Praça do Comércio—also known to locals as Terreiro do Paço—is Lisbon’s grand waterfront square facing the Tagus River. It’s one of the city’s most iconic “first stops” because you get the river view, monumental architecture, and easy access to Baixa in one place. Visit Lisboa notes the square stands where the royal palace once existed before the 1755 earthquake, and highlights nearby must-sees like Cais das Colunas, Lisbon Story Centre, and the Rua Augusta Arch viewpoint.

Quick facts (address, official site, metro)

  • Name: Praça do Comércio (Terreiro do Paço)
  • Address / location: Praça do Comércio, 1100-148, Lisboa
  • Official info page: Visit Lisboa – Praça do Comércio (Terreiro do Paço)
  • Nearest metro station: Terreiro do Paço (Linha Azul / Blue Line)
  • Station hours (Terreiro do Paço): 06:30–01:00
  • Cost to visit the square: Free (public square)

Why Praça do Comércio is a must-see

Praça do Comércio is Lisbon’s “big stage.” It’s where the city opens to the river, and it’s designed to feel powerful: a huge open plaza framed by elegant arcades.

Visit Lisboa explains why it matters historically: the square is called Terreiro do Paço because it once held the palace (paço) before the 1755 earthquake changed the city.

What to see at Praça do Comércio

1) Cais das Colunas (the iconic river steps)

These are the classic marble steps and columns by the water—one of the best “Lisbon postcard” angles, especially at sunset. Visit Lisboa lists Cais das Colunas as one of the square’s key highlights.

2) Statue of King José I

In the center you’ll see the equestrian statue of King José I. Visit Lisboa specifically mentions resting “at the feet of King José I” and the imposing horse.

3) Rua Augusta Arch viewpoint (best panoramic view)

Right at the top of Rua Augusta, the Arco da Rua Augusta is the most famous viewpoint connected to the square. Visit Lisboa describes it as a symbol of Lisbon’s rebirth after the 1755 earthquake, and confirms you can climb to the top for views of Baixa and the river.

Useful details (official):

  • Address: Rua Augusta, 2, 1100-053, Lisboa
  • Hours: Daily 10:00–19:00 (last entry 18:30)

4) Lisboa Story Centre (fast “history of Lisbon” nearby)

If you want context before exploring Alfama/Belém, the Lisboa Story Centre is right under the arcades of Praça do Comércio.

Official details:

  • Address: Terreiro do Paço, 78–81, 1100-148 Lisboa
  • Hours: 10:00–19:00, last entry 18:00

Best photo spots (quick guide)

  • Classic wide shot: from the middle of the square aiming toward the arch
  • Golden hour: Cais das Colunas with the river reflections
  • Top-down skyline: climb the Rua Augusta Arch for symmetry + river view

Best times: early morning (quiet), sunset (most cinematic), night (beautiful lighting and fewer crowds).

How to get to Praça do Comércio

Metro (easiest)

Go to Terreiro do Paço station on the Blue Line (Linha Azul)—Metro Lisboa confirms the station belongs to the Blue Line and gives its station hours.

From the station, it’s a short walk directly into the square.

Simple itineraries that start at Praça do Comércio

1) “First time in Lisbon” (2–3 hours)

  1. Praça do Comércio walkthrough
  2. Cais das Colunas photos
  3. Rua Augusta Arch viewpoint
  4. Walk up Rua Augusta into Baixa

2) “History + viewpoint” (3–4 hours)

  1. Lisboa Story Centre (1 hour)
  2. Lunch/coffee in Baixa
  3. Rua Augusta Arch at late afternoon

Practical tips (so it feels smooth)

  • Praça do Comércio is open and windy by the river—bring a light layer even when the city feels warm.
  • If you’re visiting at peak times, do the Arch either right at opening or later in the day (last entry 18:30).
  • Use the square as your “navigation anchor” for Baixa, Chiado, Alfama, and the waterfront.

FAQ

Is Praça do Comércio the same as Terreiro do Paço?
Yes—Visit Lisboa notes it’s “better known by locals as Terreiro do Paço.”

What metro stop is closest?
Terreiro do Paço on the Blue Line.

Can you go up the arch at Praça do Comércio?
Yes—Arco da Rua Augusta is open daily 10:00–19:00 (last entry 18:30) and offers views of Baixa and the river.

Official links (copy/paste)

Praça do Comércio (Visit Lisboa): https://www.visitlisboa.com/en/places/praca-do-comercio-terreiro-do-paco
Terreiro do Paço metro station (Metro Lisboa): https://www.metrolisboa.pt/viajar/terreiro-do-paco/
Lisbon Metro opening hours: https://www.metrolisboa.pt/en/travel/timetables-and-frequency/
Arco da Rua Augusta (Visit Lisboa): https://www.visitlisboa.com/en/places/arco-da-rua-augusta
Lisboa Story Centre (official): https://www.lisboastorycentre.pt/en/content/home

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