“We like to invest in projects that are, in some way, unique and therefore possess their own identity, preserved in the rehabilitation and integrated into the new architectural project.”

António Velho de Palma, CEO of the newly created real estate developer Alecrim Real Estate (Alecrim RE), reveals to idealista/news that the new company within the Lince Capital universe is committed to quality, “through attention to detail in finishes and excellence in construction,” and values the Portuguese lifestyle — portugalidade. “From a strategic point of view, we position ourselves in the upper-middle segment, where the commercial risk is lower, given the higher purchasing power and lesser dependence on bank financing,” he explains.

In the same interview, António Velho de Palma — who, before leading Alecrim RE, worked at JLL and founded FREL (Future Real Estate Leaders) — “which today already has around 200 members” — adds that the company’s ambition “is to develop residential projects for the Portuguese, regardless of the segment,” with the main focus on the domestic market. “Demand from national buyers remains very high, especially in the most valued locations,” he stresses.

In the pipeline are eight projects in Portugal — in Lisbon, Cascais, Setúbal and Comporta. The first to come to life is Metrass, in Lisbon’s Campo de Ourique neighbourhood. “Around 80% of the project is already reserved, with some promissory contracts signed and the rest under negotiation. Approximately 90% of the reservations were made by Portuguese buyers,” he reveals.

Living in luxury homes in Lisbon

Metrass development, in Campo de Ourique (Lisbon)
Credits: Alecrim RE

Tell us a little about how Alecrim RE was born. Why this name and why launch a real estate developer now, in 2025?

The creation of Alecrim resulted from a combination of factors. I was at the right stage of my career to embrace a new challenge — to take a step forward in entrepreneurship and fulfil an old dream of founding a company linked to real estate.

Lince Capital, with available liquidity and a large number of projects in its portfolio, felt the need to establish a dedicated team to manage its own real estate development projects, instead of relying on external companies or investing in third-party initiatives. There was also the ambition to capitalise internally on decades of accumulated experience and knowledge in the sector.

At the same time, several of Lince Capital’s private investors expressed interest in having direct exposure to projects, in order to access more attractive returns and shorter investment horizons — between three and four years — unlike traditional funds, whose life cycle is much longer.

It was in this context that Alecrim emerged, within the Navigator II investment fund, with the dual mission of managing its own real estate projects and creating a co-investment platform designed to welcome private investors.

“We chose to create a Portuguese developer, with a genuinely national brand and identity, that values portugalidade.”

The establishment of Alecrim in 2025, with a focus on the residential market, also aims to help address one of the country’s main challenges: the shortage of housing supply in the face of constantly growing demand. We intend to respond to this need through the construction of more housing.

We chose to create a Portuguese developer, with a genuinely national brand and identity, that values portugalidade. The name Alecrim (rosemary) proved perfect: it refers to a plant characteristic of our country, with positive connotations — a symbol of resilience and persistence.

From JLL to Alecrim RE

You studied at Nova School of Business and Economics, worked as a consultant at JLL, and founded FREL (Future Real Estate Leaders). Tell us about your professional background and how you came to lead Alecrim RE.

My connection to real estate began early. From a young age, I often talked to my father about his work (always related to banking and real estate investment), and from there came a genuine interest in the field, combined with an early ambition to one day create my own company. My parents always supported my initiatives and challenges. So, after completing my degree, I spent three years developing different ideas and businesses until I realised I needed to consolidate my knowledge in a more structured way. That was when I joined Nova to pursue a master’s degree.

To complete my studies and write my dissertation, I secured an internship at JLL, where I produced the first market report in Portugal on investment in student residences. Later, I joined the JLL team — an experience that provided an intense and enriching learning curve, allowing me to gain solid and comprehensive knowledge of the real estate market across various segments.

“I wanted to build projects that could become a reference and to follow their entire life cycle — from conception to completion.”

