The history of this Portuguese family-owned company began 75 years ago, when it was dedicated solely to civil construction. Even before the financial crisis erupted in 2008, it reinvented itself: it moved away from infrastructure construction and decided to diversify its business into real estate and renewable energy in Portugal, Brazil, and Romania. We are talking about Adriparte, the real estate developer that chose to invest in the luxury residential market, focusing on the rehabilitation of buildings in the historic areas of Lisbon and Porto. It currently develops a “discreet” form of luxury, designed for those who appreciate “construction quality, more minimalist design” and who value sustainability issues, reveals Gustavo Gonçalves, Director of Adriparte, in an interview with idealista/news, who believes that “luxury has to be lived.”
It was in the rehabilitation of old buildings, located in the “premium areas of Porto and Lisbon,” that they found their place in Portugal’s luxury real estate market. “We felt that historic city centres have an architectural quality, a charm, and an elegance that many of our clients are looking for and that we should preserve,” explains Gustavo Gonçalves. However, the architect by training acknowledges that rehabilitating buildings in these locations is not an easy task, as it is more bureaucratic, more logistically complex, and more expensive than building from scratch.
“Many times, true luxury is time and privacy”
It is therefore — and also due to the “quality and level of detail” they demand in construction — that the luxury homes developed by Adriparte reach prices of up to €7,500 per square metre (€/m²) in the Alfândega 80 project in Porto, and €10,000/m² in Alure, located in Chiado, Lisbon. These two projects have already “been completed and delivered this year,” he explains. There are also two new developments in the pipeline near the capital’s luxury corridor, Avenida da Liberdade. One of them is “a luxury project that the city of Lisbon has never seen, so it is natural that it will reach record sales prices, with the square metre hardly falling below €20,000,” he says in the interview. Learn more about this project here.
These are luxury homes that are not for every budget, nor for every family. Those who seek them the most are mainly international citizens with high purchasing power who want to live “as discreetly as possible, where privacy is something very personal and important. They like construction quality, minimalist design, attention to the materials used, and sustainability issues,” explains the Director of Adriparte in the interview, believing that exclusive clients will be even more demanding in 2026, seeking even more “carefully crafted luxury with attention to detail.”
Real estate developers in Portugal
Gustavo Gonçalves, Director of Adriparte
Credits: Gonçalo Lopes | idealista/news
What is a luxury property in Adriparte’s view?
At Adriparte, we have a somewhat cautious view of luxury, especially in recent times when many projects have this adjective prominently displayed in their presentation. Today, a project in Lisbon or Porto, in the historic centre, in a good location, is already a luxury property. Therefore, yes: the price per square metre reaches a certain level that, especially for Portuguese society and Portuguese salaries, already fits into a high-end profile associated with luxury.
Our view of luxury is a more discreet luxury, not so flashy, not so ostentatious, not so “in your face” that this is a luxury project. That is not the type of profile we have. We deliver luxury more oriented towards people who understand real estate, who understand design and architecture, how materials are applied, which materials are used, whether the apartment’s infrastructure systems communicate with each other and whether they themselves are luxurious or not.
Luxury has to be lived. It is not just the price that has to be luxurious; it is the entire delivery of the product, the associated services, the quality of life… All of this has to be well integrated into a project for it to be considered luxury at our level. And that is what we try to do. There is always a concern for excellence from the first to the last moment. And it does not end with delivery, because afterwards we also have after-sales service, which is another aspect of luxury. We sell the apartment, and if the client has a problem, the team will provide that support — which is included in the luxury.
“We felt that historic centres have an architectural quality, a charm, and an elegance that many of our clients seek”
Adriparte now has a 75-year history. Why did you decide to focus on such a particular form of luxury?
