The Last Affordable Coast in Portugal

Portugal’s best-known markets may be mature—but along the northern coast, you can still buy ahead of the crowds.”

Portugal has become one of the world’s most desirable places to own real estate. Over the past decade, international buyers have poured into Lisbon, Porto, and the Algarve, pushing prices steadily higher and tightening supply in those markets.

But in this dispatch, Ronan explains why he believes the next wave of opportunity may lie far to the north, along a stretch of Atlantic coastline that most foreign buyers have never even heard of.

Broadcasting from Caminha, a historic river-and-ocean town near Portugal’s border with Spain, Ronan shares why he personally chose to buy here—and why he believes the region may be on the verge of being discovered.

Caminha sits where the Minho River meets the Atlantic Ocean, surrounded by mountains, forests, vineyards, and miles of pristine sandy beaches. Unlike the resort-heavy markets farther south, this region remains deeply authentic: quiet towns, preserved architecture, local culture, and communities where people live year-round rather than seasonal tourism hubs.

Ronan walks listeners through the fundamentals that attracted him here—from the town’s walkable historic center and strong lifestyle appeal to its natural beauty and strategic location just north of Porto.

He also explains why pricing still represents exceptional value. His own recently purchased historic villa—5,000 square feet overlooking the river and ocean—cost just €410,000, or roughly $90 per square foot, a fraction of what comparable coastal property costs elsewhere in Portugal.

While Caminha is still early in its tourism cycle, Ronan believes that is precisely what makes it attractive. The town is beginning to see more international visitors each year, and he expects the same discovery pattern that transformed markets farther south to eventually play out here as well.

For buyers who value authenticity, space, natural beauty, and long-term appreciation potential, Ronan believes Portugal’s northern coast deserves serious attention.

In This Episode

• Why Portugal has become one of the most sought-after real estate markets in Europe
• How Lisbon, Porto, and the Algarve have already matured as international buyer destinations
• Why Portugal’s northern Atlantic coast remains largely undiscovered
• What makes Caminha’s location unique—where river, ocean, mountains, and vineyards meet
• Why the town offers a rare mix of historic charm and livable year-round community
• Details on Ronan’s own historic villa purchase and pricing in the region
• Examples of homes and apartments currently available in Caminha
• How rental income works in a market that is still early in its tourism cycle
• Why northern Portugal may be entering its discovery phase

Key Takeaway

Portugal’s biggest real estate opportunities may no longer be in the markets everyone already knows. The next wave of upside could come from overlooked regions—places with the same natural beauty and lifestyle appeal, but still priced far below the country’s established hotspots.