The idea of creating FREL came about shortly after I joined JLL. At the time, I had access to several networking groups and events that were not available to younger professionals in the sector, and I realised it would be interesting to create a platform where people my age could have the opportunity to meet professionals, exchange experiences, and share ideas. That’s how FREL was founded — and today it already has around 200 members.

After nearly seven years at JLL, I felt it was time to embrace a new challenge — to create a developer. I always had the ambition to be directly involved in project development, to make strategic decisions, to lead teams, and to contribute actively to the country. I wanted to build projects that could become a benchmark and to follow their entire life cycle — from conception to completion. I dreamed that one day, I could walk past a building I had developed and see the impact it had on the neighbourhood, the community, and how it evolved over time.

A 330-million-euro investment plan

Metrass development, in Campo de Ourique (Lisbon)
Credits: Alecrim RE

Alecrim RE has a total investment plan of €330 million, with eight projects in the pipeline in Portugal — in Lisbon, Cascais, Setúbal and Comporta. When will they be completed, how many homes will be built, and in what price ranges?

We estimate the projects will be developed over a five-to-seven-year period, with each one currently at a different stage of development and licensing. In total, around 500 residential units will be built, including one project with a services component.

All developments are located in premium areas, but each project will have its own concept and target audience, tailored to the specific demand of each location. In this way, we can offer a wide diversity of prices and typologies, reflecting the differentiation between projects.

“All developments are located in premium areas, but each project will have its own concept and target audience, tailored to the specific demand of each location.”

Some will be more geared towards young families and investors seeking rental opportunities; others will feature larger layouts aimed at established families with higher purchasing power. We will also have lofts in former industrial areas, country estates transformed into luxury homes, and tourist projects with smaller units designed for second homes.

We are also developing two pipeline projects in which we will apply the modular construction model, allowing us to shorten execution times, optimise on-site costs, and adopt more sustainable solutions.
 

We are talking about residential projects targeted at the upper class, right? Portuguese or foreign buyers? Why focus on this segment of the residential market?

Our ambition is to develop residential projects for Portuguese buyers, regardless of the segment. If there is interest from foreign buyers, it will naturally be welcome, but our main focus is the domestic market.

Currently, contextual costs significantly limit the type of product that can be developed. For this reason, from a strategic point of view, we position ourselves in the upper-middle segment, where commercial risk is lower due to higher purchasing power and less dependence on bank financing.

"Contextual costs significantly limit the type of product that can be developed. For this reason, from a strategic point of view, we position ourselves in the upper-middle segment, where commercial risk is lower, given higher purchasing power and reduced dependence on bank financing."

The shortage of supply is a reality across all market segments. Demand from domestic buyers remains very high, especially in the most valued locations.

The first project to come to fruition will be Metrass, in Campo de Ourique (Lisbon). It is a seven-million-euro investment, with completion expected by summer 2027. Have construction works started? Are Portuguese buyers interested, or is it mostly aimed at foreigners?

Metrass was launched to the market in July and received a very positive response. About 80% of the project is already reserved, with some purchase agreements signed and the rest in negotiation. Approximately 90% of reservations were made by Portuguese buyers, who had long been looking in Campo de Ourique for a new home with a garage, outdoor spaces, and good sunlight exposure.

We have already started preparatory works, with construction beginning in the coming weeks. The architectural project, developed by the atelier Fragmentos, is particularly successful, featuring functional, well-designed homes with balanced spaces.

Luxury Homes
Metrass Development, Campo de Ourique (Lisbon) Credits: Alecrim RE

You said in a statement that Alecrim RE “was born with the ambition to develop residential projects that combine identity, quality, and a Portuguese way of living.” What did you mean by that?

We like to invest in projects that are, in some way, unique and therefore have their own identity, preserved in the rehabilitation and integrated into the new architectural project. We aim to develop developments that convey character, respect the place, and maintain an authentic connection with the community. An example is the industrial chimney that will be preserved in the Metrass project.

