Market Snapshot Real Estate LISBOA, 1st Half 2018 Disclaimer

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OUR PERSPECTIVE SUMMARY PRICE STATISTICS PRICE EVOLUTION LEASE YIELDS FEATURED LISTINGS ABOUT US CONTENTS

OUR PERSPECTIVE SUMMARY PRICE STATISTICS PRICE EVOLUTION LEASE YIELDS PROPRIEDADES EM DESTAQUE A NOMERA CAPITAL IS NOT PORTUGUESE, IT IS OF THE Prices per sqm in some selected European cities Braga, Portugal 1,098 € WORLD Sofia, Bulgaria 1,376 € Sofia, Bulgaria 1,376 € The economic globalisation of the last decades has changed Coimbra, Portugal 1,842 € the competitive paradigm of large cities, to play a more Malta, Malta 2,250 € important role than their own countries. Today, Lisbon is a Zagreb, Croatia 2,300 € Budapest, Hungary 2,395 € global city which competes with other large cities in the Porto, Portugal 2,550 € global sphere, becoming – however much it costs us - less Glasgow, United Kingdom 2,606 € Portuguese, more European, more worldwide. Manchester, United Kingdom 2,688 € Warsaw, Poland 2,793 € This movement began with the globalisation of goods and Athens, Greece 2,846 € services. For many years since, it has no longer made sense Bratislava, Slovakia 2,854 € Marseille, France 3,063 € to travel abroad to shop, as the same shops which one can Brussels, Belgium 3,129 € find in London or Paris can also be found in Lisbon (of course Ljubljana, Slovenia 3,330 € there are some differences, but this is just to illustrate the Prague, Czech Republic 3,831 € Lisbon, Portugal 3,985 € idea). Multinational services also have established a physical Moscow, Russia 4,046 € presence in all the large global cities. Madrid, Spain 4,444 € Lyon, France 4,496 € Presently, we see the globalised movement or relocation of Barcelona, Spain 4,700 € people, as we would want. The European Union created the Berlin, Germany 5,228 € Copenhagen, Denmark 5,844 € free movement of people and goods, but this was delayed Dublin, Ireland 5,953 € OUR OUR PERSPECTIVE until European citizens took advantage of internal Frankfurt, Germany 6,583 € movement, such as the possibility of studying in another city, Amsterdam, Netherlands 6,676 € working for some years abroad, or even taking advantage to Stockholm, Sweden 6,991 € Oslo, Norway 7,656 € start a business in a new destination where talent abounds, Milan, Italy 8,439 € and with a cheaper and better climate. For a long time, we Munich, Germany 9,824 € were bound by physical constraints – a thing that makes little Vienna, Austria 11,559 € sense today. Zurich, Switzerland 12,602 € Paris, France 12,796 € London, United Kingdom 14,831 € Source: Global €Property- €2,000.00 Guide€4,000.00 | €6,000.00 Analysis:€8,000.00 Nomera€10,000.00 Capital€12,000.00 €14,000.00 €16,000.00 OUR PERSPECTIVE the and have evolution In best – about Independently reaching already foreign people into The course, cosy reasonable capacity, benefitting students, level Vienna, Barcelona, (and Lisbon this light reality not effect strategies of a to city collaborates) this is is competing are place attraction exists Copenhagen, analyse relative the Lisbon languages of for currently of of with of situation Berlin, of prices, fewer, the reality from this real its this where tourism to in . of nice to country them excellent help of estate Paris, new where excellent other is at whichever - the playing to excellent with start than and people, transforming the foreigners our which in Stockholm, “Portuguese” framework, Milan, . which level prices - one it global comparison ups, other clients Business is Portuguese this festivals we not excellent hears of with value infrastructure London, in gets chess real cities, are must global get our the the etc its Schools, more with when estate the Lisbon mission more judgment … to high world . adapt game, centre city atmosphere, perhaps Amsterdam, best cities This Competing top other English - investment centre end we and - of quality and of to level results and and of phenomenon the global like analyse do conferences one Portuguese delayed Lisbon, cuisine define and competes artistes, of that past . hoteling hubs, Madrid, Prague, and at Lisbon makes . cities, other here and the the the we of of at in a Habitual increasing service the the while where Asian economical the from price in out foreign for clients, and for The and whether couples We Lisbon rehabilitation can rent retirees for most small present advantage residences these while benefiting countries, they who offerings prohibitive clients no who Resident one in - likely a time the longer being cities premium Lisbon, from situations, could reality in accepts buy liquidity who turn will investors of of from etc with for the just and programme houses think go premium prices never living is . want evaluate Barcelona health, who that quality north it a the direct for to like of of 2 or be to in hour from in in their to Golden transformation of want a not, Turkey, of reality buy again Paris, case flights top a quality, live whether investment apartment . or Europe, and retirement nicer countries that to a cuisine in . things Visa Amsterdam London house dominated Brazil, have every 30 the is to climate, to - minute programme no who city sell for a funds and invest get in one South into in thanks longer plan or Europe a have to centre, fragile recreation, out . Milan, fraction by hour with flight hotels, buying They in sophisticated B Africa Portuguese to discovered a of the in . . and excellent They property They because, politico the distance and control, Europe, are offices reality, of assets some look Non and get the the are are - OUR PERSPECTIVE overheating lease According appreciation stay fundamental For having leasing, When greater the capital the yields With year, increased while gradually this When valuations Lease same supply the and present a close market, we to the we gains even very than it already decrease market level yields analyse confirms decreased since discount with capital and sharp … . in been that to is that decade, there the of necessary the 2013 the 4 at of returns, the to increased the - capital market at 5 gains that 14 the continue % analysis the are demand , continue from return a . yields , 5 reaching it sales % very the no in . 12 . valuation, an (property This in confirms - year from month returns rates visible order the discounted income market of fast at explains a return the first to 2011 the pace, to on sustainable worrying the to Euribor . have year, maximum that valuation) increase quarter residential level to on why support given would sustain from 2012 remained very lease investment of the to of proportional signals that the . expect leasing growth, of 2018 the close gap have real yields the Euribor 30 to constant, yields market between . estate . 8 (yet) leasing sustain to greatly capital % in is have it 5 last still - the 12 % to of of in is , Source: - 14.8% 2011 3.9% 5.9% 5.9% 2011 Confidencial - Effective Effective Return Discounting Euribor 2.008% 8.9% - 5.9% 2012 2012 4.8% 5.9% 7.8% 1.108% Imobiliário Capital and Lease Capital and Lease Returns - 10.9% 1.9% LeaseYield 5.2% 5.6% 2013 2013 4.7%

