In an international context of strong economic and political uncertainties, Portugal has the chance to “emerge even stronger”. This is the analysis of Marlos Gonçalves, Brazilian, founder and CEO of Piquet Realty Portugal, a real estate brokerage focused on high-end investments. Operating in the country since 2019, Marlos has monitored the significant weight that Brazilian investments have on the Portuguese economy, which causes changes in the construction pattern of projects premiumwith the creation of, among others, more comfort and leisure spaces in condominiums, to the creation of a positive financial ecosystem for this type of client.
“Banks here like to provide financing to a Brazilian client who has the capacity”he states. For 2026, an election year in Brazil, the perspective is that the local real estate sector will benefit from “the dissatisfaction of part of this community”, which will likely opt for investments abroad, driven by discontent with whatever the result of the October elections.
Was it always the idea to focus on high-end properties in Portugal?
We have always wanted to have the best in terms of products and experience in the markets we are in. Both Cascavel and Lisbon. Working with what is premium, in a different way from the markets we are in.
And how has the premium evolved over these years, who buys these properties?
The first big wave, I think it was the Chinese, because of the Golden Visa. So there wasn’t much need for it to be a specific product, it was a product that gave the Golden Visa. Then the wave of Brazilians and Europeans started to come, largely due to the RNH (Non-Habitual Residents Regime), and then you start to have a need for slightly different products to serve these communities. Speaking of Brazilians, I think maybe they have some very different characteristics than here. You even had a maid’s room, but in some older apartments, in the past. Common areas, open areas, gourmet areas, and at the beginning it was difficult for you to even convince the developers that this was important.
Is there this specific focus on characteristics to serve Brazilians?
I wouldn’t say it’s made to capture Brazilian customers, but it’s made with Brazilian DNA. There are some developers here, for example, who are Brazilian. I think they also have a little responsibility for bringing this concept of the gourmet kitchen, the gourmet area on the balcony, the amenities in the condominium. We also start to give more value to the issue of some security in the buildings, having a 24-hour doorman, which is not just for security, but for the delivery that you need to have, for convenience.
Is this client already in Portugal or abroad?
We have the first client, who arrived and came to test Portugal, fell in love and now knows that he will stay longer. We have a lot of Brazilian clients who come in and say ‘I don’t want to spend 10 million euros on a house, which is a lot of money’. Then he goes and rents a house for R$30, 40 thousand a month to test. And very quickly he becomes enchanted. And then when he is enchanted, the client who is willing to pay 10 million, or 15, he wants everything his way, right?
Is it easy to invest in Portugal?
High-income Brazilians have always looked to invest outside of Brazil in the United States. And then you have some very strong differences. In the USA you have to set up a company because if you die, for example, inheritance in the United States is taxed very heavily. You have the cost of setting up the company, then there is the accountant that you have to pay every year, the lawyer… there is already the initial cost. Second, the condominium of any T2 or T3 apartment in Miami will cost 2.3 thousand dollars per month. Third, you can get financing in the United States, but it’s not easy. Here, for a Brazilian, even a resident in Brazil, it is very simple. Banks even love our Income Tax, because it gives debt, income and assets, while the IRS in Portugal only shows your income, in Brazil you show your entire life. So, banks here like to provide financing to a Brazilian client who has the capacity.
Do Brazilians still want to come to Portugal? What is the outlook for 2026?
We believe that it will be a very heated market. We are going to have another year of elections in Brazil and it is a classic year of dissatisfaction on the part of this community. I would like Brazil to be going through a calmer time, but for my business, if one wins, or if the other wins, the election year, or soon after, will always be good, because there are always those who are unhappy with what happened. These war movements also stop at first. Whenever you have any type of uncertainty, people become paralyzed, but of all the recent war movements we have had, Portugal has always emerged stronger. When there was a war between Ukraine and Russia, it was filled with Ukrainians and Russians. Poles, whoever was nearby. Portugal once again has an opportunity to emerge even stronger from a crisis that is happening today.
caroline.ribeiro@dn.pt
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