The historic centre trades scarcity: pombaline cages and tiled facades with renovation constraints and small footprints. Avenidas Novas and Alvalade are the professional long-let book; the Expo east is the new-build book with condomínio fees to match.
Short-let containment zones froze new Alojamento Local licences across the historic city — any yield model needs the registration in hand. The 1755 pombaline cage is genuine seismic engineering; the pre-1755 and cheap 1960s–80s stock is a different file.