Rendas 5.2% 0.536% e www.global 11.7% 5.0% 6.7% 2014 2014 5.0% 4.6%

Euribor-12 0.475% 12.7% 5.1% 7.6% 2015 Capital - 2015 4.9% rates.com | | rates.com 5.1% 0.168% 15.8% 10.6% 5.2% 2016 5.2% 2016 5.2% Total Analysis: Yield

-0.035% 30.8% 26.0% 4.8% 2017 4.9% 2017 4.8% Nomera - 12 -0.145% 2T2018 4.6% 9.9% 14.5% 2T2018 4.8% Capital 4.6% -0.181% OUR PERSPECTIVE the maintaining rent and happen market With building guarantees of yield/building value and With today interest an monetary For already similar predictable current overheating, If in … - but thumb, interest up example, building’s us keep for to . the the of to to everything to : yield impacted valuation, rates a increase by 1 the understand the current what ) yield 1 policy, here in % 240 that to the a rates gets rent we on same given cost order price, increase return the of ( quickly constant 12 an will the there real we which to to level everything 5 at ! / FED returns apartment % 0 to that that be ECB analyse can - . carried the 05 estate 16 € requested of keep of 2 6 in in % are supports . , is % 7 100 impact get would rent, the )] 5 change % interest the , interest € (now % . . which . 1 /month, the no out the can , 750 USA yields just T the the 2 soon of at same by impact a visible change which this x means rate impact have the 6 simple divide rates, with 12 implicit the % of that increase yield ) € / change at it 1 is € just investor, leasing of , worrying very that is 420 750 the it valued approximately is exercise is the necessary is a a means done, , /month income + 000 1 € two quickly, 1 devaluation in interest % 1 price % 20 , 750 sustain ) at the the increase things [As . % which increase € signs To that 420 cycle income (annual implicit ; of for a as which make rates, or rule , 000 0 it can has the the the the % of of of 2 in is - ) , Monthly Monthly Rent Market Yield Investor Yield Interest Rate Property Price Monthly Rent Market Yield Investor Yield Interest Rate Property Price Analysis: Nomera Scenario Scenario Scenario Scenario Capital 2 420,000.00 € Ano Ano 1 Ano 420,000.00 € 420,000.00 1 – property price property 1,750.00 € 1,750.00 € 1,750.00 – Property steady rent 1 RentIncrease, steady 5.0% 5.0% 0.0% 5.0% 5.0% 0.0% price 350,000.00 € Ano Ano 2 Ano 2 420,000.00 € 420,000.00 1,750.00 € 2,100.00 € 2,100.00 decreas 6.0% 5.0% 1.0% 6.0% 5.0% 1.0% Valorização Valorização e , - 16.7% 20.0% 0.0% 0.0% OUR PERSPECTIVE since contributing almost The more million from Organisation According the country tourism Portugal, country Tourism prediction gradual, Note, saturation an market remains than real impact With real economic estate number 15 2000 this significant abroad however, which – % can 12 estate boom, in constant and continues a such % and simplified . in point of market more no 168 with to the analysts, last for (UNWTO), in the of market slow which Lisbon longer % . the that increase that than real 2010 asset foreign . year, - increase increase A the that largest down, to exercise, the 1 . contributes estate . a one the % sustain price, in at In 0 Portugal be is, United of . increase increases 75 tourists . particular, a 2016 decade, in market economic visitors in % Globally, a or record where interest the increase leverage a a , because rise, scenario to received the can Nations reader that in in and the the adjusts of either only this continues number interest growth cause rates is largest 12 also appreciation visit of expected it decade in sees . 6 Japan 7 . . can growth because has 8 World a which directly million Following Portugal of million break rates grew growth the have the . reached to recorded in the potential are enjoy of Tourism for impacts country there to 2019 people, arrivals of on of more lease grew very 18 rent the the the the . its . is 2 a a Source: spend complaints infrastructural The higher The went The 93.7% growth total fast Observatório up 91.9% many than to Hotels occupancy rate in Lisbon city revenue rate 77.9% almost from 80 is hours % do Turismo de do Turismo 14 of growth, 59.5% . % locals 17 in . from tourism The 3* % 60.0% lines , to and average hotels, Lisboa and . 66.6% 3 4* . is 4 from billion this not 79.5% | including occupancy 5* Analysis: tourists being 86.0% is euros Global starting Nomera 88.7% domestic in accompanied themselves, rate 2018 88.8% Capital in to until 85.3% hotels tourism, create now who 86.8% by is . OUR PERSPECTIVE • • bubble the the Beyond RISK return practically point These € ago residential case building real Difficulty to more to of must have construction Increase market 2000 market FACTORS find labour the : estate – of the be gone /m selective of on price many workers one the two 2 for . due view in risk investment . Many in zones impossible Now projects in could up, the “ rehabilitation levels IN Avenidas big orders prices to of finding . of for Many THE between constructors two interest short construction risks the the in find small make : the they were . asking MARKET factors It promoter, which owners interesting Novas term to keeps buildings capital, renovation rate receive, it € € get at 1000 1300 : completely price can and ”, increase adequate increase, have getting : complain a one where /m - given affect reasonable € costs contribute and is for 1500 2 assets difficulty of jobs . more Currently, more rehabilitation in this : the that the – we /m price inviable, ; of demand until 2 for Until than has currently sustainability most not . difficult it in . to This risk will 2 developing Look made responding being € a or the 4000 attractive from adjusted and recently, increase become housing 3 to at see prices up years them /m able lack find the the to of in 2 . • Nomera Following can depends the In and product, necessary, intervention lack In WHAT the disservice urgency January Portugal, 2017 outside the price statistical market educating Real our create commercialisation of sector first real opinion, MEASURES supply Capital, at there estate and fundamentally bubbles some the place, 2016 which professionals in to estate enjoys of market to on the their were inflates limit get which particular the in are agencies the and real all considerations properties . agencies the property CAN listings are important data of 5 must clients part estate February , more 445 . the current the on cyclical BE which of be real price the to must fair at agencies the than TAKEN owners should are about real conscious : whatever 2018 provide market estate market support promoters management of and placed half which, have estate ? assets, . and not price involved This were agencies that conjuncture prices that the on the an their accept cost, in market : creates the created its It the developing definition market the active the . in of At is attention but sustainability clients operating market, their price good risks opinion agents the up a ; this in between very role end to design of which which raises times with is and and the the the big are in of of in a OUR PERSPECTIVE • • pressure government in URA, for there of concentrated Rehabilitation Market unnecessary going prolonged which prices must minimum development value acquisition assets adjusted Real that the rehabilitation estate contributing take are means for could of capital, forward area on agents other returns of developing the into of than . the developers 15 to risks It fall on buildings of that largely % extend is account ARU areas Area acquisition with a the the ; 10 : to and up need to the project % We . 