The interest rates on mortgages have reached their highest point since March 2009.
This week, the National Statistics Institute (INE) revealed that the implicit interest rate for mortgages increased again in August. The current value, which is 4.089%, is the highest value recorded since March 2009 (around the time of the global financial crisis).
This meant that the average mortgage installment increased by 9 euros when compared to the previous month, and by 111 euros when compared to the previous year. The latter corresponds to an increase of 41.4 percentual points in 1 year.
Moreover, the value of the interest rate represents 57% of the total value of the average installment. 38% more than what it was one year ago. On the other hand, the value corresponding to amortized capital is now 43%, compared to last year’s 81%.
When it comes to the mortgage contracts closed within the last 3 months, the interest rate went from 4.173% in July, to 4.331% in August. Accordingly, the average mortgage installment increased to 623 euros.
This increase in interest rates came as a result of the European Central Bank’s efforts to fight inflation. Namely, the increase of the Euribor rate. Naturally, it impacted mortgages, increasing the price of the contracts and the value of the monthly installments.
Given the current context, the Portuguese Government is likely to approve new measures intended to help families with mortgage payments. These measures include a mechanism that is being created by the Government and the Portuguese Central Bank, which will lower the value of the installments for two years, and distribute the difference throughout future payments.
As Lisbon embraces the crisp and colorful embrace ofautumn in 2023, we’ve selected the city’s top events and activities, including everything from captivating art exhibitions to exhilarating concerts, ensuring you make the most of your fall experience in the Portuguese capital. Let’s take a look at 7 events in Lisbon this fall.
1. Urban(R)Evolution – Urban Art Exhibition
The Urban(R)Evolution exhibition provides a captivating journey through the evolution of urban art, tracing its roots from the early days of tags, graffiti, and subway pieces, progressing through its influential middle phase, and ultimately giving birth to the phenomenon of street art.
Running until December 3rd at the Cordoaria Nacional, this exhibition delves into the origins of contemporary urban art and showcases original installations by 18 talented artists, both from within the country and abroad.
Curated by Pauline Foessel and Pedro Alonzo, Urban[R]Evolution spotlights artists with distinct styles and techniques. Their works come to life within immersive spaces designed exclusively for this exhibit, featuring renowned artists such as Vhils, Add Fuel, Shepard Fairey, and Wasted Rita
2. Fado at Casa da Amália Rodrigues
Until the end of October, fado concerts at Casa da Amália Rodrigues are taking place every week, celebrating this special Portuguese music genre. Arguably the most iconic fado singer to have ever lived, Amália Rodrigues passed away in 1999. However, her legacy remains at Casa da Amália, the house in Rua de S. Bento where she lived for 44 years. This concert is intimately located in the garden of her house and includes a guided visit to her house, which has been turned into a museum.
Amalia Rodrigues. Photo by Piano Piano! (Unsplash)
3. Web Summit
Regarded as the world’s top tech conference, Web Summit 2023 is returning to Lisbon from November 13th to 16th, expecting to welcome over 71,000 attendees from all corners of the globe. Once again, the Altice Arena in Lisbon will be the hub, attracting influential speakers, major tech companies, and prominent media figures.
Web Summit, a company based in Dublin, Ireland, organizes events not only in Lisbon but also in Rio de Janeiro (Web Summit Rio), Doha (Web Summit Qatar), Toronto (Collision), and Hong Kong (RISE).
This year’s event will feature over 1,100 speakers, including CEOs of major tech companies, government officials, and innovative startup founders. Previous editions have seen appearances by notable individuals like Hollywood star and producer Amy Poehler in 2021 and tennis legend Serena Williams in 2020.
Altice Arena. Photo by Web Summit (Flickr)
4. Santa Casa Alfama Festival
During the Santa Casa Alfama Festival on September 29 and 30, several venues in the Alfama district will undergo a transformation into concert spaces, welcoming both emerging and established Portuguese fado artists.
