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Operator benchmarks, demand drivers, deal archetypes, regulatory pointers.
Lisbon is Europe's highest-margin major coliving market on a unit-economics basis. Mais Habitação's compression of the AL short-term-rental market has redirected supply toward residential coliving. Demand is foreign professional dominant (NHR / IFICI-driven) with rising Portuguese-Brazilian student inflow.
RevPAB (monthly)
€550-€720
ADR (per bed-night)
€20-€26
Stabilized occupancy
88-94%
Avg length of stay
5.5 months
Property OpEx ratio
55-65% of revenue
Cap rate range
5.5-7.0% (stabilized)
Target IRR
12-16% (5-year hold, asset-heavy)
Portugal's special tax regimes attract foreign professionals on 5-10 year residencies. Stable, high-ARPU, long-AVS tenant base. The single largest demand pillar in Lisbon.
Lusophone access + Portuguese visa for Brazilian nationals creates a continuous inflow. Lower-ARPU than NHR but very high LOS (often 12+ months).
Continued growth in remote-only roles based out of Lisbon (Stripe, Revolut, Anchorage). Often 3-6 month stays as people 'try' Lisbon.
AL-licence holders converting to residential have created a supply bump in 2024-25. Net effect on coliving: more available inventory at slightly compressed rents.
~3,500 operator-led coliving beds in Greater Lisbon (Q1 2026 estimate). Outsite, Habyt, Hello Citizen, Selina, plus a long tail of boutique operators. New supply concentrating in Marvila, Beato, Alcântara, Areeiro and Avenidas Novas now mature. Pipeline of converted AL inventory adding ~600 beds/year through 2027.
Local PE / family offices active at 5-15 unit scale. Pan-European institutional capital (Round Hill, Greystar) entering at 50+ unit scale. EUR-denominated debt available at 3.5-5.0% via Portuguese banks for stabilized assets.
Existing AL operator looking to exit short-stay model. Mais Habitação tax incentive on conversion is genuinely useful. Stock typically already fitted out, capex minimal.
Industrial conversion zones with large-floorplate ex-warehouses. Permitting friendlier than central freguesias. Supports 30-60 bed schemes.
Local SCI owners with 3-10 properties looking for single-counterparty operator. EUR rents stable; landlord prefers consolidated revenue. Asset-light scale-up route.
€550-€720 per bed per month at stabilization. Premium product (Príncipe Real, Estrela) reaches €750-€850. Marvila and Beato new product currently underwriting at €580-€650.
5.5-7.0% on stabilized cash flow for institutional-grade assets. Boutique single-property deals trade closer to 7.0-8.5% reflecting operational risk.
On margin and demand depth, yes. Operating margins are 28-35% (vs. 22-28% in London/Berlin). Demand is still net-positive thanks to NHR/IFICI inflow even though year-over-year tenant volume growth has slowed since 2023.
5.5 months. NHR-track tenants often 8-14 months. Backpacker/digital-nomad segment 1.5-3 months. The blended ALOS rose meaningfully after Mais Habitação compressed sub-30-day inventory.
Last reviewed: 2026-05-11. Benchmarks refreshed quarterly. Spot something out of date? Tell us.
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