20 rehabilitation current the to in the real (URA) that to motivated % the time for have the the . must a reduction to 20 Whoever estate deal, with negative incentive rehabilitation, would % . : of city government is look , seen And Promoters properly and absorption return too which it projects, by reduce of if analyse several is of a scenario scheme beyond public this buildings high decreasing the better on could evaluate in and have the must for investment prices could transactions the which to incentives to in be example than pressure the to investment in reduce been allow mean which attractive of the be the the demand the Urban taking assets more local base . URA very at risk not the the the the Yet on of a Europe already pages, interest risk London liquid Also, and On repeat and our after Europe, to attractive better product On slowing there Europe of optimistic In OUR our the be the acts last one we is RECOMMENDATION the the are when in growth here . than opinion, affected will other and have with rates happening down or Market of as the hand, construction . lifestyle real some However, Berlin, . have a Lisbon the other compared excellent presented centre . is hand, “safe cycle estate very and we United Snapshot, by zones proposal, significant which European harbour” has in if capital are of we for of real, Lisbon market connections the of the to States in the believe in a in all optimistic the and many other global United S a the Lisbon market, that its flows axis . situation impact is capitals . Presently, new of as geographical As capital a that arguments has for European Lisbon we global value can which States is airport) (and not because we USA, been . a have on of The be perfect where only are the it for city, in the increased stir and seen will Brazil, shown . stated, capitals city which in As particular location risk money in it the up market the be will there city in we benefits Lisbon offers of the African even in this real final we we happen argued perceived to increased like previous which . is allows market will remain This report, live a is better estate but phase some Paris, from very and less not in, in in in is is it . OUR PERSPECTIVE • We these opportunities, The chapter), over Relative below finding In Recommendations rent out, maximises important risks leveraged to previously, leases particular Invest this would - heated outskirts zones 7 the % and do market value in , to ) São and . market like is in not a localisation, It . not areas (low scenario Domingos the long the is extremely to assets, assets to although also forget phase, for of important share yields average buy yields exposure - yourself term (Tier outside for Lisbon that with for of we some well . we buyers , the When continue , 2 leases . a scarce, you recommend long ; prices recommend and to that cycle contagion the at investment also credit), : are buying . - fair term Tier URA Alcântara this The inversion to (at and, buying offer prices, be 3 investment a in an (for supply has lease a – getting set very suggestions as order apartment defensive for see some , . already example level : It we in interesting those Buy of the is to value a , have particularly reduce interesting of be etc) - long spread way to following strategy, who : to quality) - a . let, in - lease term seen little that ( less will the 5 to % in , • • of offer level, sophisticated and saw boutique Boutique additional subdivide them idea, € level necessary keep international Lisbon general There students, scarcity 5 Business Student 500 , 000 the before, personalised of the we per the seeking students, to is city, . level, superior a of Lisbon student suggest School lifestyle in residences bedroom significant lifestyle to quarters city wherein strong quality occupancy the a reinforce students, not zone tourism charming we continues continues quality larger of bedrooms to hotels, service buying ; one pace hotels have provision that (sometimes : say Economics lack this rates a with feels . With has hotels across movement started in Rent from apartments, of : combined up supply, We to . the to in supply at not demanding It apartments to the values Lisbon a still home attract the in is attract more) next in to good been accommodate sometimes and historical opening see of feel biggest Carcavelos with which . are keep coming student . naturally perspective in active thereby more As more the the accommodation particular around and we getting an universities effects zones, of cultural demand possible lodges believe years investment and and converting for prepared the so creating 350 . higher, As of up at . which many more more offer New € It at will the the we for to to to in is a . OUR PERSPECTIVE • • a sale could buying as networks, Houses more Skycity of Miraflores, supply for cannot upper sea, attractive outskirts construction Condominiums house that € € of schools 3 600 than - , 500 be middle your buy : project a of at , of 000 As lifestyle of /m the house the 90 a Alges new apartments T apartment we relatively 2 and 3 of % Lisbon, to - price right class apartments in to was have quality € , condominiums and sporting 750 in Alfragide which, factors € of time, sold 4 couples , the already , 000 in is 000 less houses . at building the For in well in . /m a such as 1 inflated infrastructure On in , plant very st agreement Carnaxide 2 - owner you one Lisbon been . accessible with has the suburb as See projects inflated ; in would proximity not who price other able one of at attractive the , increased € Oeiras an with . areas always . to 5 price hand, in benefit zones, Middle or , example 000 apartment, share the to the two , /m and at of the there zones immediate dreams as 2 promoter, and class from on the children – can Lisbon river quickly of that social is price with and buy this like the the no or of is : China, more Kenya, from Lisbon starting There The want right The and It abroad) network allows beyond zone price best advice If Recommendations is you fundamental foreign right can ; possible such to from with are frequent . and the it from Ukraine, are . We hear to help to posting presence, partner many solid United different the attract 2 thinking have think . buyer ) Nomera to price start, an market ones Vietnam, citizens set to had ads States, is of the remains active promotions origins requires choose for that the not of investing (South Capital the best on analysis, Sellers of selling, price, Switzerland, the agency Zimbabwe marketing real opportunity less as buyers very an two one Africa, for Colombia, based : agency estate habitual through in sustained strong now that things that the (for Portugal, Angola, and the on campaign, aligns sale is tells that platforms, example, : to in nationalities partners, 1 Chile, the reliable UK others, ) by the accompany of you knows defining the and and statistics right Belgium, a Lisbon India the house strong expectations information Sweden) which beyond not and and the time price Pakistan, the who market market for just events clients at Brazil, which social . goes base you The . the the the are in . . CONTENTS

