Terraços do Monte: Apartments from €720K

Quick Answer: Terraços do Monte is an off-plan Vanguard Properties scheme in Graça, Lisbon, from about €720,000, sold on its terraces and its view across the city. Two things decide whether that premium survives to resale: whether the view is legally protected from future construction, and whether the address sits inside Lisbon’s Alojamento Local containment zone.

Graça sells a view, and a view is the least durable thing a Lisbon apartment can be priced on. The hill’s topography protects some sightlines permanently and leaves others exposed to a single future building. Establishing which one you are buying is a half-day of work at the câmara and the difference between a premium that holds and one that evaporates.

Is the view actually protected?

A terrace premium is only as good as the planning rules in front of it. Lisbon’s PDM sets height limits by zone, heritage overlays constrain some parcels tightly and leave neighbouring ones free, and an empty plot or a low building between you and the Tagus is a question rather than a guarantee.

The checks that answer it:

• Identify every parcel between the terrace and the view, by article number, not by eye.
• Check the PDM zoning and permitted height for each one. A two-storey building on a plot zoned for six is a future problem.
• Search the câmara bulletins for licence applications on those parcels in the last 24 months.
• Check heritage overlays. Protection can work for you, by freezing the skyline, or against you, by restricting your own future works.
• Ask whether later phases of this scheme sit between your unit and the view, which is the most common and most avoidable version of the problem.

Where the sightline is protected by topography, by a listed building or by an unbuildable slope, the premium is real. Where it depends on a neighbour choosing not to build, price it as optional.

What does the AL containment zone mean for income?

Graça sits within the area where Lisbon suspended new Alojamento Local registrations, which removes the short-let route for a new owner unless a transferable existing registration comes with the property. That single fact reshapes the yield model, because the gap between short-let and long-let gross income in central Lisbon is wide.

Underwrite long-term letting at the 25% autonomous rate as the base case. Where a scheme or a unit is marketed with short-let potential, ask for the RNAL registration number and confirm with the câmara that it transfers, rather than accepting the marketing claim. The rules are set out in Lisbon’s AL containment zones and the licence mechanics in the AL licence guide.

What does the off-plan protection stack look like here?

Because the scheme is unfinished, Decreto-Lei 67/2003 applies in full: every payment made before the licença de utilização exists must be covered by a bank guarantee or insurance for the amount paid. That protection is only as strong as the paperwork behind it.

Check	What good looks like
Guarantee beneficiary	Your name, not the marketing brand
Guarantee issuer	A bank, with a certificate you hold
Guarantee amount	Cumulative sums paid, updated at each tranche
Longstop date	A calendar date in the CPCV, with refund mechanics
Seller entity	NIPC matching the land registry and the licence
As-built versus render	Registered plans, not marketing images

Never transfer a tranche without a guarantee certificate updated to cover the new cumulative total. The framework is in the CPCV guide and the deposit guide.

What does completion cost a non-resident?

At €720,000 a non-resident completing after 1 September 2026 pays flat 7.5% IMT under DL 97/2026, which is €54,000, plus €5,760 stamp duty and roughly €14,400 to €21,600 in legal and registry work, so cash to close sits near €794,000 to €801,000.

The IMT is refundable where the buyer becomes Portuguese tax resident within 24 months of purchase, which for an off-plan unit delivering in two to three years is worth sequencing deliberately: completion date and residency date are both partly within the buyer’s control. See the IMT refund guide.

Advantages and disadvantages

Advantages	Disadvantages
Terraces and elevation are genuinely scarce in Lisbon	View premium may not be legally protected
Graça has strong owner-occupier appeal on resale	AL containment removes short-let income
DL 67/2003 protects pre-deed payments	Delivery and longstop risk until handover
Recent construction, high energy class	Steep access affects deliveries and some tenants
Established developer with completed benchmarks	Off-plan pricing already reflects the view

How does Graça compare with the rest of central Lisbon?

Graça occupies an unusual position: historic enough to hold owner-occupier appeal, high enough for views that Baixa and Chiado cannot offer, and steep enough that a share of buyers rule it out on access alone. That last point is a genuine market factor rather than a quibble, because the hill’s gradients affect deliveries, older tenants and anyone with mobility limits, and it narrows the tenant pool in a way flat parishes do not.

The compensation is that the same topography protects the character. Graça cannot be widened, and the tram routes that serve it are part of why the address is recognised internationally. For a comparison against the flatter prime parishes at similar money, read Chiado and Príncipe Real, and for the citywide framing the Lisbon investment guide.

Resale here leans on owner-occupiers rather than investors, which is a strength. Owner-occupiers pay for terraces and views in a way yield-driven buyers do not, so a protected sightline is worth more at exit than it costs at entry, provided it survives.

Who should buy here?

Terraços do Monte suits a buyer who wants a Lisbon home with outdoor space and can verify the view is protected before paying. It suits poorly an investor whose model needs short-let income, and poorly a buyer who cannot tolerate a two to three year wait with capital committed.

Walk the same developer’s completed Castilho 203 before deciding, and read the Vanguard Properties review for pipeline context.

What to verify before paying a deposit

1. PDM zoning and permitted height on every parcel between the terrace and the view
2. Câmara bulletin search for licence applications on those parcels
3. Whether later phases of this scheme obstruct earlier ones
4. DL 67/2003 guarantee certificate naming you and covering cumulative payments
5. Calendar longstop date with refund mechanics in the CPCV
6. Seller NIPC matching the land registry and the construction licence
7. RNAL position for the address, if any short-let use is contemplated
8. Draft condominium budget, including lift and common terrace maintenance

Portuguese Estate is an editorial resource and does not sell this scheme. The view checks cost a day and decide a six-figure premium.

Frequently Asked Questions

Who is the developer of Terraços do Monte? +

Vanguard Properties is the developer named in marketing materials for Terraços do Monte in Graça, Lisbon historic hillside. Confirm the exact CPCV seller entity and licença de construção holder with your Portuguese lawyer before any reservation payment.

Is Terraços do Monte off-plan or completed? +

Status is reported as off plan with target handover 2027. Completed stock follows resale due diligence; off-plan requires Decreto-Lei 67/2003 guarantees on all pre-deed payments.

Can foreigners buy at Terraços do Monte? +

Yes. Portugal imposes no nationality ban on ownership. Non-residents need a NIF, bank account and fiscal representative if non-EU. Non-residents completing after 1 September 2026 pay flat 7.5% IMT under DL 97/2026.

What should I verify before a CPCV on Terraços do Monte? +

Verify licença de construção or utilização, guarantee certificates, longstop date, seller identity, unit plans vs render, condominium budget, and IMT timing. Use an independent lawyer, not the developer's counsel.

Does Terraços do Monte guarantee rental yield or capital growth? +

No developer can guarantee investment returns. Underwrite gross and net yield with your own rent comps and [gross vs net yield guide](/guides/portugal-rental-yield-guide/). INE recorded +17.6% national price growth in 2025, past performance does not predict future results.