Founding partner of FAIRBANK, a tech-first principal operator building proptech infrastructure for Portuguese real estate. Available for English- and Dutch-language commentary on property regulation, foreign-buyer due diligence, and the operational gaps shaping the Portuguese market.
Kellogg Fairbank is a serial founder and operator with two decades of experience building regulated financial-technology infrastructure across Europe and Asia. He was the first international hire at Braintree, the payments platform acquired by PayPal for $800 million. He served as Head of International at 2C2P, the Southeast Asian payments company acquired by Alipay. He founded and exited a payments analytics company, and most recently was CEO of Nash, a regulated European digital assets neobank that raised €35 million in funding.
In 2024, after nineteen years in Amsterdam, Kellogg moved permanently to Cascais and began applying that infrastructure-builder lens to a market he saw running on fragmented data and incomplete protections: Portuguese real estate. He is a founding partner of FAIRBANK, the Lisbon-based proptech incubator and operator.
Portugal's property market doesn't have a transaction problem. It has an infrastructure problem. Inspections exist but follow no common standard. Property data sits in disconnected municipal databases. Buyers transact on incomplete information and absorb liability they do not fully understand. Those are not edge cases. They are structural.
FAIRBANK is the parent company of three operating ventures, each addressing a distinct phase of the Portuguese real estate transaction: InspectOS for inspection and certification, Rezerva for off-market transactions, and HomeOS for post-purchase asset management. The companies share common ownership and technology infrastructure built by FAIRBANK's Lisbon engineering team. They operate as separate brands with separate management.
Kellogg's co-founders are Pieter Paul Castelein, a serial tech entrepreneur from the Netherlands, and Filipe Dornellas, a real estate investor with deep Portuguese-Angolan industry networks. The three founding partners bring Dutch, American, and Portuguese-Angolan capital and operating networks to the Portuguese market.
Kellogg writes and speaks on real estate regulation (DL 10/2024, EPBD 2024/1275, AMI, Simplex Urbanístico), foreign-buyer protection, and the operational infrastructure gaps shaping Portugal's property transition. He is available for quote, panel, podcast, and long-form commentary in English and Dutch.
FAIRBANK Portfolio · Three companies, one transaction chain
Standardised property inspection infrastructure. Three-phase framework covering pre-purchase due diligence, construction monitoring, and final handover certification. Software built by FAIRBANK; physical inspections executed by OE-registered engineers, ADENE-accredited energy specialists, and DGEG-registered gas technicians.
Off-market TransactionsOff-market property transaction infrastructure. Connects buyers and sellers before properties reach the open market. Addresses a structural condition of the Portuguese market, where a significant portion of high-value transactions occur off-market with no formal infrastructure to facilitate them.
Asset ManagementProperty intelligence platform for owners post-purchase. Three modules: a document vault for ownership records and legal documents, a compliance calendar tracking EPBD deadlines and regulatory obligations, and a renovation history log creating a continuous asset record.
The 2024 Simplex Urbanístico framework eliminated mandatory municipal verification at point of sale and transferred all undisclosed defect liability to the buyer at escritura. What it changed in practice, where enforcement is uneven, and how foreign buyers can actually invoke it.
Portugal's transposition deadline is 29 May 2026. Class G properties are already banned from new rental contracts as of January 2026. Renovation passports become mandatory by May 2026. An estimated 35.8% of Portuguese buildings need restoration work (INE Census 2021).
What an AMI licence actually obligates a mediator to do, where enforcement is weak, and how foreign buyers can verify the mediator they are using. Framing from regulatory and market-structure experience rather than detached commentary.
The flat 7.5% IMT framework applied to many non-resident purchases. How it interacts with stamp duty, AIMI, and Mais-Valias on resale. Where buyers commonly miscalculate. Where the framework creates incentives the legislator may not have intended.
APEG, the body that previously certified gas inspection companies, dissolved on 31 December 2025. An estimated 50–60% of properties requiring mandatory inspections under DL 97/2017 are not currently compliant. Pre-2018 installations must complete first inspection by 26 August 2028 (DGEG).
The five document checks most foreign purchases skip. The escrow practices that are normal in Northern Europe but absent in Portugal. The CPCV clauses that look standard and aren't. Practical commentary, not promotional.
The Alojamento Local map looks completely different in Lisbon, Porto, Cascais, and Albufeira despite the same national framework. What contention zones mean for resale value. Where new restrictions are being drafted in 2026.
A significant portion of premium Portuguese property transactions never reach public listings. Who has access, why agencies tolerate it, and what an institutionalised off-market layer does to price discovery.
Where AI changes the unit economics of property due diligence, document verification, and compliance tracking. Where it is being oversold. Drawn from running an AI-native technology team rather than from vendor decks.
How foreign capital enters Portuguese real estate, the operational stack required to deploy it well, and where information asymmetry creates losses on both sides of the transaction. Commentary from twenty years of building cross-border financial infrastructure.
These observations come from operational data inside the FAIRBANK portfolio. Available to journalists with attribution. Updated quarterly. For raw datasets or methodology notes, contact press@fairbank.pt.
FAIRBANK / InspectOS · Q1 2026
68%
of pre-purchase inspections in Portugal flag at least one defect material to the buyer's offer.
Drawn from InspectOS three-phase inspections across Lisbon, Cascais, and the Algarve. “Material” defined as defects that, if surfaced before signing, would have changed price or contract terms. Median financial impact when the defect is priced in: €11,400 per property.
HomeOS · April 2026
1 in 4
foreign-owned properties in Portugal will face EPBD compliance gaps by the May 2026 transposition window.
Based on HomeOS document-vault analysis of 489 properties currently held by non-resident owners. The gap is the renovation trigger that EPBD attaches to F and G energy-rated properties at the point of resale. Owners are typically unaware until they list.
FAIRBANK · Foreign Buyer Index
€406K
average property value purchased by non-resident buyers in 2025 — with 80%+ of those purchases concentrated in the Algarve.
Foreign buyers represented 6.2% of transaction volume but 10.4% of transaction value in Portugal in 2025. Geographic concentration creates regulatory exposure: Algarve municipalities are also where AL contention rules and EPBD enforcement advance fastest.
Press email · Replies within 24 hours
press@fairbank.ptDirect (Kellogg)
kellogg@fairbank.ptEnglish · Dutch
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