OUR PERSPECTIVE SUMMARY PRICE STATISTICS PRICE EVOLUTION LEASE YIELDS FEATURED LISTINGS ABOUT US SUMMARY If Maior The the When The annual difference The only At (+ The with and On Tier 3 Tier 2 Tier Tier1 Tier we 12 the average, ranking average parishes the average Lisbon 14 with , divide 9 . we – – – level % average . 1 , 2 ) % a . nd compare is and change of URA of quarter parishes for due price with price , price the . Alcântara , 26 Misericórdia the The , , Sto.António into to . higher of 8 annual in in with % the per entire of fact the 3 the with , URA respectively, 2017 Tiers, effect sqm Market , that premium 2 Belém prices variation Urban the first was ) , . we Sta. Maria the and that best ,Vicente S. positions Snapshot per 4 can highest Rehabilitation . 23 666 on segment (comparison in sqm summarize . quarterly 5 Market a % € Maior quarterly : value on € are Estrela 2017 on for : a Snapshot 1 , is performances annual ) a Area the our it’s between Santa the basis (+ quarterly worth URA search 51 (URA) quarterly , basis it 7 2017 Maria % is is 2 mentioning ), nd for 8 in considered . basis Belém (covering 341 (between Quarters Lisbon, were the is Maior due € average : and , (+ ranging Arroios to prices ( that 46 5 of full only the prices 4 . 996 , . 2017 4 346 year % Santo and 2 the increased nd from ) €), (+ e increasing - € quarters 2018 premium of General AverageGeneral 28 average Avenidas 2 on Antonio 3.250 4.450 5.200 5 ) 2017 , 5 . Misericórdia 053 ), % a the ), ) annual 6 . - - - of . of € Estrela 2 throughout 6 4.300 4.800 6.000 best (Av - Novas % in 2017 segment the on . Alcântara Liberdade performing quarter, basis a and (+ (+ ( quarterly 5 19 . 34 quality . 424 the 2018 It , , 6 9 to and % should % Premium SegmentPremium area) year €) ) € ) ) . parishes . 8.100 in e on 5.050 6.150 9 These e basis . , 979 the 3 Santa felt an ) be Estrela - - - following annual from € figures (between 10.000 7.100 8.450 noted were in Maria Santa # ( 1 the basis, 5 compare that . to 272 table the Maior same, Maria # 5 this the € 1 : in ) st . SUMMARY us for discussion us for a of theseissues particularly for new developments that are about to launchedbe and that will influence dynamics. price We youadvise to cons Investors should pricesview persquare meter merelyas indicative, they as do not fully reflect what is happening on the gro and When weextended the analysis to municipalitiesother in thedistrict of Lisbon, with more international demand, shared in the previous chapter, in the on real our perspective estatemarket. generalaverage From the Sintra lowest , it was concluded that increasethe price was more relevant in Lisbon, for the reasons explained in theprevious chapter. point during ofthe crisis 2012, , which means that the premium segment grew faster than the conclusionsthe average, which wewhich supports . pricesin Lisbon grew 85.8% in thein premium real estate segmentand Oeiras , Cascais , Cascais 79.3% und ult , in CONTENTS