We focus on quality through attention to detail in finishes and construction excellence, designed to ensure durability, preservation, and low maintenance over the years.

We also value the Portuguese lifestyle: social interaction, reflected in the importance given to living areas; connection with the outdoors, through balconies and gardens; abundant natural light; and an appreciation for gastronomy, inspiring spacious and well-designed kitchens. We also consider daily functionality, with parking, storage rooms, and utility areas.

There are several real estate developers in the market targeting different market segments and buyers. How would you define Alecrim RE? What sets it apart from the competition?

Portuguese identity. A developer created by Portuguese, integrated into a Portuguese group with national capital, always prioritizing our national stakeholders and developing projects designed for Portuguese buyers. We seek to reflect, in each development, the culture, tradition, and authenticity of our country—whether through heritage-inspired architecture, the relationship with public space, or the use of Portuguese materials.

"We want each home to open doors to an experience of functionality and connectivity, marked by attention to detail and Alecrim’s unique identity."

We want each home to open doors to an experience of functionality and connectivity, marked by attention to detail and Alecrim’s unique identity. We aim to innovate through the integration of industrialized and modular solutions, applied to practical, efficient, and functional architecture.

Is Portugal still on the radar of real estate investors (both Portuguese and foreign)? Why? And what is the impact of the international context on the national real estate market?

Yes. Portugal has delivered exemplary performance in recent years and is beginning to stand out in several economic areas compared to its European peers, which has positioned the country on the radar of institutional investors. The market is more consolidated and professionalized, offering good investment opportunities in nearly all sectors.

The delay in consolidating some real estate segments translates into high potential for appreciation. Structural challenges, such as the strong imbalance between supply and demand—visible in areas like residential, senior residences, student housing, rental housing, logistics, and data centers—provide solid grounds for investment. Even in a context of high interest rates, which increase financing costs, and inflation, which raises construction costs, this mismatch between supply and demand ensures that the market continues to generate opportunities and sustain price appreciation. At the same time, there is a growing diversification of financing sources, creating further investment opportunities.

"It was precisely the high interest from national and international investors in diversifying risk and investing in Portuguese real estate that led to the creation of Alecrim."

Still, international instability creates uncertainty and insecurity in the decision-making process of investors and companies, negatively impacting investment globally. However, Portugal has managed to establish itself as a safe haven—a refuge destination. Once this position is secured, it is unlikely to be reversed. The country continues to attract people to live, work, and invest due to safety, social and political stability (even if challenges arise, they are nothing like what occurs in other countries).

The greatest risk for investment in Portugal lies in legislative instability, which creates inefficiencies in processes and distrust among investors. It was precisely the high interest from national and international investors in diversifying risk and investing in Portuguese real estate that led to the creation of Alecrim.

Luxury Real Estate Projects in Lisbon
Metrass Development, Campo de Ourique (Lisbon) Credits: Alecrim RE

The housing crisis has been a hot topic. Although this is not the market niche Alecrim RE operates in (middle-class housing), what do you consider urgent to change in order to increase the supply of homes in the country, especially for the majority of families living in Portugal?

I believe the only way to address the housing problem is through a set of coordinated solutions between the State and private entities, which increase the supply of homes across all segments—both for sale and for rent—including student housing.

More tax incentives for construction are needed, such as reducing VAT to 6%, and well-structured public-private partnerships that stimulate private investment in public assets. Another key factor for balanced city development is having a good public transport network. With better metro and train connections to peripheral areas, we could have more affordable markets and more dynamic cities. The absence of such a network leads to higher population concentration in central areas, increasing price pressures.

Modular and industrialized construction plays a crucial role here, enabling housing to be produced on a larger scale, faster, and more sustainably. This solution also addresses the shortage of qualified labor in the construction sector. Furthermore, it is essential to reduce regulatory barriers and streamline licensing processes, creating conditions for urban transformation and the launch of new projects.