The festival’s various stages are strategically scattered throughout the neighborhood, creating an atmosphere where it seems like fado could spontaneously echo down any square.
This year, the festival pays tribute to one of the most iconic figures in Portuguese popular culture, Hermínia Silva. The lineup features esteemed artists like Camané, Sara Correia, and many others.
5. Doclisboa- International Film Festival
If you’re a documentary fan, do not miss Doclisboa from October 19 to 29. This international film festival is entirely focused on both English and Portuguese documentaries, showcasing the finest contemporary works from both the national and international scenes. The film festival also offers a program with master classes. Multiple films have already been announced including Alain Cavalier’s L’amitié and Sara Dolotadabi’s Da Terra à Lua.
6. Brunch Electronik
While Brunch Electronik was once a summer event, it now also hosts events in the Autumn in Tapada da Ajuda. Brunch Electronik is a popular electronic music festival, which in 2022, had over 250,000 people in attendance. The events run from 2 pm to 10 pm outdoors, featuring plenty of food trucks with all kinds of cuisine options. We recommend purchasing tickets beforehand as events often sell out.
7. EDP Lisbon Marathon
Now in its 7th edition, the EDP Lisbon Marathon is happening on October 8. This event has earned a global reputation as one of the world’s most scenic races, garnering praise from renowned international publications like Forbes Magazine.
Commencing in Cascais and culminating at Praça do Comércio, the EDP Marathon route offers an uninterrupted, picturesque view of the sea and river, creating a truly unique experience for participants.
The event also features two shorter races that are accessible to all participants. The Half Marathon embarks from the Vasco da Gama Bridge, covering a 21-kilometer course and concluding at Praça do Comércio, allowing participants to traverse one of Europe’s longest bridges on foot.
If you’re less brave, there’s also an 8-kilometer Mini Marathon which you could either run or walk.
If you’re in the city of Porto this week, let us guide you to some of the best events happening in the coming days so that you can have an unforgettable trip. Let’s take a look at the best events and activities in Porto from September 18 to 24.
Stand Up Comedy Glenn Wool
Prepare to laugh your socks off at the upcoming stand-up comedy show in Porto featuring politically savvy comedian, Glenn Wool on Saturday at Maria Pistolas. His comedic journey began in Vancouver back in 1995 when he was just 19 years old. At the age of 22, Wool ventured across the pond to London, where he swiftly made his mark on the city’s comedy circuit, winning over audiences with his distinct comedic style.
Wool’s comedic talent extends beyond traditional comedy clubs. He’s a regular fixture at renowned music festivals like Glastonbury, where he brings his wit and charm to diverse audiences. His shows have consistently received glowing reviews, cementing his status as a comedy icon.
Orchestra Performance at Casa da Musica
Presented by the Baroque Orchestra Casa da Música and conducted by Laurence Cummings, this musical event will take place at Casa da Musica on Sunday. Titled “Music and its Elements,” it promises to be a captivating experience. Tickets are just under 20 euros and the concert begins at 6 pm.
Casa da Musica, Porto (Unsplash)
Vandoma Flea Market
Vandoma Flea Market is the place to be in Porto this Saturday morning if you love yourself a bargain. It all started near the Cathedral when students wanted to sell their stuff, and it’s been a local tradition since 1984. Head over to Fontaínhas by the riverside from 8 a.m. to 1 p.m., and you’ll find a bit of everything, from vintage clothes and vinyl records to books and furniture. It’s a great way to soak up the city’s authentic vibe and meet some locals.
Night out at Plano B
Located right in the heart of Porto, Plano B is one of the most popular clubs in the city. Whether you want to dance all night or catch a live band, it’s the place to be. You can also chill in the lounge and enjoy great cocktails and comfy sofas.
Once you head downstairs, get ready to party and dance the night away. Plano B is a hot spot for a guaranteed good time. They play all kinds of music, from jazz to rock to electronic, so there’s something for everyone.
