Ankit Ruia was born in the UK and moved to Portugal in 2020. The following year, he founded the company Sempre Fixe, which specialized “in the acquisition, rehabilitation, and management of residential properties in Portugal, particularly in Greater Lisbon and Setúbal,” he revealed to idealista/news. “In just over four years, we went from managing three apartments in Barreiro to a portfolio of more than 250 units with an occupancy rate of 96–98%,” he says, highlighting that “medium-term rentals are gaining strength (in the country), especially among remote workers and expatriates.”

The CEO of Sempre Fixe – “the name reflects our commitment to creating modern, high-quality, and reliable housing solutions” – adds that the company does not manage properties for other owners, focusing “exclusively on the acquisition, renovation, and management” of its own real estate. And for now, Ankit Ruia guarantees that it is not involved in property mediation, although it sometimes sells some of its units. “The focus is mainly on long-term rentals, to ensure stability and consistent returns,” he affirms.

And is there still a movement of properties transitioning from Local Lodging (Alojamento Local - AL) to long-term rentals? Yes, answers Ankit Ruia, noting that the gradual shift from AL to long-term rentals is “driven by regulatory changes and the desire for stable income.” “This trend is likely to continue, as owners recognize the benefits of predictable and long-term rentals,” he explains.

Traditional rental
Credits: Sempre Fixe

Tell us a bit about Sempre Fixe. What exactly does the company do, and since when has it been operating in Portugal?

Sempre Fixe is a real estate company established in January 2021. We specialize in the acquisition, rehabilitation, and management of residential properties in Portugal, particularly in Greater Lisbon and Setúbal. We focus on offering high-quality, affordable housing to middle-income individuals, while also ensuring financial returns for investors. In just over four years, we went from managing three apartments in Barreiro to a portfolio of over 250 units with an occupancy rate of 96–98%. Our mission is to create thriving communities where tenants feel valued and at home.

Why did you choose the name “Sempre Fixe,” and how many people are part of the company?

The name reflects our commitment to creating modern, high-quality, and reliable housing solutions. The idea came from the desire to bring a fresh and accessible perspective to the real estate market in Portugal. Our team is small but dynamic, consisting of four to five members: myself as Managing Director, Francisco Araújo as Operations Director, Diogo Goldrajch as Marketing Lead, and Nuno Soares as Administrative Manager. My wife, Prerna, holds a degree in Communications and Marketing from Parsons [a university in New York (USA)] and joined the team a year ago to assist in that area. Each of us brings a unique set of skills to the table, allowing us to work efficiently and deliver exceptional results.

Tell us a bit about yourself. Who is Ankit Ruia?

I was born in the UK and moved to Portugal in 2020. My background is in law and finance; I graduated in Law from the University of Oxford and later completed a postgraduate degree at Harvard Business School. Before founding Sempre Fixe, I worked as a lawyer in the UK and in capital markets at Linklaters LLP in London and Singapore. I was also the Managing Director of James Warren Tea, a listed company in India with over 10,000 employees. My experience in real estate began with Sempre Fixe, where I applied my knowledge of management and finance to build a successful portfolio in Portugal.

“We are currently not involved in real estate brokerage. Sometimes we sell some of our units, but the main focus is long-term rentals, to ensure stability and consistent returns.”

From what I understand, Sempre Fixe operates only in the rental market…

Sempre Fixe does not manage properties for other owners. We focus exclusively on the acquisition, renovation, and management of our own real estate. This allows us to maintain full control over the quality of our offerings and the tenant experience. We are currently not involved in real estate brokerage. Sometimes we sell some of our units, but the main focus is long-term rentals to ensure stability and consistent returns.

How much has the company invested in Portugal, and how many properties (apartments or buildings) does it manage?

To date, Sempre Fixe has invested over 20 million euros in Portugal, acquiring and renovating more than 250 residential units.

Local Lodging versus Traditional Rental
Credits: Sempre Fixe

The properties in question are only located in Greater Lisbon and Setúbal, correct? Are there plans to expand the business to other locations?

Our portfolio is concentrated in Greater Lisbon and Setúbal due to high demand and favorable market conditions in these areas. However, we are actively exploring expansion opportunities into other regions with similar characteristics, such as Porto or the Algarve. Any expansion will depend on identifying neighborhoods with good public transport connections, schools, local rental market demand, and trustworthy partnerships with local real estate agents.

