LISBON Is this the next Shoreditch? A spotlight on Mouraria, Lisbon.

With a reported 95% of Lisbon’s property still primed for renovation, it’s a city in constant metamorphosis. Yet while first-time visitors tend to be attracted to the elegantly bustling Chiado, sophisticated Barrio Alto and the buzzing bars of Cais do Sodré, its in neighborhoods such as Mouraria where forward-thinking developments are driving the evolution of the next generation of hot-spots.

LISBON

Is this the next Shoreditch? A spotlight on Mouraria, Lisbon.

With a reported 95% of Lisbon’s property still primed for renovation, it’s a city in constant metamorphosis. Yet while first-time visitors tend to be attracted to the elegantly bustling Chiado, sophisticated Barrio Alto and the buzzing bars of Cais do Sodré, its in neighborhoods such as Mouraria where forward-thinking developments are driving the evolution of the next generation of hot-spots.

Mouraria Neighbourhood Lisbon

"When it comes to how we approach development in Lisbon, we always choose prime locations, but the key is that the building has to have something special," shares Artur Moreno, co-founder and partner at Stone Capital, one of Lisbon’s leading developers. "Be it special views, a secret garden, or hard-to-place charm – there has to be a magic to it, we have to fall in love. Lisbon’s culture is so closely tied to its architecture, that even new developments need to retain the story of the past – we resurrect old Stone."  Unique in the market, almost all of Stone’s  developments are restoration projects, specializing in buildings over 100 years old to retain the façade and maximize original features, while incorporating slick new interiors and modern amenities.

It’s this preoccupation with retaining Lisbon’s architectural heritage while bringing a new level of sophistication to the city’s rapidly developing real-estate market that spurred Lisbon’s Camera Municipal to work alongside Stone Capital on the multi-million euro regeneration of Mouraria, one of Lisbon’s oldest and most traditional neighborhoods.  One of the only pockets to survive the city’s devastating earthquake in 1755, Mouraria retains an Old World intimacy unique to the capital. “Mouraria is the soul of Lisbon”, says Artur.

Incorporating 15 new buildings, to be completed by 2018, the Amouraria project has been evolved with the support of the city hall to bring about the revitalization of the neighborhood without losing its essence.  “It is vital is to retain the corner-stones that give the neighborhood its character, working in partnership with the local residents” - this means that the city works to revitalize local squares and churches, while supporting the traditional butcher, baker and grocer who have been here for generations.  In conjunction, Stone partners with local entrepreneurs to incorporate new café’s and restaurants into their developments that are connected to the neighborhood through social projects.

If it was the regeneration of the Martin Muniz square that laid the first foundations for Mouraria’s evolution, it’s the prime central location and 4,500 EUR average price per sqm,(almost half of adjacent neighborhoods) that has ignited the interest of local artists and international investors, avid to catch the next Shoreditch or Meat-Packing District before prices explode.  “The main interest so far has been driven by French, South African and Brazilian investors”,  highlights Artur, “one investor snapped up an entire building in a day.  There is a real sense of excitement” While Mouraia’s proximity to the center and transport links make it attractive for buy to let investors and the short-term rental market, the local neighborhood vibe, great views over the Castelo de São Jorge and affordable pricing are already drawing the city’s artists. Young families are particularly drawn to Amouraria’s amenities, such as swimming pools and under-ground parking, unique in the neighborhood."Ultimately, we have a huge social responsibility to revitalize the neighborhood in an intelligent way, thinking about the life and future of its residents", says Moreno.

Experience Mouraria’s charm first-hand through our short film (here)

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