This week, head to Plano B on Friday. The line up includes Dyed Soundorom, Jorge Caiado, Kulture Brothers, and Miguel Bruschy.
If you’re looking for the hottest events and activities happening in the city this week, you’ve come to the right place. Lisbon is a vibrant and dynamic city with something for everyone, whether you’re into fairs, cinema, or food events. Let’s take a look at events and activities in Lisbon this week, between September 18 and 24.
Feira da Luz
Feira da Luz is an annual fair in Carnide, known not only for its musical artists, workshops, and more. However, one of our favorite things about this fair is the artisanal products available. You will find all kinds of handmade products, including beautiful plates, cups, and mugs at incredible prices.
This week, the Feira da Luz is going on from September 20 to 24. On Sunday, Portuguese “popular” music artist José Malhoa will be performing.
Dine at Avenida da Liberdade restaurants with special prices
From September 19 to 25, there are discounts and special menus available at 20 restaurants on Avenida da Liberdade. This gastronomic event is aimed at revitalizing Avenida da Liberdade. Some of the featured restaurants with special menus include JNcQUOI, Cervejaria Liberdade, É Um Restaurante, and Seen.
You can enjoy an unbeatable Michelin-starred restaurant menu, a complete experience at JNcQUOI, oysters and champagne at a five-star hotel, or an affordable lunch menu at a restaurant that also serves as a social reintegration project called É Um Restaurante.
See the full list of restaurants and their special prices here.
Avenida da Liberdade. Photo by Alice Kotlyarenko (Unsplash)
Night Stories at the National Museum of Science & Natural History
Night Stories is a night market that promises lively evenings and good food every Thursday until October 5th. Recognized as the Top New Event of the Year by Time Out in 2021, this event is making a comeback, featuring a month-long blend of music, street food, and fashion. This time around, it’s taking place at the Museum of Natural History and Science in Príncipe Real.
Among the featured street food vendors, you can savor offerings from places like Smack Burgers, Oysters & Margaritas, Fried Me to The Moon, Secret Oven Pizzas, Kitchenette, and Nonna Goes Crazy. Additionally, there will be two bars on-site, one offering a selection of Altano wines and the other serving up cocktails.
The fashion section will showcase well-known brands such as Mustique, Ivory World, Chulé, and Nor Project.
In terms of music, you can expect a fresh lineup every Thursday, featuring live performances followed by DJ sets. Some of the talented acts on the roster include Time for T, Indi Mateta, Ritmos Cholulteka, Jamimoi, Gelato, and Balnearico.
From September 12 to 18, an International Horror Film Festival is taking place in Lisbon for its 17th edition. These seven days include over 100 films and take place in the beautiful São Jorge Cinema in the center of Lisbon.
This week, there are many film screenings to look out for, including Home for Rent and Perpetrator.
Based on a true story, “Home for Rent” is the latest horror film by Sophon Sakdaphisit, the director of the first Thai series on Netflix (“The Stranded”).
Premiered at the 73rd Berlinale, Jennifer Reeder treats us to a feminist perspective in her second experimental and surrealistic film called “Perpetrator.”
Bloco de Esquerda (Left Bloc), one of the Portuguese left-wing political parties, has proposed a series of measures aimed at fighting the current housing crisis.
According to Mariana Mortágua, the leader of the party, the housing crisis has become a ‘social pandemic’. The current prices are way above Portuguese wages, and citizens are being left with little to no option.
For that reason, the political party is calling for a ban on selling houses to non-residents, (except to emigrants), for effective rent control, and for a reduction of banks’ interest rates. A similar measure has been adopted in Canada.
In an interview, Mortágua makes it clear that this is not “a ban on sales to foreigners”. “Foreigners can buy a house in Portugal as long as they reside in Portugal”.