OUR PERSPECTIVE SUMMARY PRICE STATISTICS PRICE EVOLUTION LEASE YIELDS FEATURED LISTINGS ABOUT US PRICE STATISTICS Price per sqm in 2nd Quarter 2018

Av. Novas 4.818 €

Arroios 4.483 €

Cp. Ourique Sto António 4.451 € 4.817 € S Vicente 4.107 €

Ajuda 3.273 € Estrela Sta Mª Maior 5.272 € 5.996 € Alcântara Misericórdia Belém 3.505 € 5.424 € 4.287 € PRICE STATISTICS Annual variation (2017Q2 – 2018Q2)

Av. Novas 34,9%

Arroios 42,5% Sto António Cp. Ourique -9,1% S Vicente 40,1% 19,9%

Ajuda 29,4% Estrela Sta Mª Maior 51,7% 24,0% Alcântara Belém 29,3% Misericórdia 46,4% 7,5% PRICE STATISTICS Price Quarterly Evolution

6,200 €

5,700 €

5,200 €

4,700 €

4,200 €

3,700 €

3,200 €

2,700 €

2,200 €

1,700 €

1,200 € 2015 2016 2017 2018

Lisbon URA Ajuda Alcântara Arroios Avenidas Novas Belém Campo de Ourique Estrela Misericórdia Sta Maria Maior Sto António S Vicente PRICE STATISTICS Quarterly and Annual Variation

