Duarte Nunes, investment advisor at Edmond de Rothschild argued that headline figures showing most luxury buyers are Portuguese mask the reality that in the Algarve foreigners make up 20% of purchases but almost half the value, that over 80% of Portuguese savings sit in property rather than productive Portuguese enterprises and start-ups, and that Portugal’s stability is the moment to change that with support from international investors, as well as to educate the domestic market in diversification away from purely physical assets.
Growth is concentrated on the coast and big cities, and housing pressure is more complex than international demand alone, so spreading investment inland is both opportunity and necessity. And families stay for infrastructure rather than property, above all international schools, now a pull factor alongside work and climate. We already see that with the start-up campus in Sines, along with the accelerator programmes here in the Algarve.

On life, legacy and education, Chris Long, the director of Nobel Algarve British International School in Almancil, part of the Globeducate group, argued that a school place is absolutely fundamental to a successful relocation.

Richard Clingen owner of The Portugal News said the flow of capital is real and set to continue, with investors, family companies and funds crossing his desk weekly, including one looking to build data centres. What’s important is to enjoy and believe in what you’re doing and we need events like this and organisations like Portugal Pathways and the Portugal Investment Owners Club to connect everybody and use the power of media to tell Portugal’s economic story and take everyone with us.

Nuno Sanches, founder and partner of Cascais Ventures explained that the Golden Visa’s donation route has raised €30 million for culture in just over a year, and this shows that international people want to support culture.

He added that second and third-generation industrial businesses need capital for marketing and international presence rather than production if Portugal is to become a luxury brand alongside France and Italy. António Guerreiro, executive director of Algarve Evolution, which supports start-ups, said Portuguese investors are conservative and favour property, whereas startup investment in the Algarve is overwhelmingly international, and that returning Portuguese with a global mindset combined with residents who give back is building an economy beyond real estate.

Nunes warned that productivity growth is negative and GDP per capita is diverging from Europe, so the Portuguese must diversify beyond property, while Hugo Vau at Atlantic Wave, recognised for surfing the largest wave in history, said that investing in culture, health, education and the environment creates a virtuous cycle for everyone.

Alina Obolonska head of real estate at Portugal Pathways argued that the debate over housing costs is more complex than it looks, and that blaming the rise in prices on international buyers alone ignores the deeper challenge that needs all stakeholders to work together to solve, including the government.

José Manuel Nunes, partner at CMS Law reported that the new planning framework, that has just come into force, is already accelerating licensing, with a major Lisbon scheme approved in three months, and that approved coastal projects between Lagos and Sagres are being held rather than sold because owners expect them to be worth more once built.

The expert panellists and speakers in Quinta do Lago included an international private banker, a media owner, a leader from an international schools group, wealth managers, a cultural investment fund, a regional innovation body, a big-wave surfer and ocean conservationist, a luxury real estate leader and planning lawyer.

The Portugal Investment Forum was organised and hosted by Portugal Pathways and the Portugal Investment Owners Club.