Moreover, under the proposed law, there are exceptions such as “any person who has a spouse or is in a de facto union with someone who lives in Portugal, a refugee who lives in Portugal and wants to find a home, and, obviously, anyone who has a residence visa in Portugal”.
These measures, which were defined by the party leader as very urgent, intend to help those who cannot afford to leave their parents’ house, those desperate for a house suitable for their family, those facing eviction, and those who cannot pay their mortgages, and for those who are left with nothing after paying their rent.
The goal is to offer some relief to Portuguese citizens, and hopefully dissuade many from emigrating. According to the party, this can be done by providing them with solutions that enable a sustainable living situation.
A small Portuguese town was flooded with millions of liters of red wine after the explosion of two distillery tanks.
The streets of São Lourenço do Bairro, a town located in the center-north of Portugal, were literally painted red on Sunday. There are videos circulating online showing the red torrent flowing through the town.
The amount of wine spilled (2.2 million liters) was almost enough to fill an Olympic pool (2.5 million liters). Levira Distillery, the wine company that owned the tanks, posted a statement on Facebook saying it “deeply regrets the incident”, and that it takes “full responsibility” for it, and for everything associated with it. Authorities are investigating the causes.
For precaution, the responsible fire department diverted the wine, which was gushing downhill, to stop it from contaminating the nearby river. However, because of that, the red stream flowed into a nearby field. As a result, the wine-soaked soil has been taken to a special treatment plant to avoid future problems.
Given the peculiarity of the incident and the unique images it produced, São Lourenço do Bairro and Levira Distillery have been mentioned internationally.
The streets of Levira, Portugal were flooded with red wine after a distillery’s 2.2 million liter tanks burst.
As Autumn gets closer, a new week of exciting events in Porto begins. Whether you are looking to enjoy a live music performance or relax at the beach, there are plenty of events and activities to enjoy in Porto. Let’s take a look at events in Porto this week from September 11 to 17.
Casa da Musica’s Children’s Choir
The Children’s Choir of Casa da Música is making its debut on a grand city stage, facing its most significant challenge yet – celebrating cultural diversity and the richness of musical traditions from various countries. Each piece promises to be a delightful surprise, taking the audience on a magical journey through harmonies and rhythms.
The choir is composed of approximately 50 children, is the youngest resident ensemble of the institution. They will be performing on Tuesday, Thursday, and Friday this week at Casa da Musica.
“The Storm” Orquestra at Casa da Musica
Another Casa da Musica event this week, the Symphonic Orchestra of Casa da Musica will be performing “A Tempestade” which translates to “The Storm” on Friday. This concert revolves around the theme of “The Blue Planet”. It explores the Romantic influence of Shakespeare in a symphonic poem by Tchaikovsky. Frank Bridge, from a coastal town in southern England, crafted an orchestral piece inspired by the sea’s ever-changing nature, effectively capturing its diverse states.
Photo by Andrey Konstantinov (Unsplash)
RDZ presents ‘The Dream Team’ at WOW
The promoters RDZ are presenting a night out at World of Wine on Saturday from 3 pm to 2 am. Featuring a beautiful view of Porto from Gaia, you will get to dance as the sun sets. The lineup includes David Moreira, Diana Oliveira, Freshkitos, João Azevedo, Klin Klop, Tiago Carvalho, Rui Vargas, and Miguel Nery.
Photo by Dominik Mecko (Unsplash)
Yoga class at the beach
This Friday is the last day to head to an incredible yoga class at a beach in Gaia. Promoted by Adritem, through the project Urban Farmers, spend a relaxing hour by the water. This event is happening on three different beaches in Vila Nova de Gaia, a few minutes from Porto, at different times throughout the day: Aguda (4 pm), Atlântico (5 pm), and Madalena (6 pm).
The second week of September brings exciting new events in Lisbon, without hoards of tourists and with milder temperatures. Should you find yourself in the city this week, allow us to guide you to some of the best events happening in the coming days. Let’s take a look at the best events and activities in Lisbon from September 4th to 10th.
