In this fifth edition of the annual study, which measures how the municipalities are seen and classifies the performance of each one's brand, Lisbon was ranked first in all three categories: "Business," "Visiting" and "Living".

The top 10 of the general ranking in 2018, after Lisbon, has Porto and Cascais, followed by Braga, Coimbra, Sintra, Funchal, Faro, Vila Nova de Gaia and Setúbal.

The consultancy noted the "uninterrupted growth" of Vila Nova de Gaia (Porto district), which made its debut in the top 10 this year, climbing three places compared to last year.

The municipality of Oeiras, however, fell back to seven places to 15th in this year's ranking.

The Portugal City Brand Ranking analyses the success of the 308 Portuguese municipalities and their relative performance in attracting new investors, tourists and new residents, according to variables such as statistical data, demand, and online surveys.