Adriparte is a family company, founded by my grandfather, and I represent the third generation. It was always a company linked to heavy construction, such as motorways and dams, for example. In 2006, we sold 50% of that construction company, MonteAdriano, and began operating as private equity. At the time, the market was very unstable and, as we were highly capitalised, we began making a series of investments in sectors we found interesting, such as green energy, biofuels, and real estate projects. Since the real estate market in Portugal was somewhat complicated at the time, our first major project involved setting up a company in Brazil to develop affordable housing under the “Minha Casa, Minha Vida” programme — a company that still exists today, in good health, in which we are now minority shareholders.
When I returned from Brazil with the team, we started to look more closely at a market trend we were seeing in Portugal and where we knew we could add value. We always had this concern with excellence, with construction quality, with delivering a very good, very well-executed product. And we ended up realising that even though we did not have a very large track record in real estate at the time, we knew we had something to add. We started doing luxury projects, which were well received, and now we are fully focused on this area.
Luxury homes for sale
Alure in Chiado, Lisbon
Credits: Adriparte
In Portugal, your projects focus on premium real estate development, particularly rehabilitation in the historic centres of Porto and Lisbon. Why?
We are in rehabilitation not because it is our focus, but because we adapt to circumstances. The premium areas of Porto and Lisbon are generally fully consolidated in urban terms, and therefore it is not possible to find vacant land, especially in the capital. Bureaucratically, it is also not easy to buy a building in Lisbon, demolish it, and build something new in the historic centre. Therefore, we felt that historic centres have an architectural quality, a charm, and an elegance that many of our clients seek and that we should preserve. As such, we ended up working a lot with rehabilitation, because in the areas where we want to operate, rehabilitation is often the only response available.
“Rehabilitation is a much more difficult project logistically (…) and a very expensive type of construction”
What are the main challenges in building rehabilitation? Do you preserve only façades, or do you try to retain as much of the building’s architecture as possible?
It depends greatly on the state of conservation of the buildings we acquire. For example, in the Alfândega 80 project in Porto, the façades were degraded but still in a condition that allowed for recovery. However, the entire interior had been completely destroyed by a fire, leaving nothing to salvage. In that case, we tried, through contemporary architecture, to recover some of the original character, maintaining the charm and history of the building. In other cases, we find buildings in better condition, and then we adopt solutions to preserve as much as possible, also with contemporary features. Sometimes rehabilitation involves simply taking advantage of the structure, because the façades have no historical importance, such as an old office building that we are converting. In those cases, rehabilitation is more about sustainability — not demolishing what can be reused — but without a historical component.
In addition to all the challenges inherent to construction, rehabilitation has the added difficulty of requiring approval from external entities, namely the CCDRs [Regional Coordination and Development Commissions], which makes the entire process much slower. Rehabilitation is far more difficult logistically, with public space occupation in historic centres being more complex and bureaucratic. Moreover, no matter how exhaustive our studies are before purchasing buildings, rehabilitation always brings more surprises, requiring us to adapt along the way so that the final product does not suffer and maintains its quality. In addition, rehabilitation is a very expensive type of construction.
As developers, who do not build ourselves, we are investing capital and putting it at risk, so we must consider how to obtain a return. Therefore, our focus on the luxury segment is not just about understanding that it has strong market potential; it is also about being able to add more value to the capital we invest.
Rehabilitation of homes in historic centres
Alfândega 80, Porto
Credits: Adriparte
The workforce you require is highly specialised. Is it expensive and difficult to find in Portugal?
It still exists in Portugal, and we are able to find it. But yes, it is very expensive labour. However, we are no longer really talking about the construction segment; it is more a segment that is almost an art of building, which is slightly different, but one that our clients appreciate and value. Despite being expensive, it is something that has a market, and we invest in it. When working in the luxury segment, we need excellent craftsmen who know how to work with wood, stone, and other materials. When we hire, we know that the construction company will manage subcontractors, so we go directly to the subcontractors to ensure they meet the quality level we require to execute our projects.