51.7% 46.4% 42.5% 40.1% 34.9%

28.5% 29.4% 29.3% 24.0% 23.5% 19.6% 19.9%

12.9% 11.1% 7.7% 7.5% 5.3% 6.6% 2.5%

Estrela Belém Arroios Campo de Avenidas Ajuda Alcântara Sta Maria Lisbon RH S Vicente Misericórdia Sto António Ourique -4.0%Novas -3.5% Maior Aggregate -4.2% -9.3%-9.1%

Quarterly (2018Q1-2018Q2) Annual (2017Q2-2018Q2) PRICE STATISTICS Quarter & Annual Variations

4th Quarter 3rd Quarter 4th Quarter Quarter Annual Parish 2016 2017 2017 Variation (%) Variation (%) Lisbon URA Aggregate 3,779 € 4,378 € 4,666 € 6.6% 23.5% Ajuda 2,529 € 3,392 € 3,273 € -3.5% 29.4% Alcântara 2,711 € 3,421 € 3,505 € 2.5% 29.3% Arroios 3,146 € 3,490 € 4,483 € 28.5% 42.5% Avenidas Novas 3,571 € 5,018 € 4,818 € -4.0% 34.9% Belém 2,929 € 4,070 € 4,287 € 5.3% 46.4% Campo de Ourique 3,178 € 4,007 € 4,451 € 11.1% 40.1% Estrela 3,475 € 4,409 € 5,272 € 19.6% 51.7% Misericórdia 5,044 € 5,663 € 5,424 € -4.2% 7.5% Sta Maria Maior 4,834 € 5,311 € 5,996 € 12.9% 24.0% Sto António 5,300 € 5,308 € 4,817 € -9.3% -9.1% S Vicente 3,426 € 3,812 € 4,107 € 7.7% 19.9%

Note: quarter accumulated prices. PRICE STATISTICS Price distribution by percentile

Poor Below Average Average Very Good Parish Premium Quality Quality Quality Quality Lisbon URA Aggregate 2,116 € 3,338 € 4,666 € 5,784 € 8,341 € Ajuda 1,222 € 2,261 € 3,273 € 4,390 € 5,134 € Alcântara 1,537 € 2,760 € 3,505 € 4,103 € 5,053 € Arroios 1,975 € 3,152 € 4,483 € 5,774 € 8,412 € Avenidas Novas 2,222 € 3,436 € 4,818 € 5,812 € 8,450 € Belém 2,449 € 3,488 € 4,287 € 5,060 € 6,710 € Campo de Ourique 3,027 € 3,751 € 4,451 € 4,891 € 6,177 € Estrela 2,806 € 3,877 € 5,272 € 6,509 € 8,107 € Misericórdia 2,939 € 4,159 € 5,424 € 6,349 € 8,504 € Sta Maria Maior 2,742 € 4,314 € 5,996 € 7,091 € 9,979 € Sto António 2,276 € 3,219 € 4,817 € 6,319 € 7,866 € S Vicente 1,868 € 2,937 € 4,107 € 4,951 € 7,083 €

Note: annual accumulated prices. PRICE STATISTICS Evolution of the Average Absorption Time (time needed to sell the property)

14

12.9 12.2 12 12.012.1 12.0 11.6 11.2 10.9 11.1 10.6 10.3 10 10.1 10.1 9.8 9.6 9.6 8.9 8.6 8.6 8.8 8.4 8.38.4 8.3 8 8.08.1 8.0 8.0 8.1

Months 7.7 7.5 7.4 7.0 7.1 7.0 6.8 6.9 6.46.3 6.3 6.4 6 6.0 5.8 5.55.4 5.5

4

2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 CONTENTS

OUR PERSPECTIVE SUMMARY PRICE STATISTICS PRICE EVOLUTION LEASE YIELDS FEATURED LISTINGS ABOUT US PRICE EVOLUTION Average vs Luxury Price Evolution

8,020 € +85,8% 7,793 €

6,747 €

6,103 €

5,206 € +79,3% 4,494 € 4,490 € 4,609 € 4,267 € 4,385 € 4,316 € 4,368 € 4,106 € 4,162 €

3,444 € 2,965 € 2,628 € 2,623 € 2,567 € 2,529 € 2,590 € 2,558 € 2,436 € 2,451 €

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2T2018

Average Luxury

Note: series refers to annual asking price data. PRICE EVOLUTION Price Evolution for Cascais, Lisbon, Oeiras and Sintra

