galica beaches this week. Surely she wouldn’t be so casual if things weren’t ready!
I think she’s got this…we love her work and she came highly recommended. Plus she only works on one project at a time and uses her own construction crew.
Our interior designer, Maria, standing at the front door of our historic mansion in Caminha. My wife Sayuri and I can’t wait to get there on Wednesday and sleep there for the first time.
Assuming work is finished when I get there I’ll share photos of that home with RETA members in their alerts.
I can’t wait to begin our Caminha life—joining the gym in the historic center, finding the best stretch of beach for morning swims and long walks…
I’m already picturing decadent brunches at Villa Idalina, just three minutes down the hill, and rich €1 espressos at our neighborhood cafe.
We’ve spent time in Caminha before—scouting, vacationing, working on our project—but now it’s about settling in and crafting a lifestyle. That said, we’ll be back in vacation mode soon enough when my sister, her husband, and their three kids come to visit.
One of the things that made this home so appealing is the entire ground floor—a self-contained three-bedroom apartment. It’s perfect for guests, ideal for rentals, and opens up all sorts of possibilities for house swapping. Homes like this rent for €600–€700 a night at this time of year. I suspect we’ll be slow to rent at first, but as I’ve said before, I’m eager to use it for house swaps.
We paid €410,000 for this home. But I see it as a ticket to much more—access to €4 million properties through the power of swapping. Think of it as house swapping…the RETA way.
My in-laws are visiting from Mexico in October, and friends are already lining up for next summer. The guest quarters are already proving to be one of the smartest features of the place.
And from Caminha, I’ll be looking north across that border into the Spanish province of Galicia, where I think the opportunity is now creeping…
The view from my terraces looks across the water to Spain. Real estate prices on the other side are lower. They are about where Caminha prices were 18 months ago before the taps opened and foreigners started coming and buying. The other side is almost as close to Porto airport…an hour-and-10-minutes vs an hour. It’s essentially the same area…same architecture…culturally similar…
In the next couple of weeks I’ll start my Galicia boot on the ground research. I’ll do some driving…get my bearings…follow my walking strategy. And in October I’ll dedicate two weeks to serious drilling on Galicia. Remember Spain is big and diverse…the Galicia I’ll be investigating is a million miles from over-touristed Barcelona.
I can’t wait to see our new home…and set up our Caminha life. I’m a little bit sad about spending less time in Praia Del Rey…but we’ll always have that home for beachfront retreats, my golf breaks and to get that Silver Coast vibe.
My Silver Coast expectations were exceeded…in every way including the financial return…just in Caminha we found a more complete package…guest accommodation, historic home, garden with fruit trees, vines and ocean views, in village location…it truly has it all…for us anyway…and of course for those spring and fall months of the year when Portugal is home…
Galicia, Spain is where I’m about to focus my opportunity scouting…
Galicia is a place I expect you’ll be hearing a lot more about from me—in person—if you come to The Gathering XII next March in Panama City.
The Gathering is the RETA once-a-year private club meetup. And on August 27, RETA Lifetime members will get the chance to secure one of just 250 seats.
(You must be a Lifetime member to attend. You can join Lifetime today and be sure of getting your invitation. There are many other benefits to RETA Lifetime membership as well.)
Every year, these seats go fast—within hours. And I refuse to expand.
250 is the cap on seats. That’s my hard limit.
Because The Gathering isn’t some energy-sapping mega-conference. It’s relaxed. Informal. Designed to give you real face time with me, my team, and my network of experts from around the world.
Yes, we dig deep into the best opportunities on our beat…
Yes, we cover where I’m investing next…
And yes, you’ll get the kind of boots-on-the-ground advice that can save you time and make you money.
But we do it in style—and we have a lot of fun doing it.
This is our private club meet up.
Save the dates:
March 12–14, 2026
Santa Maria Luxury Resort, Panama CityAnd above all—mark August 27. That’s when seats open to Lifetime members.
Be ready.
The 5-Star Santa Maria Resort in Panama City where I’ll meet you for The Gathering XII. Only 250 seats available and those seats will go fast on August 27. Be ready. If you’re not already a Lifetime member join today to ensure you get your invitation.
Wishing you good real estate investing,