Transcript

SPEAKER_00 0:00

Portugal is one of the most sought-after places in the world to own real estate. Over the past decade, international buyers have rushed into its top markets, like Lisbon and Porto and the Algarve. Many people think Portugal's best real estate opportunities have already gone. But there's a coast in Portugal that most international buyers don't even know exists, and prices there are a fraction of what you'll pay in the rest of coastal Portugal. I recently bought a stunning 5,000 square foot ocean view historic villa in a picturesque town along this coast. And it cost me just $90 per square foot. Today I'll show you where I bought, how you can still buy in Portugal at incredible prices like this, and explain why this town and this coastline won't stay undiscovered for long. I'm Ronan McMahon. For more than 20 years, I've been a full-time international real estate investor and scout. My team and I spend more than $1 million a year on travel and research, looking for the best real estate opportunities in the world. We get on planes, meet with developers, tour communities, build local contacts so we can find the best opportunities ahead of the crowds. I've been coming to Portugal for more than two decades. I've personally bought here multiple times, in the Algarve on the Silver Coast, and most recently in the small town of Caminha on the northern Atlantic coast. And that's the part of Portugal I want to focus on today. Head north of Portugal's second city of Porto, and you'll find a pristine region of incredibly soft sand beaches, rich history and culture, and stunning food and architecture. This is Portugal's undiscovered north. This region is quieter, more temperate, more local than the rest of Portugal's coast. It's a place of vast empty beaches, river estuaries that open onto the ocean, of medieval port and river towns dating to Roman times, of places that still feel Portuguese. This coast has all the key elements that make destinations to the south so appealing. But it's virtually unknown to foreign tourists, expats, and second homeowners. And because this region is off the radar, you won't find high-rise resorts here or concrete jungles by the sea. What you get instead is space, calm, and authenticity. Along this coast, there are plenty of pleasant towns where you can buy well and live an incredible lifestyle. But Caminha stands apart. Here's why. The town of Caminha is the far northwestern corner of Portugal. The setting is incredible. The town sits right where the Minho River enters the ocean. Spain lies just across the river. Along the edge of town, Atlantic beaches stretch out to the horizon. Just inland, you'll find soaring mountains, towering pine forests, and lush wine valleys. That combination alone is rare. But then you add everything the town itself offers. Caminha has a wonderfully preserved historic center, a beautiful central square, cobblestone streets, and an amazing selection of restaurants. Caminha is compact, it's walkable, and this is not a resort town. People live here year-round. Families, professionals, retirees. It's a living, breathing, vibrant community with a rich history and culture. And its best days lie ahead. For years, northern Portugal towns like this flew under the radar. Tourism promotion focused south. Foreign buyers followed the crowds. Money poured into Lisbon, Porto, and the Algarve. But those markets have now matured. Prices are higher, supply is tighter, competition is fierce. So now people are looking elsewhere in Portugal and they're beginning to discover the far north. I first scouted Caminha in 2023. Back then, the only overseas tourists I saw were returning Portuguese expats, as well as the hikers passing through town on the Camino de Santiago Pilgrim Trail heading to Spain. But every year I've returned, I've seen more international tourists and more real estate buyers. This town is on the cusp. It's slowly being discovered, but there's still time to buy here. And own incredible real estate here at prices that are a fraction of what you'll pay in the major markets to the south. In a moment, I'll tell you about my home here and show you some other properties on the market. First, let's step back, talk fundamentals, and answer some of the key questions I get on buying in Portugal. The question I hear most often is: can foreigners buy real estate in Portugal? The answer is yes, with no restrictions. You don't need citizenship, you don't need residency, you don't need to live in Portugal full or even part-time. Foreigners buy here every day. It's a simple, straightforward process. Another question I get often is: can non-resident foreign buyers get a mortgage? Yes. And this is one of Portugal's big advantages. Not many countries offer mortgages to international buyers. Portugal is one of the few that does. Here, non-residents can borrow up to 70% loan to value for terms up to 30 years at competitive interest rates. Right now, rates in Portugal start at about 2.3%, and Portuguese banks are very accustomed to working with foreign buyers. I've taken out multiple mortgages here myself multiple times. And I can tell you the process is very easy. Now let me show you what I bought in Caminha and what's on the market there today. In late 2024, I purchased a 5,000 square foot historic villa just outside the town center of Caminha, along the Minho River. From my garden I can look across glass flat water to Spain. Pan to my left and I see waves crashing on a Spanish beach. Pan a bit more and I see tides rippling onto a golden sand Portuguese beach. Inside, this historic home is immaculate, furnished with original pieces that came from Brazil with the first owners at the end of the 1800s. Before my wife and I bought it, a Spanish couple had meticulously renovated this house over nine years, restoring original features like its intricate ceilings. I paid €410,000 for this home. In US dollar terms, that worked out at less than $90 per square foot. Since I bought this home, prices in Caminha have ticked higher as the town is being discovered. Here are a few sample listings. You'll find a mix of modern and traditional properties on the market in Camina. This modern villa was built in the last 15 years and is in the same area as my home. It spans 3,700 square feet, has three bedrooms, views of the river, and sits in a gated community with swimming pool. It's listed for €395,000. If you want a historic property like mine, those are getting snapped up. But you can still find some on the market. This listing is for a 3,000 square foot, 4-bed, 4-bath historic villa. It also has river views and sits on a spacious plot with large gardens. It requires restoration, but it's listed for 400,000 euros. Another opportunity here is to buy a home or apartment in the historic town center itself. Here are a few examples. This 1800 square foot four-bed home is centrally located, putting you within very easy walking distance of the town's amenities, stores, and restaurants. It also comes with a small garden and one car garage. It's on the market for €295,000. In Caminha, you'll find apartments overlooking the river. And these can be quite affordable. If you're looking to earn income, Caminha is not yet a major short-term rental market. Rentals perform well in select summer months and holiday periods, but right now demand is low outside of peak season in July and August. So this is not a destination to buy for income alone. But that's not to say income is impossible. Historic homes like mine are in very big demand and short supply during peak season. I plan to start renting my home out this summer. Based on the numbers I'm getting from local agents, this home would rent short term for between 600 and 700 euros per night in peak season. That means I can expect to be able to cover the entire cost of owning my villa, mortgage, taxes, insurance, everything, just for filling it with renters during August, when demand in this region is strong. So the market today can deliver enough income to cover costs. And I anticipate demand for properties of all sorts will rise outside of peak months as this town is discovered. Caminha's not for everyone. If you're looking for nightlife on your doorstep, if you want resorts, beach clubs, and a constant buzz, if you want a place where you can generate significant income, Caminha's not the right place. But if you're looking for a cam base in Europe, near beaches in the water, a town that still feels grounded and authentically Portuguese, and a place where you can still buy ahead of the crowds and see big capital appreciation, then put Caminha on your radar. That's why I chose to buy here.