“The real estate brokerage business, particularly in the luxury segment, is in good health, and we can even say that it is experiencing one of its best moments.” Optimism is therefore the watchword for Adriano Nogueira Pinto, National Coordinating Director of DS Private, who, in an interview with idealista/news, anticipates the continued presence of Portugal “on the radar of international luxury investors and buyers.” “In this segment, the country offers a differentiated product, such as signature architectural projects, properties with environmental certifications, and highly valued prime locations,” he analyses.
Among the various topics addressed in the interview is the timing of the creation of DS Private, a brand of the DS Group specialising in real estate brokerage in the premium segment, which was launched in the midst of the Covid-19 pandemic. “The pandemic changed the way people live and work, and with that came new housing needs, new investment habits and a growing demand for properties with differentiating characteristics: more space, more comfort, better location, more technology and greater concern for the environment through the use of materials that are, if possible, infinitely recyclable,” acknowledges Adriano Nogueira Pinto.
Luxury villas
Villa in Matosinhos marketed by DS Private
Credits: DS Private
DS Private began operations in 2020 and has 20 stores nationwide. What balance of activity can be made?
We have more than 20 stores, both open and in the process of opening, and around 300 collaborators, so the balance is extremely positive. Over these five years, we highlight the sustained growth of the brand and the solid expansion of the network, with well-positioned stores in strategically assessed areas, as well as the qualified team we have managed to assemble through strong investment in training and continuous support for our professionals.
DS Private focuses on the premium/luxury segment, establishing itself among private clients, investors and developments, with results and figures that demonstrate an upward trajectory, both in terms of business volume and brand awareness. The future is promising, and the commitment to excellence remains firm.
What led the DS Group to launch DS Private and invest in the premium market?
The launch of DS Private in 2020, in the midst of the pandemic, was an act of strategic vision and courage on the part of the DS Group. Despite global uncertainty, the group identified a clear opportunity: the premium and luxury market, even in challenging times, demonstrated resilience, solidity and growth potential. The decision to create the brand arose from the perception that there was a gap in the real estate sector when it came to a truly personalised, exclusive and high value-added service — a service capable of meeting the demands of more sophisticated clients, investors and larger-scale projects.
“The pandemic changed the way people live and work, and with that came new housing needs, new investment habits and a growing demand for properties with differentiating characteristics.”
Launching the brand during the pandemic was a challenge, but also proof that the DS Group believes in the power of innovation, adaptation and strategic focus. The pandemic changed the way people live and work, and with that came new housing needs, new investment habits and a growing demand for properties with differentiating characteristics: more space, more comfort, better location, more technology and greater concern for the environment through the use of materials that are, if possible, infinitely recyclable. DS Private was born precisely to respond to these changes, with a differentiated approach, a specialised team and communication oriented towards detail, trust and excellence.
DS Private closed the third quarter with 71% growth in turnover and, up to August, listed 1,428 properties, 398 of which were exclusive to the brand, representing a growth of 28% compared to the same period in 2024. Does this mean that 2025 is meeting expectations?
Without a doubt. And we want to continue to grow. We have stores with full business maturity, distributing activity across the various areas of operation, where credit intermediation and construction brokerage also contribute to results and to delivering a differentiated service.
Luxury estates for sale
Estate in Minho marketed by DS Private
Credits: DS Private
In 2026 the goal is to open 10 more stores and reach 30 units nationwide. What can we expect from next year? Is the strategy also to increase representation in the islands, namely the Azores?
The brand enters its fifth year of activity highly focused on expansion and on reaching areas of the country where it has not yet signalled a presence and where it should be, namely in central and southern mainland Portugal, as well as in the Azores, yes, and also Madeira.
Tell us about DS Private’s property portfolio. Is it mainly villas and apartments, or do you also have, for example, palaces listed?
DS Private already has a diversified property portfolio, consisting mainly of apartments and villas, including some palaces. We also highlight properties with old, heritage-preserved façades, but whose associated units are entirely new.
It is evident that the brand’s focus is fundamentally on residential properties and that it clearly seeks to offer the market exclusive and differentiated real estate products with strong appeal to different audiences. We are also attentive to the investor market in Portugal and develop, in an agile manner, a wide range of contacts and dynamics aimed at generating interest in our work beyond borders. Partnerships have already been formalised, so the future is auspicious and we are very confident in the increase in the number of clients and the results that this will bring to our stores.
Where are these properties located? Mainly in Lisbon and Porto, or also in areas such as Comporta? Are there any new locations on the radar of investors/buyers?
DS Private properties are predominantly located in the Lisbon and Porto regions. For more urban clients, Porto and Lisbon continue to be reference points. However, as Portugal is a relatively small country with a good road network, new bets are beginning to emerge in this segment:
  • Braga, already identified as an emerging destination in the luxury market and which has attracted buyers seeking properties with good value for money and quality of life;
  • Lagos (Algarve), traditionally strong in the luxury and tourism sector and which continues to stand out as one of the most dynamic areas;
  • Comporta, which has gained notoriety as an exclusive refuge and refined natural environment;
  • Peripheral municipalities of Greater Lisbon, such as Amadora, Odivelas, Loures and Oeiras, because they benefit from proximity to the capital, more affordable prices and good infrastructure;
  • The Silver Coast area, between Barrinha de Esmoriz, in the district of Aveiro, and the municipality of Torres Vedras, in the district of Lisbon.
