Marvila is no longer Lisbon’s best-kept secret. Once a sleepy industrial district tucked between the river and the city’s eastern rail corridor, it has already begun its transformation into one of the capital’s most exciting regeneration stories. But what’s coming next is of an entirely different scale.

“The last ten years brought artists’ studios, microbreweries and boutique developments to the area, but the next ten will bring real scale, connectivity and long-term value creation,” comments David Moura-George, Portugal Managing Director of Athena Advisers. “From a new €160 million tramline extension connecting Marvila to the city centre, to bold, billion-euro waterfront redevelopments, new parks, schools, housing and infrastructure, this is a full-scale public and private-led reimagining of the district that will reshape its urban fabric.”

Marvila is one of the Lisbon hotspots we'll be exploring in detail during our webinar ‘Future Lisbon & Coastal Hotspots’ this Thursday 26th June at 3pm BST.

Marvila’s transformation is also putting Lisbon firmly on the map of Europe’s most ambitious urban regeneration projects. While London’s Battersea Power Station (€9 billion) and Olympia (€1.3 billion), or Paris’s Seine-Saint-Denis redevelopment for the 2024 Olympics (€7 billion), have dominated headlines in recent years, the €3 billion commitment to Marvila is remarkable both in scale and in speed for a city of its size.

“It reflects a growing confidence in Lisbon as a capital that’s not just preserving its past, but actively investing in its future,” adds Moura-George. “We expect to see continued interest from both Portuguese and international property investors, many of whom are buying now with a 10-15 year view. The fundamentals are all here: scale, infrastructure, long-term urban planning and value for money compared to more mature markets in London, Paris or Berlin.”

According to Confidencial Imobiliário, the average asking price per square metre of property for sale in Marvila reached €7,189 in Q1 2025 - an 8% rise year-on-year - reflecting growing interest, but still offering relative value compared to neighbouring areas.


Tram stops to hotspots - Marvila’s new line to growth

Lisbon’s highly anticipated €160 million 16E tram line, slated for completion in 2028, will be a game-changer for Marvila, significantly improving connectivity and mobility. The line will connect Praça do Comércio, one of the city's most iconic squares, to Parque das Nações in the east and include several stops in Marvila and the surrounding areas (Marvila, Poço do Bispo, Braço de Prata and Matinha).


This new line is projected to carry between 7.6 and 8.1 million passengers annually. Of these, an estimated 16% to 18% are expected to be new users of public transportation. The €160m cost covers both the construction of the line and the acquisition of additional trams.

Credits: Supplied Image; Author: Client;

“Across Europe, we’ve consistently seen that new city-based transport infrastructure - whether it’s a tram line in Lisbon, a metro extension in Paris, or a light rail in London - acts as a catalyst for property price growth,” adds Moura-George. “If you look across Europe, well-finished properties within 500m of a new tram or metro stop normally see a 10% price premium added once the infrastructure is complete. In Marvila, the new tram line is part of a wider urban regeneration story that’s already attracting attention. We expect sustained upward pressure on prices as all of these infrastructure investments are completed.”


A creative revolution

"While new transport links play an essential role in driving property demand, true revitalisation comes from the area forging its own identity,” continues Moura-George.

The district's industrial past gave way to a dynamic, creative and artistic community. Former warehouses have been repurposed into co-working spaces and art galleries where artists such as Vhils can be found. Institutions like the Hub Criativo do Beato, a startup incubator occupying a 35,000-square-metre space, exemplify the area's commitment to nurturing creativity and entrepreneurship. In addition, new restaurants, artisanal breweries and concept stores are fostering an environment ripe for innovation and drawing in creative, entrepreneurial types looking for property in Lisbon.

Marvila is experiencing significant growth. In 2024, property values in the area represented one of the highest increases in Lisbon that year. Despite this rapid appreciation, average prices remain below the city-wide average, offering investors potential for continued capital gains.

"Investors are increasingly recognising the value of Marvila's evolving landscape,” continues Moura-George. “The area's blend of affordability, cultural vibrancy, and infrastructural development presents a unique opportunity for those looking to capitalise on Lisbon's next growth frontier.”


Marvila is the next big thing - be part of the story

For those considering entry into Lisbon's real estate market, Marvila stands out as a district where historical industrial charm meets contemporary innovation. With strategic investments and a burgeoning creative community, it offers promising prospects for investors seeking long-term value.

Marvila is an up-and-coming district poised to become Lisbon’s next major tech hub and there is already evidence in this area of promising rental yields and as well as solid recent price appreciation. It continues to see several ongoing construction projects, a clear sign that the area hasn’t reached its full potential. This steady pipeline of new builds, combined with active urban regeneration efforts, suggests that the supply of available properties is set to grow - but so too is demand. It's likely that property values will increase further, reinforcing Marvila’s status as an up-and-coming district worth watching closely.

For further information on Marvila or other popular areas of Lisbon investment, please visit www.athenaadvisers.com or email info@athenaadvisers.com