“We also have a new project in the Avenida da Liberdade area (…) It will be a luxury project that Lisbon has never seen”
In Lisbon and Porto, you have three residential buildings (Alexandre Herculano 6 and Alure in Lisbon, and Alfândega 80 in Porto). What stage are these rehabilitation projects at? How many premium homes will you bring to the market, and at what prices?
We have two completed projects delivered this year: Alure in Chiado and Alfândega 80 in Porto. In fact, Alure won the Best Interior Architecture award from SIC Notícias Expresso, something that made us very proud and confident that we are on the right path. At Alure, the prices of the 14 apartments range between €9,000 and €10,000/m², with potential for future appreciation, as the Chiado area is gaining new momentum with the arrival of hotels and luxury homes, and the relocation of nightlife venues to other areas. At Alfândega 80 in Porto, we have six very well-designed T0 and T1 apartments facing the Douro River, selling between €6,000 and €7,500/m².
We also have the Anna project on Alexandre Herculano Street in Lisbon, which is about to begin construction. The prices of the 14–15 apartments will be higher than those at Alure, due to their proximity to Avenida da Liberdade. We also have a new project in the Avenida da Liberdade area, which will be launched in two or three months and will be a game changer in the market. It will be a luxury project that Lisbon has never seen, and it is natural that it will reach record sales prices, with the square metre hardly falling below €20,000. It is a very exclusive project, where amenities and services occupy a large portion of the building, and the 13 apartments have very generous areas (T4 and T5 typologies). We will also have international partners in branding and architecture. I believe it is a project that will attract a lot of attention in the coming months.
“These are clients who want to live as discreetly as possible, where privacy is very personal and important”
Who is most interested in buying luxury homes in Portugal (profile, nationality, etc.)? And what features are most valued?
At Adriparte, we work with international clients. Although we develop projects in Portugal, our clients are generally not Portuguese, although we do have Portuguese buyers. We have South American clients (from Brazil), as well as North American and European clients (French, British, etc.). Our clients seek us mainly for lifestyle reasons. They are typically individuals with high net worth [people with liquid assets of at least $1 million]. They want to live as discreetly as possible, where privacy is something very personal and important. They value construction quality, minimalist design, attention to materials, and sustainability. They are at a stage in life where they are more concerned with the true quality of what they buy, without needing a major brand behind it or something overly flashy. They are at a stage where they appreciate quality and understand what true luxury really is. Many times, true luxury is time and privacy.
Luxury homes in Lisbon
Anna Project on Alexandre Herculano Street, Lisbon
Credits: Adriparte
Adriparte also developed the MUTUAL office building in Porto, currently Deloitte’s headquarters. How did this rehabilitation project come about?
MUTUAL was a challenge presented to us by Osborne+Co, an office developer based in London but operating internationally. Osborne+Co wanted to enter the Portuguese market and saw an opportunity, but they wanted a local partner who understood construction quality and how the Portuguese market works — which is crucial for a new investor entering the country. When we saw the building on Campo Alegre (Porto), the former headquarters of AGEAS, we felt the challenge was interesting and that we could truly add our expertise and know-how to the project. So, we accepted the partnership with Osborne and other investors and entered the office segment. It was a very interesting project from which we learned a great deal about offices. In fact, following MUTUAL, we now have a new office project with the same partnership with Osborne, in Francos — larger, built from scratch rather than a rehabilitation — and we expect it to achieve the same success as MUTUAL.
“The new office project in Francos will comprise 20,000 square metres of construction”
Tell us about this new office project in Francos, Porto.
The new office project in Francos comprises 20,000 square metres of construction. It will feature very interesting common areas, such as amphitheatres, and the project’s outdoor spaces will not be closed to the public but instead returned to the city, incorporating a social responsibility component, just as we did with MUTUAL, where the outdoor gardens are public. In Francos, we are applying the experience gained with MUTUAL to deliver Grade A offices — exactly what large companies are looking for. All wellness certifications are essential. The spaces are well thought out, with large areas that can easily be adapted for corporate fit-outs, and they are also very well served with amenities and infrastructure.
