Are Oeiras and Cascais alternatives to Lisbon to buy real estate?

Portugal registered a big dynamism in the real estate market, and Lisbon is no exception. The offer in the capital isn’t enough to give an answer to the growing demand. Due increasing pressure in the market, was registered an exodus of inhabitants to the surrounding areas of Lisbon, like Oeiras and Cascais.
 
These areas are being searched as an alternative to the capital, not only by the internal market, but also by foreign clients, that chose these locations due to its proximity to the see, accessibility to Lisbon and life quality.
 
The municipalities are aware of this situation and fostered some measures to capture real estate investment.
 
Cascais’s Municipal Chamber reduced the property taxes in 2020. The owners of the renovated buildings will benefit of an exemption for five years if the real estate is located in the Urban Recuperation Areas, or for three years in the other locations. Nonetheless, the property tax will reduce to the 0,35% and the discount for numerous families will maintain.
 
The lack of offer registered in the municipalities, combined with a strong demand, result in costs higher than the desirable and bearable by the middle class. And even the expected construction, is directed to an higher segment, and that does not give an answer to the demand focused in an average segment.
 
According to Luís Lima, President of the Real Estate Mediating Professionals and Companies Association (APEMIP), the average values for sale are 2.478 euros per square foot in Cascais, and 2.134 euros per square foot in Oeiras. However, some zones/parish in Cascais register higher prices than the ones in Lisbon.