For international property investors looking for a prime opportunity, old Lisbon offers rows of buildings ready for new uses. There are many picturesque buildings available for purchase along the streets and amongst the old architecture of the city. Recently, actor John Malkovich has brought a bit of Hollywood atmosphere to the Santa Apolónia district with his restaurant Bica do Sapato, in which he is a partner.
Some of the oppportunites and listings in Lisbon include recently renovated apartments and a 17th century palace. The one and two bedroom apartments in a renovated building in the heart of the Chiado district are priced between €490,000 and €662,000 and serve as an example of what investors can do in the old city. The palace was constructed in 1606 located in the heart of the traditional “Alfama” neighborhood, with 10 bedrooms and nine baths.
Lisbon is a legendary city with over 20 centuries of history and is close to the ocean. The Alfama is one of the oldest quarters in Lisbon, and it largely survived the earthquake of 1755 and still retains much of its original layout and charm. Adjacent to Alfama are the other old quarters of Castelo and Mouraria, on the western and northern slopes of the hill that is crowned by St. George’s Castle.
While the older quarter present many opportunities, international investors have traditionally looked at the coastal suburbs of Cascais and Estoril, where prices continue to escalate. Within the city itself of Lisbon itself the exclusive neighborhoods of Lapa and Restelo cater to the wealthy and are expensive.
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