Praça do Comércio is Lisbon’s grand riverfront square, where ochre arcades frame three sides and the fourth opens onto the Tagus. At its centre stands an equestrian statue of King José I, while the Arco da Rua Augusta marks the entrance to the streets of the Baixa. The scale is impressive, but so is the simple pleasure of watching the light move across the façades and water.
The square was laid out after the 1755 earthquake as part of the Marquis of Pombal’s reconstruction of Lisbon. It occupies the former site of the Ribeira Palace, a royal residence destroyed in the disaster, which explains its enduring local name, Terreiro do Paço, or Palace Yard. It was also the scene of the 1908 assassination of King Carlos I and Crown Prince Luís Filipe, two years before Portugal became a republic.
Come early on a weekday for a quieter look, then climb the Arco da Rua Augusta for views over the Baixa grid and the river; check opening times and ticket availability before you go. The square is flat and easy to explore on foot, with cafés beneath the arcades and a riverside promenade for a longer walk. For a different view of Lisbon’s waterfront, head west to Cais do Sodré and take the ferry to Cacilhas.