What a Plot Is Worth When You Cannot Build on It

Casa Peniche comes with five thousand square metres of protected dune. Building rights are exhausted. Buyers regularly read this as a flaw, and it is the most valuable thing about the property.

Exhausted rights are a guarantee

Land that cannot be developed by you also cannot be developed by anyone else. In Comporta, where the pressure to build is considerable and rising, a permanent guarantee of the view is worth more than the theoretical option to add a guest house.

How to price it

Compare against the nearest plot with live building rights, then look at what has actually been constructed within eight hundred metres in the last five years. The gap between those two numbers is the premium you are being asked to pay, and in this case it is smaller than it should be.