Fado concert in Amália Rodrigues’ garden
Arguably the most iconic fado singer to have ever lived, Amália Rodrigues passed away in 1999. However, her legacy remains at Casa da Amália, the house in Rua de S. Bento where she lived for 44 years. This week, an outdoorfado event is happening on Tuesday, Thursday, and Saturday where you can enjoy a live performance of this genre in her outdoor garden.
Amalia Rodrigues. Photo by Piano Piano! (Unsplash)
MOTELX – International Horror Film Festival
If you’re a horror fan, look no forward. From September 12 to 18, an International Horror Film Festival is taking place in Lisbon for its 17th edition. These seven days include over 100 films including the worldwide primers of “Infinity Pool” and “Hood Witch”. The festival takes place in the beautiful São Jorge Cinema in the center of Lisbon.
Photo by Felix Mooneeram (Unsplash)
Lx Rural – Farmers market
Lx Rural is a farmers market taking place on Sundays in Lx Factory from 10 am to 6 pm. A bunch of farmers from all over the country gather here to display and sell their produce. You can find all times of seasonal produce from traditional, sustainable, and biological farming. From fresh vegetables to honey and even homemade bread, take home with you incredible products.
Lx Factory, where the farmers market is hosted is also great to explore. There are plenty of restaurants in this outdoor compound, including Cantina and Matchamama, a Peruvian and Asian cuisine fusion place. There are also cool stores such as Brandz and Kare Design.
Lx Factory. Photo by Maxence Bouniort (Unsplash)
Changing the Guard in Belem National Palace
Many think the Changing of the Guard is reserved for Buckingham Palace in London, but this isn’t the case. A similar event happens on the third Sunday of every at Belem Palace in Lisbon at around 11 a.m., where the military guard performs this ceremony. This event is performed by the military guards that take care of the permanent security of the official residency of the President of the Republic Marcelo Rebelo de Sousa.
160 military personnel from the National Republican Guard participate. The ceremony begins with a fanfare on the palace balcony, followed by a military parade and a musical performance by the band, featuring military marches.
At the end of the ceremony, the Mounted Brass Band performs in the Vieira Portuense Garden, showcasing impressive horse maneuvers while the riders entertain the audience with musical interludes.
This week, the Portuguese Government announced two measures to increase the purchasing power of Portuguese citizens.
First, on Wednesday, the Portuguese Prime Minister announced, among other things, that for each year spent working in Portugal, the Government will return the proportional tuition fees that were paid by the university student.
This measure targets young people. It was designed as an incentive for new graduates to stay in the country, as well as a mechanism to provide them with more purchasing power when they finish their studies and start working. Note that this measure only entails public universities. Tuition fees of private universities are not included.
This measure, which came into effect in April this year, exempts 46 food products from VAT. The products were carefully selected given the guidelines for healthy eating provided by the Ministry of Health.
The Government assessed the five previous months and concluded that extending the measure was an effective way of dealing with inflation and providing some relief to Portuguese citizens.
In less than twenty-four hours, the newly installed speed traps caught 6,000 drivers going over the speed limit.
There are 37 new speed traps operating throughout the country since the beginning of the month. Of the 37, 12 are able to record the average speed. This technology is new in Portugal.
Contrary to other speed traps, which take note of the speed in one specific location, at one point in time, these assess the time a vehicle spends going from point A to point B and calculate the average speed.
By the end of September 1st, 6,000 drivers had already been caught. The tickets have not been processed yet, but the authorities estimate that if each driver pays the minimum amount possible (60 euros), the total revenue for the state will be around 360,000 euros.
However, considering that the amount due depends on how much above the speed limit the driver was, it could be more than that. The 37 new speed traps are spread across the country, from north to south on highways, national, and complementary roads. Most were placed along national roads, in specific locations, but the new technology was specifically chosen for the main highways.
If you want to know where the speed traps are located, take a look here.
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