The sun is out and the good waves are starting to form. It's a sign of surfers arriving on Portuguese beaches. But it is no longer just a summer phenomenon. They come throughout the year and from all over the world to Portugal in search of the perfect wave, in a country where safety, gastronomy, culture and quality of life are also valued. And they are looking, above all, for the surfing destinations that have been most popular in the last decade: Ericeira, Peniche and Nazaré.
Everything has changed in these fishing grounds, which are no longer just holiday destinations. A dynamic that affects the sale and rental of homes, raising housing prices and the cost of living, but also local businesses. Also because, once these foreign visitors experience surfing in Portugal, "the possibility of living here increases", as the president of the National Surfers Association says.
"It is quite evident that surfing has brought modernity and a refreshment to Nazaré, Peniche and Ericeira. Traditional local people now live and socialise with surfers. Many years ago, it was us Portuguese. Today, international visitors are more than visible", explains Francisco Rodrigues, president of the National Surfers Association (ANS), in statements to idealista/news.
It is true that Portuguese waves are attracting more and more foreign surfers from all over the world: they come from Spain, France, the UK, Germany, Brazil and recently the USA. "Visiting surfers fill a wide range, from those who are 100% 'surf driven' to students and families looking for a more complete experience where surfing is included", adds Francisco Rodrigues.
To meet the particular lifestyle of surfers, businesses are multiplying in the most varied areas in Ericeira, Peniche and Nazare, from real estate to catering, including clothing and equipment for the sport. "From an economic point of view, there is now a local industry to serve the travelling surfer, which was non-existent a few years ago," says the ANS president. But they also bring new challenges: ensuring affordable homes to buy and rent for resident Portuguese families, so that these surf spots continue to grow, but they preserve their soul and identity.
Ericeira: the world surfing reserve where house prices are "exorbitant"
It is located in the municipality of Mafra, about 40 minutes from Lisbon. Ericeira is now recognised as a World Surfing Reserve, which stretches between the beaches of Emma and São Lourenço, on a stretch of coastline that concentrates seven world-class waves in a space of just four kilometres: São Lourenço, Coos, Crazy Left, Cave, Ribeiro d'Ilhas, Reef, and Pedra Branca. This is also where international World Surf League competitions are organised, which "rule" the sporting careers of many world surfers.
It is, above all, the quality of the waves that have attracted more and more surf lovers to live in Ericeira, along with digital nomads and foreign residents. "They come from all walks of life, families with children, simpler and more uncomplicated people who are not looking for day-to-day stress", points out Ricardo Isidoro, general director of Grupo das Casas, which has a real estate agency in this village, A Casa das Casas - Ericeira Real Estate.
And the arrival of these surfers has been responsible for boosting several businesses, Ricardo Isidoro also recognises: "There is more economic growth for local commerce, recovery of ruins, owners monetise their investments (real estate), there is the creation of new spaces, gyms, cultural events, innovation and dynamisation of spaces.” There are new spaces, gyms, cultural events, innovation and dynamism".
Buying and renting a house in Ericeira: how much does it cost?
The housing business has also evolved positively in Ericeira, with a greater demand for permanent residence houses - also fuelled by the effect of the pandemic in the case of Portuguese families - but also temporary residence or in an investment perspective. Portuguese families who sought other places to live, near Lisbon, but outside urban contexts - but also temporary residence or in an investment perspective.
However, we must also look at the other side of the coin: the high demand for houses to buy and rent "is inflating prices exorbitantly, becoming only accessible to the foreign market due to a better/larger financial capacity", a scenario that means that the Portuguese are really losing purchasing power, also recognises the person responsible for the real estate agency A Casa das Casas in Ericeira.
idealist/data show just that. In the case of the purchase and sale market, demand for flats and houses is now higher than in 2019, before the pandemic, although it has cooled in the first six months of 2023 compared to the same period last year, when it was on the rise. It was precisely the imbalance in the stock of existing flats and villas onerier that led to the rise inhouse prices over the years.
Buying a flat in Ericeira cost €3,322 per square metre (€/m2) in the second quarter of 2023, 11% more than the same period last year and 70% more than the same quarter of 2019. With prices on the rise, a flat in this village is worth €375,000 on median terms. Houses have also become more expensive over the past few years (prices have almost doubled compared to 2019), costing a median of €687,000 between April and June.
To buy a flat in Ericeira - which cost, in median terms, between 345,000 euros and 385,000 euros in the last 18 months - using a 90% bank loan, with a 30-year term, a spread of 0.7% and indexed to the 6-month Euribor (3.825% in June), families must have the financial capacity to pay a house instalment of between 1,500 and 1,760 euros/month. For example, in the case of buying a house worth €375,000 (median value calculated in 2Q2023), the instalment of the house is €1,716/month, show the simulations prepared by idealista/credithabitation.
