At this year’s MIPIM, the world’s largest real estate fair held in Cannes, the Lisbon Region stand presented a compelling agenda to showcase the attractiveness of investing in Portugal and more specifically in the region. A key discussion took place on March 12th, focusing on the challenges and opportunities of urban regeneration in Lisbon’s historic center. Moderated by Hugo Santos Ferreira, Chairman of APPII, the panel brought together insights from Paulo Pardelha, Director of Urban Planning, Lisbon Municipality, André Caiado, Chairman of Contacto Atlântico Arquitectos, and Tiago Eiró, CEO of EastBanc Developers.
Paulo Pardelha set the tone by emphasizing the importance of the 3R's rehabilitation, reuse, and regeneration in Lisbon’s urban strategy. The city has long grappled with vacant buildings, but tourism has created a strong incentive for private investment to transform these underutilized spaces. Urban renewal efforts must strike a balance between preserving the city’s rich architectural heritage and ensuring it meets modern urban demands.
André Caiado highlighted the European Union’s ambitious target of rehabilitating five million buildings per year. As sustainability becomes an integral part of development, energy efficiency is no longer an afterthought but a key demand from residents and investors alike. Lisbon’s city center is undergoing a transformation that aligns with the broader trend of people seeking vibrant, walkable neighborhoods with access to parks, schools, and commercial hubs. However, this rapid evolution also presents the challenge of maintaining affordability amid soaring demand.
Tiago Eiró brought a developer’s perspective to the discussion, sharing insights from EastBanc’s 20-year revitalization efforts in Lisbon, particularly in the Príncipe Real area. With roots in Washington D.C., EastBanc applies a meticulous, case-by-case strategy for each building, ensuring heritage preservation while adapting spaces for contemporary uses. The company prioritizes long-term leasing across different asset classes, rather than quick turnovers, to maintain the district’s cultural and social fabric.
Lisbon’s urban renewal has not yet reached its peak, and according to André Caiado, there remain vast opportunities for further rehabilitation. While working through regulatory frameworks and coordinating with multiple stakeholders can be complex, Portugal’s public administration is increasingly attuned to the needs of developers, fostering a more cooperative environment for investment.
Lisbon’s status as an attractive European destination is solidified. Tiago Eiró pointed out that demand for rehabilitated properties remains strong, particularly those that retain historic features like high ceilings and traditional facades. The added benefit of repurposing existing buildings is cost efficiency—by using established urban infrastructure, developers can maximize resources while contributing to sustainable urban growth.
In line with this, Paulo Pardelha highlighted the city’s commitment to affordable housing, citing the development of 250 dwellings in Vale de Santo António, just two kilometers from the city center. "Vale de Santo António is not an isolated project, if you expand in almost any direction you'll find areas which align with Lisbon’s broader vision of the ‘15-minute city,’ where essential services, workplaces, and residences are within convenient reach", the Director of Urban Planning of Lisbon shared.
As cities evolve, André Caiado underscored the importance of embracing density as a solution to urban challenges. Allowing for greater building heights and mixed-use developments can enhance Lisbon’s urban landscape. However, he also expressed concern about excessive political interference in the decision-making process. In his view, reducing taxation could unlock even greater potential for urban rehabilitation and investment.