The luxury residential segment in Portugal has resisted — and even grown — during the crises that have shaken the sector and the economy, from political and legislative instability in Portugal to rising inflation and interest rates — which are now decreasing — as well as the pandemic, wars, and Trump’s tariffs. This remains an attractive niche market for both domestic and foreign investors, “where the shortage of stock continues to sustain demand,” according to Diogo Lopes da Costa, CEO & Founder of A&D Consulting, in an interview with idealista/news. The expert anticipates that, for all these reasons, “prices will continue to rise in the luxury segment, especially in areas such as Cascais, Estoril, and Lisbon, where the shortage of supply remains.”

Among the various topics addressed in the interview is A&D Consulting’s activity, which was founded four years ago as a boutique real estate consultancy, explains Diogo Lopes da Costa, emphasizing that “each project is unique and deserves attention to detail.”

Regarding the future of real estate brokerage and the role of real estate consultants, especially in a technological era where Artificial Intelligence (AI) is gaining more and more prominence, the CEO & Founder of A&D Consulting leaves a warning. “The sector will be more competitive, with new forms of digital promotion and greater presence on social media. However, the pillars will remain the same: ethics, competence, and client commitment. Especially in the luxury segment, where every detail matters, the role of the consultant will continue to be decisive,” he states.

Luxury homes in Lisbon

This is Sol à Graça 43, in Lisbon – Credits: A&D Consulting

How and when was A&D Consulting founded, and what is the company’s focus/mission?

Founded four years ago, A&D Consulting was established as a boutique real estate consultancy with a clear proposal: to combine strategic vision, marketing, and sales into a complete and personalized service. We support developers from the identification of opportunities to commercial delivery, with an in-house team producing all materials — 3D, branding, websites, curation, and campaigns. We believe that each project is unique and deserves attention to detail. Our goal is to simplify the sales process and deliver impactful results. As our motto says: "We make selling easy."

We work directly with the best real estate developers to ensure the creation of unique and exclusive products that stand out from the competition. In addition to the projects (developments) for which we manage sales, we also showcase the finest properties in Portugal. Every project becomes personal for us, and we pride ourselves on establishing very close and long-lasting relationships with clients.

How would you assess your activity to date, and how is 2025 going so far?

A&D Consulting’s journey has been one of steady growth. In 2025, we started with a strong sales volume and a significant increase in client confidence, especially among international buyers. Americans, in particular, have become an increasingly important segment of our client base. In contrast to 2024, which was marked by political uncertainty and some contraction, this year has been more dynamic, especially in the luxury segment, where the shortage of stock continues to sustain demand.

"In contrast to 2024, which was marked by political uncertainty and some contraction, this year has been more dynamic, especially in the luxury segment, where the shortage of stock continues to sustain demand."

What types of properties does A&D Consulting market, and where do you operate?

We focus on the high-end residential segment, with special attention to premium areas such as Lisbon, Cascais, Porto, and Sesimbra. We work on projects like Grand Loft Avenida, The Republic 95, and The Book Store Apartment in Chiado (Lisbon), among others. We have a special fondness for urban rehabilitation, properties with history, classic façades, and architectural details that make a difference. Our office, located near Avenida da Liberdade, strengthens this proximity to the best assets and clients.

Why have you chosen to focus on the premium segment?

Besides our natural affinity for excellent design and architecture, we chose this segment due to growing demand and limited supply. Portugal has gained international prominence, with Lisbon and Porto becoming increasingly cosmopolitan. The market now demands greater sophistication and differentiation — exactly the kind of challenge we enjoy. We want to deliver projects with identity, aligned with trends, and with high added value.

Living in luxury homes

The Grand Loft Avenida, in Lisbon – Credits: A&D Consulting

Does A&D Consulting also operate in the rental market?

Our focus is almost exclusively on the purchase and sale of homes. Although we handle occasional rentals for strategic clients, we believe that specialization brings excellence. As a boutique, we prefer to focus on what we do best: creating value in high-end residential transactions.

"The market now demands greater sophistication and differentiation — exactly the kind of challenge we enjoy. We want to deliver projects with identity, aligned with trends, and with high added value."