To bring house prices in Ericeira back within reach of most Portuguese, the balance would need to be tipped by putting more houses on the market. "More building stock is needed, but it will eventually destroy the soul of Ericeira," recognises the managing director of Grupo das Casas. There are actually new property projects under construction in this fishing village - and supply has even increased in the last year after spending several quarters falling. But these new homes are also aimed at the upper classes and foreigners. In addition, "there are owners who manage to sell second homes at exorbitant prices, compared to the initial purchase", adds the expert.
In this inflationary scenario, those who want to live in Ericeira can turn to the rental market. But here too rents are higher than a year ago, both in flats (+17%) and in villas (+15%), as the data show. In Ericeira, renting a flat had a median cost of €1,350/month in spring 2023 and a villa €2,475/month. The good news is that with the recent cooling of demand - given that prices are high even for foreigners and digital nomads - there are more homes to rent than a year ago.
All this new dynamic generated by the arrival of foreigners in Ericeira, many of them driven by the love of surfing, is transforming the fishing village, and this is the "consequence of success", according to those who are there in the market. "The soul of the village will change, as in everything in life. We cannot stop in time, because if that happens, after the older people leave, the new ones also leave in search of spaces and experiences that the town does not offer them. And if this happens, the soul will give way to a desert once belonging to a village by the name of Ericeira. Innovation is here to stay. Those who want to catch the wave catch it, those who don't stay in town and organize the August festivities for emigrants", summarises Ricardo Isidoro in statements to idealista/news.
Peniche: the wave capital attracting surfers and more locals
The perfect waves of Peniche leave no one indifferent, especially the international elite surfers. So much so that the Supertubos beach has become famous all over the world, being the origin of the brand "Peniche Capital da Onda". It is here that a stage of the largest and most important surfing event in Portugal is held, the MEO Rip Curl Pro Portugal, of the World Surf League.
The surf dynamic has stimulated the economy of the city of Peniche, located in the district of Leiria and about 1 hour and 20 minutes from Lisbon, by car. "The economic growth is notorious, with several hotel spaces, surf schools, surfboard factories and repair shops, surf equipment and bicycle hire shops emerging," explains Nuno Anjos, commercial director of ERA Peniche/Óbidos.
Peniche's property market is also more active in its various facets. Property restoration is "more visible" both in the city centre and on the outskirts of the city. And "property sales have evolved in a very positive way", not least because "demand is largely outstripping supply, with few new properties coming onto the market and used ones entering the market more and more slowly", analyses the real estate brokerage specialist.
Buying or renting a house in Peniche is more expensive
The demand for houses to buy in Peniche has, in fact, been increasing year after year, with an increase of about 31% in the case of flats and 73% in houses in the second quarter of 2023 compared to the same period last year, reveal the data of idealista/data. "Peniche has attracted more residents in recent years, usually investors in Local Accommodation(AL), owners of surf schools and hotels, but also more and more digital nomads looking for quiet and natural places, which combine security with the cost of living", said the expert.
The stock of flats and houses, meanwhile, fell throughout 2022 and early 2023 - although there has been a recent year-on-year rise of 26% for houses. "The housing supply is below market demand", with "few new and small projects emerging" and existing houses not reaching the market, says Nuno Anjos.
As a result of this imbalance between supply and demand, "prices have risen a lot and quickly" in the city's buying and selling market, says the commercial director of ERA Peniche/Óbidos. Flats were 66% more expensive between spring 2023 and the same period in 2019, with the median price standing at €1,739/m2 - there was already a slight price correction earlier this year compared to 2022.Buying a house to live in Peniche cost €1,773/m2 in the second quarter of 2023 (+21% compared to the same period in 2022 and +75% compared to 2019).
The data also reveals that a flat in the wave capital had a median cost of €181,000 between April and June this year, while a villa cost €280,000. Acquiring a flat of this value using a mortgage(90% financed, over 30 years) with a spread of 0.7% and indexed to the 6-month Euribor (3.825% in June), means paying a house instalment of €830 per month, as indicated by the idealista/créditohabitação estimates.
And is the rental market an option for Portuguese and foreigners looking for Peniche to live and its perfect waves to surf? The supply of flats for rent is scarce and has been falling (-25% in one year). "The dynamics have been more concentrated in local lodging and short and medium-term leases", justifies Nuno Anjos. Demand, meanwhile, soared in 2022 and is likely to be on the rise in 2023 (although not as high as the previous year). This has pushed house rents up to reach a median value of €800/month in 2023, the highest since 2019.
