Cascais-Estoril: The Portuguese Riviera

Cascais is a town and municipality in the Lisbon District of Portugal. Known as the jewel of the Portuguese Riviera, it has a population of 214,000. The marina hosts international events, making Cascais an important tourist destination. The classic town of Estoril is part of the Cascais municipality and hosts conferences.

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Most notable is the Cascais to Estoril Promenade, a leisurely 3 km (1.9 miles) stroll along the ocean and a vast, sandy beach. Walk out on a pier and you might spot a large jellyfish propelling itself through the water. Numerous shops and restaurants line the walkway so you can stop for refreshments and snacks and enjoy the view. Lone fishermen bait their hooks, toss their lines into the calm waters, and become one with the sea. It’s also a great place to watch the sunset.

Stroll to the marina along the boardwalk to see classic architecture and year-round beachgoers. Admire all the pocket beaches along the famous historical Cascais-Estoril Promenade. The feeling of contentment in the air, the casual gaits of those enjoying this coast of Portugal, and the smiles on everyone’s faces are part of the endearing culture making Portugal tug at your heart.

Casino Estoril in Cascais, Portugal

Fun fact: The Casino Estoril is within walking distance of the promenade and inspired Ian Fleming’s first James Bond novel, Casino Royale. Expansive, lovely gardens in front of the casino lead toward the promenade.

According to international food critics, Estoril Mandarim inside the casino is one of the best Cantonese restaurants in the world. Note: Rules for entering this restaurant are posted inside the main entrance. Only casino customers can dine in the establishment.

If you want to walk to the marina and enjoy the promenade, this is a good area to park as rates are reasonable and parking is ample. We were there during the Christmas season and parking was free.

Affordability in Cascais, Portugal

The municipality is one of the wealthiest in Portugal and the Iberian Peninsula. Cascais has one of the most expensive real estate markets and one of the highest living costs in Portugal. Lisbon is slightly more costly. Cascais is consistently praised for its quality of life.

A couple can expect monthly costs to be around €3,500. At the time of writing, the USD is nearly par with the euro, making this a great time to visit or purchase property in Europe (1 USD = 0.96 EUR).

For a monthly breakdown of the prices of goods an average person can expect in Cascais check out Numbeo.com. I have found Numbeo to be accurate based on observations while visiting countries. Remember, the cost of living is all relative to lifestyle.

The Portugal Housing Bubble

Over 93 percent of mortgages in Portugal are variable rate mortgages compared to 15 percent in the rest of Europe. Variable-rate mortgages are disastrous due to their unpredictability. When rates rise, a person can quickly be priced out of their monthly payment. And people buy the monthly payment, not the cost of the mortgage, don’t they? The variable rates will affect 1.3 million families. The Portuguese do not have a lot of disposable income, meaning more homes will go on sale. Will Portugal’s housing market burst? I’m not going to predict because predictions come and go, but the Portugal housing market is certainly worth watching.

When walking the streets in Lisbon, locals expressed their concern about the rising costs of living. Wages are not high in Portugal, and many people cannot afford property due to the hot housing market. Higher inflation and energy costs will put an additional burden on pocketbooks.

International interest, foreign investment, and immigration also contribute to rising costs. Do not take this information as all doom and gloom, however. There are always deals available in a distressed market. Portugal has a high housing stock. It’s one of the highest countries in Europe with dwellings per inhabitant. A lot of properties aren’t listed for sale. Approximately 750,000 homes are sitting empty. Many abandoned, beautiful homes sit in silence on residential streets, such as this one:

What’s your story, old house? Some research brings the answers…

Portugal has strict rules on the sale of inherited homes. If a house has been passed down through a family, ALL family members must agree to sell the property. Imagine the nightmare this could cause—going through every family member to decide on selling. Often, there is one holdout in the family who doesn’t want to sell. The house then sits empty.

Landlords also don’t want the hassle of renting. One out of four landlords have experienced rental pay delinquency in the current times, 8.25 percent of rents are one to three months behind, and seven percent of rental payments are six months or more behind. The moratorium on rents over the last few years has not been kind to landlords. Add on the 28 percent tax on rental income, and you’ve got a rancid recipe. Don’t let this scare you off. Instead, pay attention, get educated, and be ready.

Cascais, Portugal, Is it Right for You?

Cascais is a popular seaside resort where Portuguese royalty used to unwind and play. Many members of royalty have lived there, so you can understand why the higher prices and the high standard of living are engrained in the fabric of the streets and buildings. The question you need to ask… is Cascais right for you?

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Photos Taken by Charlotte Tweed

Charlotte Tweed is a relocation travel coach with a goal to take you on a journey where you don’t just visit—you live it. Graduating with a Travel and Tourism Honours diploma and coaching certification with the Travel Coach Network, Charlotte is channelling all her passion and skills into Liberty Travel Coach to help people relocate to unique liberty destinations. Charlotte resides in Mexico and will help you find a home where you can have freedom and live in a community of like-minded people.

Liberty Travel Coach promotes a lifestyle of personal responsibility and liberty, potentially within self-sufficient communities. A change to your environment, community, and lifestyle through Charlotte’s one-on-one coaching services and relocation travel retreats will help you feel renewed, happier, healthier, safer, and free to live the self-sustaining life offered by liberty-loving communities.

The information provided in the Liberty Travel Coach blog does not constitute legal, tax or financial advice. It does not take into account your particular circumstances, objectives, legal and financial situation or needs. Before acting on any information in the Liberty Travel Coach blog you should consider the appropriateness of the information for your situation in consultation with a professional advisor of your choosing.