International flying in a pandemic
Armed with a stack of surgical masks, a maroon-colored passport, and a negative COVID test taken 30 hours prior to departure, I boarded a United Airlines flight for Dublin on September 19, 2020. Lucky enough to fly over the pond in a Polaris lie-flat seat, I noticed how many of the usual business class amenities and formalities had been eliminated in response to the pandemic. A glass of champagne before take-off….GONE. A small dish of mixed nuts prior to dinner….GONE. The finely-appointed meal cart displaying white linens, after dinner drinks, and desserts that rolls through the aisle….GONE. Fortunately, the seating arrangement was still as comfortable as ever, so I easily drifted off to sleep and only awoke as the pilot was announcing final descent into the Emerald Isle.
Arrival into Lisbon
After a lengthy 8-hour layover in Dublin spent inhaling a McDonald’s breakfast, reading online news articles, and catching up on emails, I stepped aboard a TAP Portugal flight for the 3-hour trip to Lisbon. It seemed I barely blinked before finding myself at the centrally located Hotel da Baixa in downtown Lisbon. With a beautifully appointed room and helpful front-desk staff, I could not believe the sub-€100/night rate….one of the few benefits to come out of COVID’s negative impact on tourism.
For the following four days, this hotel in the Baixa neighborhood served as my base for an array of activities around Lisbon. On the adventurous side, I had the pleasure of exploring various other areas by foot including Bairro Alto and Chiado, Alfama, Avenida da Liberdade, Cais do Sodré, and Principe Real.
Observations of a city explorer
Encouraged by my observations of the street scene in these areas, I rented a road bike from the unbelievably accommodating staff at Lisbon Bike Rentals and rode to Parque das Nações in the northeastern part of the city, followed by Belém 45 sweaty minutes later. Of course, I could not resist stopping at Pastéis de Belém for a coffee and pastel de nata, which could be one of the most incredible things I have ever consumed.
To balance out this unhealthy treat, I adopted the vegan habits of a childhood friend of mine who also happened to be in Lisbon at the same time. Surprisingly, I found many of his restaurant choices to be not only nutritious, but also delicious beyond expectations. For example, I had particularly tasty meals at Jardim das Cerejas, Comoba, daTerra, and O Botanista, none of which cost me more than €20. With this said, I admittedly treated myself one evening to a non-vegan cocktail and dessert at BAHR atop the Bairro Alto Hotel. What phenomenal, panoramic views of the city it had to offer!
On the economic side, I observed that many of the “mom and pop” stores and restaurants were struggling to stay afloat similar to the situation in the US. While most of them welcomed me inside with a smile and optimistic attitude, others had closed entirely or instituted limited hours. At night, I quickly learned that establishments were prohibited from selling drinks without food, not to mention denying entry to new customers after 10pm. Further, the “COVID-19 hours of operation” listed on sites such as Google were not entirely accurate for many restaurants that I attempted to visit.
Real estate conversations
While in town, I connected with a contact at CGC, a full-service execution partner, development manager, and advisor that is active in 10+ countries around the world. Amidst the scenic backdrop of the Esplanada Café in the Jardím do Principe Real, we discussed the fundamentals of the Portuguese market, as well as other markets in which CGC has made investments in affordable housing and private developments.
One point that stood out for me was the widespread appeal of Lisbon as a market for ex-pats. The city’s affordability (especially compared to other major Western European cities), friendly culture, international airport, walkability, spectacular weather, and phenomenal cuisine continue to act as magnets to foreigners looking to settle outside of their home countries.
During the latter part of my stay in Portugal, I had the chance to learn about Sonae Sierra’s business model from a friend there, which made me feel all the more connected to the forces at play in real estate in the country. Among other things, the Porto-based company is a specialist in the retail sector, developing, managing, and investing in sustainable assets across Europe, South America, North America, North Africa, and Asia.