Why did you decide to invest in the residential real estate sector in Portugal?

The residential real estate sector in Portugal offers a unique combination of high demand and limited quality housing supply, particularly in the rental market. The country's growing population, coupled with urbanization and an increasing expat community, has created a strong need for affordable long-term rental options. By focusing on this middle-income market, Sempre Fixe fills this gap. Furthermore, Portugal’s lifestyle, safety, and business-friendly environment made it an attractive choice for our operations.

“The country’s growing population, urbanization, and a growing expat community have created a strong need for affordable long-term rental options. By focusing on this middle-income market, Sempre Fixe fills that gap.”

We believe that the “problems” inherent in licensing and construction costs mean that there is likely to be very little new supply in Portugal over the next decade, compared to the demand for quality, affordable housing. The only real investment currently happening is in the luxury segment (sales above 5,000 euros per square meter), and there is little investment directed at the middle and lower segments of the market.

Do you also manage shared housing, namely room rentals?

Our focus is on renting out entire apartments, from T1 to T3, as this aligns with our target audience: families and professionals seeking long-term stability and a home. While we recognize the growing demand for shared housing, particularly among students and young professionals, it is not part of our immediate strategy. Our goal is to maintain a consistent and cohesive portfolio that prioritizes quality and tenant satisfaction.

There has long been talk about the need to boost the rental market in Portugal, but the truth is that the vast majority of Portuguese people are homeowners. How can this be addressed and people encouraged to increasingly become renters?

This cultural preference for homeownership is deeply rooted, but change is possible if the rental market becomes more attractive. For example, increasing the availability of quality, affordable rental housing could make renting a more reliable option. Additionally, government incentives such as tax benefits for tenants or landlords could further encourage long-term rentals. It is also crucial to educate the public about the flexibility and financial advantages of renting, especially in urban areas.

“This cultural preference for homeownership is deeply rooted, but change is possible if the rental market becomes more attractive.”

How do you assess the current state of the property stock in Portugal, particularly in Lisbon? Is it outdated, requiring major renovation to make it more modern and sustainable?

The property stock in Lisbon is aging, with many buildings requiring significant rehabilitation to meet modern living standards. At Sempre Fixe, renovation is a core part of our strategy. We invest in more energy-efficient appliances, modern kitchens, and new window frames, for example. These efforts not only increase tenant satisfaction but also contribute to the city’s sustainability goals.

Renting a house in Portugal
Credits: Sempre Fixe

Many owners prefer to keep their homes empty rather than renting them out. What could be done to make this segment more attractive?

To unlock this potential, the Government could implement measures to reduce landlords’ financial and administrative burdens, such as tax incentives or simplified rental processes. Another important issue would be to significantly reduce the decision and enforcement timeframes of regulatory authorities in case of contract breaches, whether by the tenant or the owner. This would build more confidence among owners of vacant homes to put them on the rental market.

Is there still a movement of properties shifting from AL to long-term rentals?

Yes, we have observed a gradual shift from AL to long-term rentals, driven by regulatory changes and the desire for stable income. This trend is likely to continue, as owners recognize the benefits of predictable and long-term rentals. We ourselves transitioned several units in Almada from AL to long-term rentals. While AL looks better on paper, when considering costs, taxes, and property damage, we prefer long-term rentals. It also helps foster a sense of community among tenants in the building.

“We have observed a gradual shift from AL to long-term rentals, driven by regulatory changes and the desire for stable income. This trend is likely to continue, as owners recognize the benefits of predictable and long-term rentals.”

Do you believe that medium-term rental is already a trend in Portugal?

Medium-term rentals are gaining momentum, especially among remote workers and expatriates who seek flexibility without committing to long-term leases. Portugal’s popularity as a hub for digital nomads has further fueled this trend.

Many players criticize the high tax burden in the real estate sector in Portugal, such as VAT on construction or, in the case of rentals, the amount of tax paid by landlords. What is your opinion?

The high tax burden is a challenge, especially for small landlords. Reducing VAT on construction and renovation, as well as offering tax benefits for long-term rental contracts for property-owning companies like Sempre Fixe, could significantly improve market dynamics and encourage investment.

Do you think the new Government should pay more attention to the rental market? How?

Absolutely. The Government should prioritize policies that increase housing supply, such as encouraging new developments and renovations. Simplifying rental laws and offering tax benefits for both landlords and tenants would also help create a more balanced and dynamic rental market.