Luxury villas in Póvoa de Varzim
Villa in Póvoa de Varzim marketed by DS Private
Credits: DS Private
Among investors and/or buyers, which nationalities are the most active? Are new ones emerging? And do Portuguese buyers remain attentive to the luxury segment?
The share of foreign buyers in the luxury segment fluctuates and grows when Portugal gains international visibility. The nationalities that stand out most in the Portuguese luxury market are Brazilian and North American, not forgetting the British, who are also referenced as active buyers. Although foreigners have significant weight, Portuguese buyers still lead in total transactions: more than half (54%).
The emerging trend is the profile of buyers aged between 30 and 40, linked to the technology sector and digital entrepreneurship, who seek luxury properties with modern design, sustainability and a premium location.
Is the real estate brokerage business, particularly in the luxury segment, in good health in Portugal?
Yes, and we can even say that it is experiencing one of its best moments. International demand is high and Portugal continues on the radar of international luxury investors and buyers, due to safety, mild climate, quality of life and tax benefits. In this segment, the country offers a differentiated product, such as signature architectural projects, properties with environmental certifications and highly valued prime locations. This dynamism has also been supported by the growing professionalisation of the sector, as this segment has increasingly specialised with teams trained to work with discretion, exclusivity and a more consultative service, which increases trust and builds client loyalty.
“The real estate brokerage business, particularly in the luxury segment, is in good health in Portugal. And we can even say that it is experiencing one of its best moments. (…) The luxury segment is strong and has great room for growth.”
We can say that the luxury segment is strong and has great room for growth. However, it continues to require a strategic approach, solid brand positioning and highly prepared consultants to maintain the trust of demanding and sophisticated clients. As with everything, there is always room for improvement, and I believe there is still a gap when it comes to access to data on the sector, which makes investment planning difficult for international players. On the other hand, there continues to be some scarcity of new luxury product available, particularly in areas such as Lisbon or Cascais, which generates pressure on prices and may deter demanding buyers. And, of course, there is the natural impact of some legislative instability, such as changes to Local Accommodation (AL) or golden visas, which end up creating insecurity for some investors.
Do real estate investors, particularly foreign ones, continue to see Portugal as a safe and profitable destination? What continues to attract them?
Foreign real estate investors continue to see Portugal as a safe and profitable destination, even with some legislative changes in recent years. Strategic location, stability, security and quality of life continue to be the most important factors for those looking to invest in Portugal. Also contributing to the country’s attractiveness are good profitability margins, especially in long-term rental in urban and tourist areas, and in urban rehabilitation and resale projects; the diversity of real estate supply — historic properties for rehabilitation, new construction projects or luxury villas with sea views — and also the existence of a competitive tax regime, as many investors still benefit from advantageous tax conditions, such as exemption or reduction in personal income tax through the Non-Habitual Resident (NHR) status, low inheritance tax and the possibility of efficient international tax planning.
Estate for sale in Valença
Quinta de Santo António, in Fontoura, Valença, marketed by DS Private
Credits: DS Private
The Government has announced new measures related to housing. Will they also have an impact on the luxury segment?
The measures announced by the Government in the context of housing — such as the end of golden visas, the limitation of Local Accommodation (AL) and rent control in some areas — were designed mainly with the affordable residential market in mind. However, they may have indirect impacts on the luxury segment, albeit more limited ones.
“There continues to be some scarcity of new luxury product available, particularly in areas such as Lisbon or Cascais, which generates pressure on prices and may deter demanding buyers.”
The new measures should have little direct impact on the luxury segment, but they require the sector to be more attentive, professionalised and oriented towards value creation. Trust, clarity and brand positioning will be even more crucial to keep Portugal attractive to this client profile.
What can we expect from the future of real estate brokerage in Portugal, particularly in the luxury segment, now that technology is increasingly part of the business, with tools such as Artificial Intelligence (AI) gaining prominence? What is changing and what role will consultants play?
The future of real estate brokerage in Portugal, especially in the luxury segment, will be marked by the intelligent integration of technology, without losing the human factor, which continues to be decisive in creating relationships of trust with high-profile clients. However, technology and the digitalisation of processes have brought tools that promise to help consultants provide an even more differentiated service.
The digitalisation of the commercial process itself makes it possible to offer a service with greater convenience and efficiency, through virtual visits, digital contract signatures or predictive management systems. In turn, AI-powered tools make it possible to personalise proposals, predict purchasing behaviours and even identify leads with a higher probability of conversion, while also refining the client approach process.
With the help of technology, the real estate consultant will move from being a “seller” to an “advisor” or strategic consultant, helping clients make safe, informed decisions aligned with their lifestyle and objectives. Their role will be even more irreplaceable, because trust and discretion — which can only be achieved through a close relationship with the client — will continue to be essential in the processes of buying and selling premium properties. Digital tools do not replace the consultant; they enhance them. The brands and teams that combine technology, positioning and excellence in service will be the ones that lead this market in the coming years.
We believe that true luxury lies in the details, and each property, each client and each transaction are treated with a level of rigour and attention that reflect the essence of our brand, but also the positioning of this more premium segment.