Formerly known as Terreiro do Paço, the Praça do Comércio is a vibrant plaza in the center of Lisbon that is very much worth the visit.
Its previous name, Terreiro do Paço (Paço’s Terrace), was given due to the palace constructed in the late 15th century called the Paço da Ribeira. Interestingly, Terreiro do Paço is still used by many as it was the name given to the current plaza’s metro station.
During the commercial boom brought about by the trade of Oriental spices in the 15th century, the area became a prominent center of commerce, prompting King Manuel to build a royal palace.
The idea was not only to allocate the royal family to a very important area, but it was also a move towards the centralism of power, as the palace had on its first floor the offices for the many maritime ministries that controlled commercial operations.
After the settling of the royal family in the palace, the port became an entrance point for nobility or other important figures who visited the Portuguese King.
Unfortunately, the palace was devastated during the great earthquake of 1755, losing all of its accumulated riches (treasures of art, literature, and cartography).
It was only after the reconstruction plan led by the 1st Marquis of Pombal under King José I (1755), that the plaza was renamed Praça do Comércio - The Commerce Plaza.
The new buildings mainly hosted government state offices such as the Ministries of Finances, Internal Administration, Agriculture and Maritime Affairs.
On February 1st, 1908, D. Carlos I, the then king of Portugal, and his son D. LuÃs Filipe were assassinated when passing the plaza.
Two years later, the Portuguese monarchy was overthrown by the Proclamation of the Republic on October 5th, 1910.
After this revolution, the walls of the buildings were painted pink but quickly returned to their original yellow.
The plaza and its buildings became a hub of culture and commerce, although state offices are still present.
As times changed, its immense space served as a car park for 20th-century locals and visitors, until becoming a pedestrian area in the 90s.
Facing the Tagus River, we can see the remnants of its port, the Cais das Colunas.
Reaching the center of the plaza, we see a great monument.
Dedicated to D. José I, it was the first equestrian sculpture in Portugal and the first monument to a King in Lisbon.
Reaching its north end, we are confronted with a magnificent arc.
Called the Arco do Triunfo da Rua Augusta, it is possible to visit its top and marvel from a bird’s eye view the plaza and the avenue it connects to - the Rua Augusta.
At ground level, we see commerce such as restaurants, hotels, cafés, and artisans selling hand-made products.
A must when visiting Lisbon, the Praça do Comércio hosts many cultural events and national festivities.
Additional historical happenings and curiosities linked to the plaza:
December 1st, 1640 – Restoration of Independence from Spanish domination - Imprisonment at the Paço do Terraço palace of Margaret of Savoy, Vice-Queen of Portugal, and death of her Secretary of State, who was killed and then thrown out of a window during the revolt.
It hosts the oldest café in Lisbon, Martinho da Arcada (1782), allegedly Fernando Pessoa’s favorite.
June 1910 - the plaza was categorized as a National Monument of Portugal.
February 18th, 1957 – Queen Elizabeth II disembarks at the plaza’s port on a visit to Lisbon.
April 25th, 1974 – The plaza witnesses the Carnation Revolution.
