Belém ticks all boxes
"We’d done a lot of searching in Lisbon on our own but we just couldn’t find a property that had everything. Then Covid hit!"
With strong ties to the banking and private equity sectors across Europe and the Far East, Paul Jansen had seen Lisbon’s popularity and prominence grow and had been watching Lisbon for a few years, scouring the market looking for the right place.
Based in Hong Kong, he wanted to rent his property initially with a view to visit for extended periods in the near future and eventually moving there long-term. Such a property, however, would need to tick a lot of boxes, hence his considerable search.
“Space was important - we wanted at least three bedrooms - but then it also had to perform on the rental market and be within an area that we could call a home.” said Paul. “We’d done a lot of searching on our own but we just couldn’t find a property that had everything. Then Covid hit and whilst we still wanted to continue, it meant visiting Lisbon was completely out of the question.”
“Paul and family were not the only ones to find themselves in such a position during the peak of the travel restrictions,” commented David Moura-George, Athena Advisers Portugal Director. “Hundreds of our clients wanted to continue or finalise their property purchases in Lisbon but were suddenly unable to travel. Fortunately, with many clients based in places far from here, helping clients invest in property remotely is something we’d become accustomed to way before the pandemic struck.”
“Athena’s team in Lisbon made a shortlist of properties that fitted all of our requirements and took us on long virtual tours of the neighbourhoods using facetime and combined this with maps and brochures,” continued Paul. “It was as close to being there as possible and really made a difference. In the end we decided on Belém, to the west of central Lisbon.”
“Belém is very accessible, not too far from the centre and it also has its own character.”
Paul and his family chose Belém as they felt it was the bridge between the busy centre and then not too far from the beaches of Carcavelhos and Cascais. Considered the most southwestern neighborhood of Lisbon, its extensive coastline extends from the 25 de Abril Bridge to the western suburb of Algés and although it's only small (10.43 square kilometers) it is a popular area for families and commuters, which means well-located properties also perform well on the rental market.
“We really liked Belém as it was a very accessible area of the city, away from the centre but also not too far either,” continued Paul. “It also has its own character that’s different from the rest of the city and we can see ourselves living there in the future. For now, though we want it to generate rental income.”
With high demand from local residents and extremely popular with tourists, good properties work well on Belém’s long and short-term rental income. As with the rest of the city, short-term yields are potentially higher,%, and as there is also a good local market, it becomes a safe investment whether long-term or short-term.