The arrival in Portugal of the American luxury real estate brokerage Corcoran Atlantic is yet another sign that the premium residential segment remains strong and firmly on investors’ radar. And after celebrities such as John Malkovich, Monica Bellucci, Michael Fassbender, Eric Cantona, Christian Louboutin, Madonna and Nicole Kidman, to name just a few, have invested in real estate in the country, more public figures are expected to follow suit. In an interview with idealista/news, Hugo Santos Ferreira, CEO of Corcoran Atlantic, confirms that the country “continues to be very attractive and to generate a great deal of interest among several international public figures.” Names, of course, remain undisclosed for reasons of confidentiality. “Another reason why I cannot make that disclosure or mention names is because these people are seeking peace in our country.”
The conversation, held at the company’s office in central Lisbon, is a journey through the past, present and future of Hugo Santos Ferreira’s professional “universe.” He says he has always felt “a certain attraction to real estate brokerage.” “It is a very competitive market, which creates interest,” he explains, revealing that Corcoran Atlantic wants to “grow in quality, always investing in people.” The company’s initial activity figures are, moreover, encouraging: “We launched Corcoran just a few days ago with €300 million in listings, which is very good, and in the very few days that followed we secured another €100 million. So, we are securing a lot of high-quality product.”
For the executive, who is also president of the Portuguese Association of Real Estate Developers and Investors (APPII), much is changing when it comes to house-hunting, particularly in the high-end segment, because a property is “much more” than “four walls and a roof.” “There is strong demand for hospitality services, which is where we enter the branded residences segment, in which the US and Brazilian markets are pioneers. That is why we are seeing the first projects emerge,” he explains. One of them will, in fact, be the Karl Lagerfeld Residences Lisbon.
It is worth noting that Corcoran Atlantic, an affiliate of Corcoran Group LLC, has as founding partners the Berda families (with investments in Portugal through real estate developer Vanguard Properties) and the Sousa family (responsible for managing the Century21 brand).
Luxury homes in Portugal
Lumea villa in Vale do Lobo is marketed by Corcoran Atlantic
Credits: Revito
Tell us a bit about Corcoran Atlantic’s entry into Portugal, which represents a new professional challenge for you.
On both a personal and professional level, it has been an enormous challenge. I spent several years involved in the sector, first as a lawyer, then as a representative of real estate development in Portugal, but I always felt a certain attraction to real estate brokerage. It is a very competitive market, which creates interest. Being associated with an American brand, and knowing that the US market is the most sophisticated in the world in terms of real estate brokerage, led me to take this step. It has been very interesting to set up Corcoran in Portugal. We are talking about the number one in sales in the hottest market in the world, which is Manhattan (New York/USA). In Manhattan, we have a 35% market share, annual revenues of €2.7 billion and €24 billion across the US market.
As a result of what we are experiencing globally, with conflicts and social and political instability, American brands have been seeking alternative paths, and it is with great pleasure that we see that Corcoran’s major expansion process outside the American and North American market is precisely through Portugal. Two other very important points: first, Corcoran is known for being one of the largest communication and marketing houses in the real estate world — we are very strong in communication and also in people. Corcoran is a people-oriented brand, which is extremely important in today’s world. Second, technology: we bring extraordinary technology, with thousands of qualified leads and 10 million viewers annually on our platforms. And more: we are the number one brand in visibility in the US market. Therefore, we receive many contacts from that market.
We want to have a highly professional team in Portugal, capable of providing a luxury service to a luxury client — very demanding and with high purchasing power — who often only accepts being welcomed and served by an American agency, especially when we are talking about American clients. This is one of our strengths. And then there is the service itself… doing more of the same made no sense. There is already good brokerage in Portugal, but we want to provide an even better service. I have been in the market for almost 20 years, I know it well, I worked extensively on the development side, and I know exactly what can be improved — and that is where we want to be.
What kind of activity balance can already be made?
We do not want to grow excessively. We want to grow in quality, always investing in people — that is where we are now. We launched Corcoran just a few days ago with €300 million in listings, which is very good, and in the very few days that followed we secured another €100 million. So, we are securing a lot of high-quality product. The brand is indeed fantastic and has great pulling power. This is precisely the moment when we want to recruit good professionals to build that other pillar: high-quality brokerage.
“We launched Corcoran just a few days ago with €300 million in listings, which is very good, and in the very few days that followed we secured another €100 million. So, we are securing a lot of high-quality product. The brand is indeed fantastic and has great pulling power.”
Where can we also be very distinctive? Corcoran Atlantic has a direct and very close relationship with the parent company in Manhattan, and our platform, website, commercial teams and marketing teams are also those of Manhattan. Therefore, we have a very close relationship with US media outlets and international portals, where we will promote and market the assets. Obviously, we will not work only with the US market, but we do have great proximity to it.
Luxury homes in Lisbon
Property in Lisbon marketed by Corcoran Atlantic
Credits: Fernando Guerra
Are there still many Americans interested in investing in real estate in Portugal?