Despite the challenges it creates in the property market, the arrival of surfers, foreigners and digital nomads is also seen as a business opportunity, to renew generations and transmit Peniche's culture. “I think that if we manage to take advantage of this young, technological and culturally diverse dynamic, we can spread the local soul and culture to all who visit us, but mainly attract new residents," says Nuno Anjos. The official believes that this is even a way of publicising the centuries-old traditions of the entire municipality, as well as improving the communication of culture linked to the sea.
Nazaré: where giant waves challenge the bravest surfers
Nazaré became part of the world surfers' map after Garrett McNamara achieved the unthinkable in 2011: surfing a 23.77 metre wave at Praia do Norte, breaking the Guinness World Record. Since then, this village also in the district of Leiria, a little further north, (about 1h30 drive from Lisbon) has become one of the most famous destinations worldwide for surfing- especially for the bravest.
So much so that McNamara's Guinness Record has already been surpassed by other surfers, and is now in the hands of Germany's Sebastian Steudtner, after he rode down a 26.21 metre giant wave on his board in 2020.
The Nazaré canyon generates gigantic waves on the northern beach, especially between November and February each year. This varied village has become an essential point on the world surfing route, where the Big Wave Challenge is held today. "The giant waves have strengthened the winter season and there is an increase in visitors, which contributes to new residents, especially surfers, although there is a growing interest from North American, Nordic and Belgian citizens", comments Luis Santos, manager at Casas & Properties Nazaré, in statements to idealista/news.
"Whenever there is a strong swell in winter, with or without competition, Nazaré draws all the attention of surfing in Portugal", says the president of ANS
There are other features of this traditional fishing village that attract new residents. "Living in Nazaré means offers quality of life, with many services and beaches nearby, a beautiful landscape, excellent restaurants and very interesting cultural activity. We have an excellent geographical location, with easy access to Lisbon and its airport", Luis Santos also points out.
Cost of homes in Nazaré rises since the pandemic
All these factors have justified the growing increase in families looking to buy a house in Nazaré(flats and villas) in recent years, which is now much higher than that recorded in 2019 - although it has cooled (-36%) in the case of villas between the second quarter of 2023 and the same period last year, when it peaked.
On the other hand, the supply of flats to buy in Nazaré has been falling (-25% in the last year), while the supply of villas for sale has risen slightly in recent months. "There are always new projects on the market, but very customer-focused for second homes, where demand is high and the selling price is high." On the other hand, "we don't have a lot of area to build on or owners who want to sell, as many properties are owned by several family members and it's not easy to reach an understanding," explains the manager at Casas & Properties Nazaré.
As a result, "prices are increasing significantly year on year", reveals the manager of this real estate agency in Nazaré. Flat prices were around €2,755/m2 in the second quarter of 2023, up 6% year-on-year and 38% compared to the same period in 2019. Houses have also become 4% more expensive in a year and 48% more expensive than in the pre-pandemic period, now costing €1,831/m2.
This means that the average cost of a flat in Nazaré is around €275,000 and a villa €315,000. To purchase a flat with a mortgage, with 90% financing, 30-year term, 0.7% spread and 6-month Euribor (3.825% June), families must be prepared to pay a monthly instalment of €1.258 per month, according to idealista/créditohabitação calculations.
On the other hand, renting a house in Nazaré can be really complicated. "Long-term rentals aren't even advertised because there is such a huge demand. There is very little on offer and, traditionally, Nazarenes have always preferred to rent their properties to tourists visiting the town." The expert refers to the Nazarenas dressed in their seven skirts, who rent holiday homes by the waterfront - even though most tourists arrive with accommodation already guaranteed.
idealist/data shows that demand for flats to rent in Nazaré is now much higher than in the past (in 2019 and 2020), having peaked in 2022 - so while demand remains high, there has been a cooling in 2023.
It was precisely in this period of greatest demand that the supply of houses for rent fell, having recovered at the beginning of this year. For the same reason, prices rose - and a lot - in 2022, with an adjustment now observed (-8%). Still, renting a house in Nazaré cost €12.36/m2 in the second quarter of 2023, more than double that of 2019.
All this new dynamic in Nazaré, driven by those seeking its giant waves, has generated positive aspects for business - real estate and otherwise. "There is a better offer in services and catering, being much more balanced between the seasons (previously it was only in summer)", says Luis Santos, also emphasising that there is "an excellent recovery of houses in the historic area".
When you arrive in this fishing village, you soon appreciate the strong soul of the Nazarenes and their deep-rooted traditions, from the seven skirts to the dried fish for sale on the seafront, not forgetting the Carnival festivities, the pilgrimage to São Brás (the region's mountain) and the marine festivals. Luis Santos has no doubt that "It is not easy to tame this parochial feeling that we have for our village, however we also welcome some improvements that these new inhabitants have brought in relation to the quality of life and the care we must take with our homes and heritage".
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