4,368 € 4,162 €

3,444 €

3,051 € 2,965 € 2,766 € 2,628 € 2,623 € 2,567 € 2,529 € 2,590 € 2,558 € 2,436 € 2,451 € 2,296 € 2,212 € 2,434 € 2,072 € 2,057 € 2,070 € 2,026 € 2,074 € 1,937 € 1,950 € 2,247 € 2,077 € 1,847 € 1,866 € 1,883 € 1,904 € 1,856 € 1,781 € 1,842 € 1,719 € 1,697 € 1,623 €

1,428 € 1,323 € 1,297 € 1,317 € 1,278 € 1,227 € 1,218 € 1,222 € 1,266 € 1,140 € 1,133 € 1,148 €

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2T2018

Cascais Lisboa Oeiras Sintra

Nota: preços em base anual, asking price. CONTENTS

OUR PERSPECTIVE SUMMARY PRICE STATISTICS PRICE EVOLUTION LEASE YIELDS FEATURED LISTINGS ABOUT US LEASE YIELDS Average Sell Price, Rent Price, Absorption and Yields

Absorption Time Absorption Time Sell Price Sqm Rent Price Sqm Yield (months) (months) Ajuda 6.5 2,748 € 12.7 € 2.8 5.53% Alcântara 4.8 2,660 € 12.0 € 3.6 5.40% Beato 5.1 2,228 € 10.9 € 2.4 5.89% Benfica 6.0 2,361 € 11.0 € 2.4 5.60% 4.9 2,782 € 12.3 € 2.7 5.31% 3.4 2,775 € 11.4 € 1.8 4.93% 4.5 2,672 € 11.0 € 1.9 4.95% 5.6 1,833 € 9.6 € 4.0 6.26% 4.7 2,147 € 10.1 € 1.6 5.65% S Domingos de Benfica 5.2 2,827 € 11.4 € 2.4 4.82% Alvalade 6.5 3,240 € 12.9 € 1.8 4.77% Areeiro 6.8 3,026 € 13.3 € 2.0 5.29% Arroios 5.4 3,171 € 12.8 € 3.0 4.82% Avenidas Novas 7.4 4,043 € 13.0 € 3.6 3.85% Belém 5.4 3,517 € 12.1 € 3.1 4.14% Campo de Ourique 4.1 3,498 € 13.5 € 2.1 4.61% Estrela 6.3 3,896 € 13.8 € 2.6 4.26% Misericórdia 5.8 4,573 € 15.5 € 2.7 4.05% Parque das Nações 6.2 3,413 € 13.9 € 2.9 4.88% Penha de França 4.5 2,480 € 10.8 € 2.3 5.24% Sta Clara 8.4 1,482 € 8.8 € 2.5 7.11% Sta Maria Maior 6.7 4,630 € 12.7 € 2.9 3.29% Sto António 8.2 4,730 € 16.1 € 3.1 4.09% S Vicente 5.2 3,235 € 12.6 € 1.9 4.66%

Nota: anual accumulated transaction prices (transaction close price). LEASE YIELDS Quartely Evolution of Lease Yields

6.5%

6.1% 6.2% 6.1% 6.1% 6.0% 6.0% 5.9% 5.9% 5.8% 5.7% 5.6% 5.6% 5.6% 5.5% 5.4% 5.4% 5.3% 5.3%5.3% 5.2% 5.2% 5.2% 5.2% 5.1% 5.1% 5.0%5.1% 5.0% 5.0% 4.9%5.0% 4.8% 4.7% 4.7% 4.6% 4.6% 4.6% 4.5%

4.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 • Do you need more detailed information about a Freguesia or a Neighbourhood? • Please contact us and we’ll be delighted to provide you all the information needed and advise to help you finding the best deals.

Do you need more detailed information about a Parish or a Neighbourhood? Please contact us and we’ll be delighted to provide you all the information needed and advise to help you finding the best deals.

[email protected] | +351 210 534 257 WhatsApp: +351 960 236 626 | @nomeracapital.pt CONTENTS

OUR PERSPECTIVE SUMMARY PRICE STATISTICS PRICE EVOLUTION LEASE YIELDS FEATURED LISTINGS ABOUT US T5 HOUSE 10 MIN FAR FROM LISBON – SERRA CARNAXIDE

Excellent 5 bedroom villa, in one of the most luxurious areas of Lisbon EXCLUSIVE

Excellent 525sqm 5 bedroom villa, recently built (2010), located in one of the most luxurious areas of Lisbon, the Serra de Carnaxide, 10 minutes from Lisbon, combining exclusivity, tranquility and proximity to nature.