We have felt growing interest. Difficulties often create opportunities, and Portugal — being one of the safest countries in the world, a peaceful country, socially and politically stable — attracts many foreigners today in a world marked by conflict who are looking to relocate. It is true that we have seen many foreign citizens, including from the US market, wanting to come to Portugal for various reasons. I can give the example of the recent mayoral elections in Manhattan, where the political measures of the new Mayor of New York [Zohran Mamdani] have driven investors away.
We have also seen considerable interest from Canada, a country in economic recession, facing serious problems in housing and healthcare, and with social peace somewhat affected. We have had many investors and citizens seeking information and looking to buy homes in Portugal.
Regarding the growth of the team and the brand in Portugal, what is planned?
Corcoran will position itself in the high-end market — the market of high purchasing power. I do not like to call it the luxury market, because luxury imposes itself and means different things to different people. So I prefer to call it the upper-class market or the high-end market. We want to grow, of course, but not excessively. We want to grow in the quality of the product and in the quality of the people who work with us. I would say that we will end this year with around ten consultants, and next year, by opening the stores we have planned, we will grow exponentially.
“We want to grow in the quality of the product and in the quality of the people who work with us. I would say that we will end this year with around ten consultants, and next year, by opening the stores we have planned, we will grow exponentially.”
In Lisbon, in addition to where we are now — our headquarters on Avenida da Liberdade [no. 180] — we will open a store in Príncipe Real, as well as one in Carvalhal, in the Comporta area, one in Porto, where we already have very interesting projects, and one in the Algarve. But I insist on this point: we are looking for the best professionals in the sector. We do not want everyone; we want the best.
You mentioned the importance of providing an excellent service to clients and/or potential buyers. Is the focus on follow-up also part of Corcoran’s brand image?
Corcoran was founded by professionals who have been in the market for decades, and we know exactly what can be improved. We want to provide a service based on two points. First, a professional service with end-to-end client support, from the first to the very last second, with in-depth knowledge of the properties — there can be no negligence from consultants. There must be deep follow-up, whether it is a client with a unique property or a real estate developer with a project. Second, an excellent service to the end client. Our headquarters/offices/stores will have curation by an artist or designer, preferably Portuguese. I am sitting on Penta sofas [from the former Hotel Penta in Lisbon] by Daciano da Costa, the first great Portuguese designer. This is Corcoran. The stores will not be real estate brokerage offices; they will be experiences we create for clients.
Luxury homes in the Algarve
Lumea villa in Vale do Lobo is marketed by Corcoran Atlantic
Credits: Revito
Are Portuguese buyers interested in the properties in Corcoran’s portfolio?
Yes. We talk a lot about the US market, but our first clients came from other geographies. The first transactions were with clients from Cape Verde and Mozambique, which reflects Corcoran’s potential as an international brand. At the moment, as I mentioned, we already have more than €400 million in listings in the pipeline and more than 200 properties.
“We talk a lot about the US market, but our first clients came from other geographies. The first transactions were with clients from Cape Verde and Mozambique, which reflects Corcoran’s potential as an international brand.”
What kind of homes are clients/investors in this segment looking for? Are requirements changing?
We are seeing very strong demand for generally larger areas, because the type of foreign client we have often travels with some ‘staff’, so to speak — not only in terms of the number of family members, but also in terms of accompanying services. Therefore, size is an important factor. And these clients are looking for many amenities. Nowadays, a property is not just four walls and a roof — it is much more than that. There is strong demand for hospitality services, which is where we enter the branded residences segment, in which the US and Brazilian markets are pioneers. That is why we are seeing the first branded residence projects emerge, both in Comporta, where we are very active, and also in Lisbon. In fact, Corcoran will be involved in the first fashion-branded residence in Portugal, which we will actively promote in the US market, which is very familiar with this type of product.
“Nowadays, a property is not just four walls and a roof — it is much more than that. There is strong demand for hospitality services, which is where we enter the branded residences segment, in which the US and Brazilian markets are pioneers.”
I would say there is demand for a different type of product, with more amenities and more services. Developments themselves are increasingly seeking to offer, for example, a good gym or a good spa, providing experiences for clients. The branded residences segment is the major trend — properties/developments with hospitality services and associated brands, whether in fashion, automotive or other sectors. We will frequently see several such projects emerging. When we look at the market and see that the two main investors are American and Brazilian, there is no alternative but to try to develop this type of product.
Several world-famous celebrities/public figures have already invested in or bought property in Portugal. Is this a trend that continues?
What I can testify to is that yes, it is true — Portugal continues to be very attractive and to generate great interest among several international public figures. But another reason why I cannot make that disclosure or mention names is because these people are seeking peace in our country. Obviously, they will not stop being known, because they are globally famous, but what they seek in Portugal is not only security: they seek peace. They seek to live in a calm and peaceful country, where, despite being well-known, they are allowed to live a normal life. Therefore, yes, one of the requests is always confidentiality and that no names be disclosed, because what they want is to remain as unnoticed as possible. That said, I can testify that within the American and Brazilian communities, and also others, there are several public figures investing — some already here and others actively looking for a home in Portugal.