What is the profile of your clients, in terms of segment and nationality?

We mainly work with international clients — Americans, Brazilians, and French — with high purchasing power. The average transaction ticket is around 1.5 million euros. We also have Portuguese clients, though fewer in number, who are very interested in unique and well-located properties. Our approach is personalized, with total focus on efficiency, discretion, and trust.

What distinguishes A&D Consulting from the competition?

Our difference lies in our full focus on the developer. We work from concept to sale, helping to develop outstanding products that stand out in the market and have high liquidity. We suggest technical solutions, finishes, branding, and curation, always with a strategic approach. All marketing is done in-house, with a high visual standard. The goal is clear: to help the developer launch a top-tier product that reaches the right target audience and sells out. We know that real profitability lies in the last units sold, so we think of the project as a whole and not just the easiest fractions to sell.

Portugal is experiencing a housing crisis, or for many, a crisis of access to housing. How can this be addressed?

It is essential to support those who build: developers and investors. Streamlining permits, reducing bureaucracy, and revising taxes such as the Municipal Tax on Onerous Property Transfers (IMT) are crucial steps. Reducing VAT on new construction to 6% could be a real driver to increase supply and stimulate the sector.

How do you evaluate the government’s measures to support first-time homebuyers, such as the IMT and Stamp Duty exemptions and the public guarantee for mortgage loans?

The IMT exemptions and credit support are steps in the right direction, but still timid. The value cap excludes many families, even those looking for just a two- or three-bedroom apartment in major cities. The solution lies in encouraging the private sector with fiscal measures that attract more investment and thus increase supply.

Living in Lisbon in luxury homes

The BookStore Apartment, in Lisbon – Credits: A&D Consulting

What impact could the current international geopolitical and macroeconomic context have on the national real estate market, namely Donald Trump’s policies, and how have you observed the effect of interest rates on client behavior?

After Trump’s election, there was a clear increase in demand from Americans for real estate in Portugal. Safety, climate, and quality of life are decisive factors. The decrease in interest rates in Portugal has also boosted activity. The country is on the global radar as a safe and attractive destination, and the real estate market feels this directly.

"After Trump’s election, there was a clear increase in demand from Americans for real estate in Portugal. (...) The country is on the global radar as a safe and attractive destination, and the real estate market feels this directly."

What are your forecasts for house price trends, as well as supply and demand, until the end of the year?

We believe that prices will continue to rise in the luxury segment, especially in areas such as Cascais, Estoril, and Lisbon, where supply remains limited. We are already seeing transactions above €20,000 per square meter. We have a solid pipeline for the coming months, with projects in strategic areas, such as a future luxury development on Avenida da Liberdade (Lisbon), in partnership with one of our main clients.

What role does technology and AI play in the real estate brokerage sector?

AI is already present in tasks such as content generation, 3D images, and supporting materials. It is an efficient ally, but it does not replace the personal relationship that the sector requires. Buying a property is emotional, involves trust and close support, and that continues to be the role of the consultant.

Is the real estate consultant likely to gain or lose relevance?

They are likely to gain relevance. The luxury market demands a differentiated approach, with a high level of involvement, technical knowledge, and empathy. Technology can help, but trust is still built face-to-face.

"We believe that prices will continue to rise in the luxury segment, especially in areas such as Cascais, Estoril, and Lisbon, where supply remains limited. (...) The luxury market demands a differentiated approach, with a high level of involvement, technical knowledge, and empathy. Technology can help, but trust is still built face-to-face."

Many players in the sector highlight the need for more training and regulation in real estate brokerage. Do you agree?

Absolutely. Today, anyone can enter the sector, which harms the quality and reputation of the market. We advocate for the creation of minimum requirements — training, certification, and ethics — to raise the level of brokerage in Portugal.

What can we expect from the real estate brokerage sector in the future?

The sector will become more competitive, with new forms of digital promotion and greater presence on social media. However, the pillars will remain the same: ethics, competence, and client commitment. Especially in the luxury segment, where every detail counts, the role of the consultant will continue to be decisive.