A Three-Bedroom House on a Hill in Portugal
$847,000 (780,000 EUROS)
This three-bedroom, three-bath modern home is simply outdoors Marco de Canaveses, a mountainous metropolis of about 50,000 residents in northwest Portugal, an hour east of the coastal hub of Porto.
“This house was very personally constructed,” mentioned Luisa Correia, the itemizing agent at Sotheby’s International Realty’s Porto workplace. “The owner is an engineer and his son is an architect, so they were very much in sync with this house.”
Built in 2003, the 5,661-square-foot home sits on a terraced hill overlooking the Douro River, the waterway as soon as used for the transport of port wine. The one-acre lot, which is secluded by bushes and pure hilly contours, was initially occupied by a granite-block farmhouse, the ruins of which have been integrated into the development.
“The concept kept the traditional, local character and at the same time introduced a very modern perspective,” mentioned Pedro Pinto, the house’s designer, noting that the location echoes the agricultural stone terracing system referred to as “socalcos.” “The house’s complete integration into the natural environment considered the pre-existing trees, rock formations, morphology of the ground, its geology and human occupation.”
The entry degree contains the kitchen and a mezzanine eating room, and connects to an annex containing the bedrooms, which function Jatoba Brazilian cherry-wood flooring and oak wall panels, all chosen from sustainable sources. Ample storage closets line the hallway. The master suite contains an en suite bathtub with a hydromassage tub.
The kitchen has a big, stainless-steel, cantilevered counter housing a twin gasoline and electrical cooktop, and extends right into a eating floor that seats six. Integrated home equipment are by Bosch, and the cherry-wood cabinetry was designed by the Danish firm HTH. Local craftsmen labored on finishes, such because the granite flooring and an adjoining out of doors eating patio constructed with stones from the earlier construction.
A rest room, laundry and pantry off the kitchen result in the four-car storage. Some furnishings could also be negotiated individually.
The decrease degree, reached by an open staircase, contains the expansive lounge, with a double-height ceiling, two glass partitions and a pellet-fueled fire. Sliding glass doorways result in an elevated wooden deck overlooking the valley. Stairs lead right down to the terraced backyard, which is planted with fruit bushes, flowers and pure fauna.
A planted backyard covers 80 % of the rooftop floor and assists with power effectivity.
Marco de Canaveses is understood for its undulating topography, with some areas in the Aboboreira and Montedeiras mountains reaching practically 2,000 ft above sea degree. The coastal metropolis of Porto — dwelling to port wine, which is known as for the town — is 45 minutes west, as is Francisco de Sá Carneiro International Airport.
Porto’s metropolitan-area inhabitants of about 1.three million makes it Portugal’s second-largest metropolis, behind Lisbon, the capital. With its historic river, Atlantic Ocean shoreline, UNESCO-recognized metropolis heart and trendy airport, Porto (known as “Oporto” domestically) attracts vital worldwide funding, mentioned Gustavo Soares, managing director of Engel & Völkers Porto.
“In the last decade there was a strong public and private investment in the old town,” he mentioned, ensuing in a “complete changing of the city.”
Mr. Soares pointed to new luxurious lodge tasks and renovations of homes in the town heart for use as Airbnb leases. Investment, he mentioned, has “evolved throughout the city, especially closer to the river and the sea.”
Adrian Bridge, CEO of the Fladgate Partnership, a port-wine producer, mentioned international corporations view Porto as an “open and safe place to do business,” noting that the town has boosted its profile in latest years by luring high-tech companies reminiscent of Vestas, a wind-turbine firm, and evolving from conventional textile industries to high-tech materials.
“We look at California slightly when we look at dynamic places with new technology,” he mentioned. “Why not have that here?”
Mr. Bridge has performed an element in the town’s renaissance: In 2010, the Fladgate Partnership constructed the five-star Yeatman Hotel, and the corporate now has plans to open a 323,000-square-foot World of Wine vacationer attraction in its warehouses in the Vila Nova de Gaia neighborhood.
In Porto’s historic heart, Mr. Soares pointed to a three-year development of 20 % year-over-year worth will increase in the premium housing phase, which he mentioned begins at 300,000 euros ($325,000) and averages 650,000 euros ($705,000). Houses in the upscale seaside neighborhood of Foz do Douro can fetch as much as three million euros ($three.26 million).
For the nationwide housing market, Portugal’s National Institute of Statistics reported a 9.6 percent year-over-year increase in housing prices in 2019 — though that was a 0.7 percent drop from the gains in 2017-18. Prices rose 10.1 percent for existing dwellings, and 7.6 percent for new construction. As of November 2019, prices for apartments were up 9.8 percent year-over-year, to an average of 1,402 euros a square meter ($142 a square foot), while prices for houses rose 4.2 percent to an average 1,162 euros a square meter ($117 a square foot).
Last year, the institute reported, the country’s north region, which includes Porto, was responsible for 39.3 percent of the total building permits and 42.9 percent of licenses for new family housing construction.
The institute noted these figures do not reflect the current conditions caused by the coronavirus pandemic, and it expects that “analyzed trends will change substantially.”
Mr. Soares said the pandemic is “testing Portugal as a country and the health of our institutions,” but expressed optimism.
“Of course in the last month things have been down, but I think the crisis has normalized the market,” he said, noting that escalating asking prices required a market correction. “I think that the market was needing this.”
Ricardo Costa, an agent with Christie’s International Real Estate in Porto, said “the mechanisms for recovery already exist,” citing Portugal’s participation in the Golden Visa program, which grants residency permits to non-European Union residents who buy property valued at 500,000 euros ($543,000) or more.
“With this crisis I think things will change,” Mr. Costa said. “I think people will look to have more space and spend time outside. We already have seen this shift in the inquiries.”
Who Buys in Porto
Pedro Soares, an agent with 100 Domus in Porto, said Portugal’s location in southwestern Europe attracts a wide swath of buyers: “It’s appealing for its strategic location that easily allows it to establish connections with Africa, Europe and the American continent.”
Porto has long been popular with British and French buyers, as reflected in its prestigious international schools. The city also attracts Brazilians, thanks to a shared language (though different dialects), and increasingly more buyers come from Asia and Israel, said Gustavo Soares of Engel & Völkers.
Mr. Costa noted that Americans make up about 15 percent of his sales in value, and “about one quarter of our sales” in volume. He noted that most of his clients are looking for three- or four-bedroom condominiums in the 1 million to 1.5 million euro range ($1.1 million to $1.6 million) — “something with style that is affordable luxury.”
There are no restrictions on foreign buyers in Portugal. Notaries or specialized attorneys can assist with the transaction. Either party can hire the agent, but both must appear on the day of the public deed, said Eugénia Bessa, a notary in Porto.
The fees are based on the “complexity of the work to be performed by the notary and the amount of the transaction,” she said, adding that on average, the process can cost between 1,000 to 2,500 euros ($1,090 and $2,720).
Languages and Currency
Portuguese; euro (1 euro = $1.09)
Taxes and Fees
Leonor Monteiro, a real estate attorney with Martínez Echevarría & Ferreira Lawyers in Porto, said there is no transfer tax for properties purchased as a primary residence for less than 92,407 euros ($100,000). Above that price, the taxes increase on a scale to 7.5 percent. Taxes are slightly higher for properties purchased as a second residence. The value-added tax is 23 percent on the notary fees.
The real estate agent fees, typically 6 percent, are paid by the seller.
The annual property tax on this house is 270 euros ($293).