Hugo Santos Ferreira, CEO of Corcoran Atlantic
Credits: Gonçalo Lopes | idealista/news
Returning to the beginning of our conversation, the fact that Portugal was chosen by Corcoran as the country to strongly kick off the brand’s internationalization must be a source of pride, I assume?
I had several invitations to start projects, but this was the one I chose — the one I identified with. After 20 years in other professional lives, this was the project that made me take the leap and start a new adventure. This was the company that captivated me and made me leave other paths to enter a new area. I am obviously very proud that Portugal was chosen by the Corcoran Group and Anywhere [Anywhere Real Estate Inc., formerly Realogy, is the parent company of Corcoran Group] for its major expansion. It is true that we have an office in Frankfurt, Germany, and another in Italy, but the major expansion process took place in Portugal. I think it makes sense for several reasons: because it is the first point of mainland Europe after the Atlantic, which allows it to serve as a good hub for the US market into Europe, and because it offers the possibility of choosing a Plan B for life for an American investor or citizen.
The housing measures announced by the Government, such as the reduction of VAT on construction, long demanded by the sector, could they also benefit the upper-class real estate segment?
Anything that can be done to promote a better country will positively affect foreigners who want to live in or enjoy Portugal, whether permanently or temporarily. For several reasons. One is that anything not done to improve housing conditions for locals will always turn against international investors — we have seen this in the past. And then because, as I always insist, international investors are not bogeymen; they are people who chose Portugal, who want to be among us, who like us and who are willing to help. When I see an international investor being demonized simply for being an investor and for being international, it is a discourse that makes no sense to me.
When someone decides to change their life to another country, the country’s attractiveness and efficiency in terms of taxation and residency are obviously important. Regarding the increase in IMT for foreigners [non-residents buying property in the country] with a flat rate of 7.5%, I have only one response: it is a shot in the foot in terms of Portugal’s credibility and attractiveness. It sends the wrong message that foreign investors are not welcome. They are welcome and they are greatly needed. I agree with the Government on many things, but I openly disagreed on this matter, because if on the one hand it is said that Foreign Direct Investment (FDI) “is as necessary as bread on the table” for Portugal — to paraphrase the Government — I do not understand how one can then punish that foreign investment.
“Investors are not bogeymen and, being people who chose us because they like us, they are available to help. Let us place international investors, with a Golden Visa program redesigned to meet the country’s needs, at the service of the Portuguese people and Portugal.”
Finally, without forgetting the urgent return of the Golden Visa and Non-Habitual Resident (NHR) programs. We need to have a redesigned Golden Visa program. The program implemented in the past does not have to be the same. Investors are not bogeymen and, being people who chose us because they like us, they are willing to help. Let us place international investors, through a Golden Visa program redesigned to the country’s needs, at the service of the Portuguese people and Portugal. As for the NHR, it would be essential to return to a simple regime, with clear measures and more attractive — or at least as attractive as those of our competitors. Spain has the Beckham Law [a special regime that allows certain foreign professionals to pay less tax], which is very interesting, but we could have an even better program.
Do you believe there is openness on the part of the Government to revisit the legislation on these two programs?
I would say yes, that there is openness to initiate that process. Even under the previous Government — with this same Government — there were contacts, and we have felt openness to at least think about and consider the return of one or two foreign investment attraction programs that are attractive and clear. We all believe they must be reviewed in light of Portugal’s needs, but with consensus on this matter, there is a path to be taken.
Luxury homes in Lisbon
Property in Lisbon, Costa do Castelo, marketed by Corcoran Atlantic
Credits: Luís Nobre Guedes
Can the “universe” of real estate brokerage for the middle class coexist harmoniously with the premium segment, where Corcoran operates?
Of course. We want a country with economic growth, with job creation and maintenance, and that only exists with wealth creation. Unfortunately, Portugal is, in some way, a poor country, despite having grown economically in recent years, but it is a country that greatly needs FDI, and real estate is the main gateway for attracting foreign investment into the country. Therefore, yes, we all need to find a way for two “worlds” that are absolutely essential to a country to meet and be useful to each other.
“There are three key words for real estate brokerage: professionalization, dignity and training. These three pillars are essential, and I will always be in favor of changes in this direction.”
Changes to real estate brokerage legislation are expected in early 2026. What might change and what impact could this have on the luxury segment?
Anything that leads to greater professionalization of the sector will always have my full support. It is a sector that needs to be dignified, and there is a great lack of that dignity in brokerage. We hope, with our modest contribution as Corcoran, to actively contribute to that dignification. I would say there are three key words for real estate brokerage: professionalization, dignity and training. These three pillars are essential, and I will always be in favor of changes in this direction.