Luxury offices in Porto
MUTUAL office project, Porto
Credits: Adriparte
Is investing in affordable housing part of your plans in Portugal? And how does this compare to Brazil?
It is not an area we focus on, because the construction cost per square metre makes it very difficult to develop housing for certain market segments. We often receive proposals involving land. But based on my calculations, even if the land were free, the numbers would not add up due to construction costs, project costs, opportunity costs of the capital we need to allocate, and financing costs. In the end, we would barely recover the invested capital.
An investor looking to build housing in a more structured way on the outskirts of Lisbon or Porto will face average construction costs of around €1,500–1,800 per square metre for this mid-range segment. Adding all other inherent costs, selling below €4,000 per square metre becomes almost impossible. This is extremely challenging for those who are not builders. Perhaps this is why we have seen this mid-range segment being occupied not by pure developers, but by developers aligned with construction operations who can spread their margins across different businesses. For developers who must pay not only construction costs but also the contractor’s profit margin, closing the numbers becomes very difficult.
We have some experience with social housing in Brazil. But developing social housing in Brazil and Portugal is entirely different, starting with the climate. In Brazil, exterior walls are only ten centimetres thick, so there are fewer concerns regarding thermal comfort, as there are not significant temperature variations between summer and winter. Bureaucratically, construction requirements in Brazil are also less demanding than in Europe. Therefore, the future of social and affordable housing lies in innovation in construction systems, such as modular construction, 3D printing, and similar technologies. That is the path forward. Technology is essential to drastically reduce construction costs, as labour will be absorbed by other market segments that pay better. Under current conditions, this is a very difficult segment unless there is a major legislative shift.
“At this moment, our strategy is fully national and focused on the luxury segment”
You also have residential projects in Romania. How did that expansion happen?
Romania is an interesting case for us. It is true that we have real estate projects there, which are currently developed and in an exit phase, being brought to market. In reality, investing in Romanian real estate was never a core focus of the company. It was an opportunity we seized because, at the time, we were already in Romania, where Adriparte was involved in the early stages of Prio in the biofuels sector. At present, our strategy is entirely national and focused on the luxury segment.
Luxury homes in Porto
Alfândega 80, Porto
Credits: Adriparte
Today, your luxury projects are centred in Lisbon and Porto. Do you plan to invest in another Portuguese city?
At the moment, no — but it depends on market evolution. When other cities become attractive to our buyers, we will of course consider them. There are also areas with high prices that we feel are already overly explored, where we would not add value with our know-how, such as Comporta, Melides, and the Algarve. We are more focused on urban environments, although that does not mean we ignore any opportunity that may arise. In the near future, it does not seem likely that much will change beyond Porto and Lisbon. In fact, although our headquarters are in Porto, all our residential projects currently in the pipeline are in Lisbon. We have none planned for Porto, as we feel it is a market that is beginning to no longer respond to our type of residential client.
Before making any investment, we look at our client base and our target client to understand what they want and where they want it. If Coimbra or Viseu suddenly became highly desirable destinations for our clients, we would certainly follow. The truth is that Lisbon is currently one of the most attractive cities in Europe to live in.
“We are convinced that 2026 will be a year of growth and strong investment for us”
How do you assess the luxury real estate market in 2025? And what can be expected in 2026?
Our luxury market, being a very specific niche, is somewhat more resilient to fluctuations in demand and supply. It is more elastic — meaning small variations in any variable do not significantly affect demand for this type of product, because supply is scarce. Exclusivity is such that there is far more demand than available product. It is a mature and relatively stable market, so we do not expect the kind of price increases seen up to 2024. What we do anticipate is increasing demand and rigor from clients, who are looking for carefully crafted luxury with attention to detail. That is why we are convinced that 2026 will be a year of growth and strong investment for us. By the end of this year, we plan to invest around €40–50 million. And in 2026, we will execute that investment and remain open to new opportunities that may arise.