The house excels by the quality of construction and finishes. It is inserted in a lot of land of 650sqm, and is divided in 3 floors + 1 partially closed sub-basement. The G/F consists of living room with connection to the entrance hall, dining room, Bosch equipped kitchen with central island, office, 1 suite for visits. On the 1st floor we find a living room and 3 suites. The basement consists of a support room to the pool, 1 suite, 1 social bathroom, engine room and kitchen support, covered garage for 2 cars (+2 outside).

On the backyard we find the pool, a garden area, a shed for barbecue, storage room and a room prepared for changing rooms or a gym, at the sub-basement level. 5 Bedroom House Area: 525 m2 Asking Price: 1.100.000 € ID: NC3178 https://www.nomeracapital.pt/property/magnificent-t5-house-10- PROPRIEDADES DESTAQUE EM PROPRIEDADES minutes-from-lisbon/ +351 960 236 626 T3 COM VISTA FRONTAL RIO/MAR EM ALGÉS/LISBOA

A million dollar view for a fraction of the price. EXCLUSIVE

Wake up to an inspiring river / sea front view, feel the energy of the sun enter through the large windows of your room, watch the parade of sailboats that cross the Tagus river every weekend, and the spectacle of an imposing 3,000 passengers cruise ship entering the Tagus, all from the comfort of your living room. And since you are just a few steps from the beach and the new promenade of Algés, why not do that morning run that you have been postponing for so long and for several reasons? Or go to Jamor with your kids to play a mini-golf game, a boat ride or even go to the children playground?

This is why we say that this house has a million dollar view for a fraction of the price.

Fantastic 3 bedroom apartment of 150m2 in Cruz-Quebrada / Algés of recent construction, with an insane river/sea front view across the living room, next to the National Sports Center of Jamor, and the new Algés beach promenade across the river and sea, ideal for those who 3 Bedroom apartment value the contact with nature and the speed of access to Lisbon and Area: 150m2 the Cascais line. Asking Price: 595.000 € ID: NC4516 PROPRIEDADES DESTAQUE EM PROPRIEDADES https://www.nomeracapital.pt/property/3-bed-apartment-with-insane- river-sea-view-in-alges/ +351 960 236 626 CONTENTS

OUR PERSPECTIVE SUMMARY PRICE STATISTICS PRICE EVOLUTION LEASE YIELDS FEATURED LISTINGS ABOUT US Nomera Capital is a full-service, boutique luxury real estate brokerage and lifestyle company representing clients worldwide in a broad spectrum of classes, including residential, new development, resort real estate and residential short term and long term rental.

We aim to redefine the business of real estate, modernizing and advancing the industry through brilliant client service and the use of technology to

WHO WE ARE WE WHO improve buying and selling experience. VALUE YOUR LIFE THROUGH SELECTED REAL ESTATE Our purpose is simple, yet powerful:

Value your life through selected real estate.

We aim to provide brilliant one-stop-shop real estate services, either finding the properties most suited to your needs or selling your property for the highest price and in the shortest period of time, supported by OUR PURPOSE OUR solid advisory data to simplify your decision. HOUSE BUYING & LETTING BANKING SERVICES We find the best properties suited for your purposes, We put you in contact with the best international either residential, commercial, hotel, land and we’re banking office, offering Private Banking services, able to show either on-market or off-market (private Account opening, Mortgage financing, Insurance, sales). We keep your identity confidential until International Transfers and others. business completion.. LAWYER SERVICES HOUSE SELLING We offer, through our partners, comprehensive lawyer Do you need to promote your property to an services such as Due Diligence, Assets restructuring, international audience to get best value? Are yout Funding & creation of guarantees, Drafting & tired of traditional online marketing that everyone negotiation, Real Estate assets management, Legal propose? We use our comprehensive international Power of Attorney, Golden Visa, Tax Optimisation, and network reaching high networth individuals to get others.. results.

TAX ADVISORY OUR SERVICES OUR INVESTMENT PROPERTIES We help you find the best solutions to optimise the We are a technology data driven company, which amount of tax to be paid in your Real Estate investments collects all the information you need to analyse the in Portugal. purchase and sale of investment properties: Apartments for Short Term and Long Term Rental, Buildings Resort Real Estate, Hotels, Serviced Apartments. We can give you access to virtually any property in the market, as we have protocols with the main real estate companies operating in Portugal, we have our own listings and access to exclusive off-market Douro Valley properties via our network of privileged contacts. Porto

FEATURED PROPERTIES IN: Silver Coast • Lisbon, Estoril and Cascais • Silver Coast • Porto • Douro Valley Lisbon, Estoril and Cascais • Alentejo • Algarve Alentejo FEATURED LOCATIONS FEATURED VISIT US AT www.nomeracapital.pt

Algarve NOMERA CAPITAL, AV. LIBERDADE 110 1.º, 1269-046 LISBOA, PORTUGAL www.nomeracapital.pt | [email protected] | +351 210 534 257