Baixa · Lisbon
Praça do Comércio
Terreiro do Paço
Praça do Comércio (Commerce Square), or Terreiro do Paço, is the square of Lisbon’s Baixa on the River Tagus. Yellow arcades line three sides, with the Rua Augusta Arch to the north, the statue of King José I in the centre and Cais das Colunas on the water. It is public, free and always open, with a metro station alongside.
Updated
What is on Praça do Comércio
The square has three arcaded wings in a U, open to the river on the south side. The arch is in the middle of the north wing, the statue in the centre and Cais das Colunas on the water.
- Rua Augusta ArchMiddle of the north wing. Viewpoint on top, daily 10:00 to 19:00. Ticket: €5.
- Statue of King José IIn the centre. Bronze by Machado de Castro, unveiled in 1775.
- Cais das ColunasOn the water, south side. Stone steps with two columns, finished in 1797.
- Martinho da ArcadaNorth-east arcade, at no. 3. A café opened in 1782, where Fernando Pessoa used to write.
- Lisboa Story CentreEast wing, nos. 78 to 81. A museum of the city’s history, daily 10:00 to 19:00.
- Centro Interpretativo da História do BacalhauThe cod-fishing museum, in the east tower.
- Ask Me Lisboa and Pátio da GaléWest wing. Ask Me Lisboa tourist office, open daily; there is a second desk inside the Lisboa Story Centre. Next to it, Pátio da Galé opens only for events.
- Stop for trams 15E and 25ENorth side, next to the arch.
- Terreiro do Paço metroBlue line. Entrances in the east arcade and by the river. The lift is near the ferry terminal.
- Ferry terminalSouth-east of the square. TTSL boats to Barreiro, about 20 minutes.
Praça do Comércio or Terreiro do Paço?
They are two names for the same place. Terreiro do Paço is the old name, from the days of the royal palace. Praça do Comércio has been the official name since the rebuilding.
Terreiro do Paço means the palace yard. The Paço da Ribeira, home of the kings from the early 16th century, stood on this side of the river until the earthquake of 1 November 1755 destroyed it.
The name Praça do Comércio first appears in a document of 1759: the new square was to house the commercial exchange.
In Lisbon both are used. The metro station and the ferry terminal are called Terreiro do Paço. In English the square appears as Commerce Square and, among the British, also as Black Horse Square.
What to see on Praça do Comércio in an hour
An hour is enough to cross the square from the arch to the river and go up to the viewpoint. This order starts on Rua Augusta and ends at the water.
Rua Augusta Arch
30 min
The entrance is on Rua Augusta. The lift goes to the second floor, and 74 steps lead on to the terrace, which looks over the square, the river and the Baixa. The ticket costs €5.
The arcades
10 min
Past the arch, the arcade on the left is in the shade. Martinho da Arcada is right on the corner, at no. 3.
Statue of King José I
5 min
In the centre of the square. On the pedestal, facing the river, are the royal arms and the medallion of the Marquis of Pombal.
Cais das Colunas
15 min
It is on the water, at the far end of the square. The two columns mark the entrance to the city for those who arrived by boat.
How to get to Praça do Comércio
The metro has a station beside the square, and trams 15E and 25E stop next to the arch. Boats from Barreiro dock beside the square.
Metro
Terreiro do Paço station, on the Blue line, open 06:30 to 01:00. The exit in the east arcade leads onto the square.
Tram
Trams 15E and 25E stop at Praça do Comércio, on the arch side. The 28E does not pass through the square. Its nearest stop is on Rua da Conceição.
Ferry
TTSL links Barreiro to the Terreiro do Paço terminal in about 20 minutes. The boats from Cacilhas, Seixal and Montijo arrive at Cais do Sodré.
From the airport
By metro, on the Red line to São Sebastião and then on the Blue line to Terreiro do Paço.
On foot
From Rossio it is 11 minutes down Rua Augusta, flat all the way. From Cais do Sodré station it is 13 minutes along the river.
By car
There is no parking on the square. The nearest car parks are Praça do Município and Campo das Cebolas.
What is near Praça do Comércio
The Baixa is flat and small. Walking times are from the statue, in the centre of the square. The cathedral and the castle are uphill.
4 minutes on foot
MUDE
220 mThe design museum, on Rua Augusta, just past the arch.
5 minutes on foot
Museu do Dinheiro
340 mThe money museum, on Largo de São Julião. Entry is free.
8 minutes on foot
Casa dos Bicos
550 mOn Rua dos Bacalhoeiros, east of the square.
9 minutes on foot
Lisbon Cathedral (Sé)
600 mThe cathedral, at the start of the climb to Alfama.
9 minutes on foot
Santa Justa Lift
650 mOn Rua de Santa Justa. Closed since September 2025, with no date set for reopening.
11 minutes on foot
Rossio
800 mPraça D. Pedro IV, at the other end of Rua Augusta.
13 minutes on foot
São Jorge Castle
950 mThe entrance is at the top of the hill and the way up is steep.
15 minutes on foot
Time Out Market
1.1 kmOn Praça D. Luís I, by Cais do Sodré, following the river west.
Eating, staying and events on the square
The arcades have restaurants and a café from 1782, the north-west corner has a hotel, and the square hosts New Year’s Eve and the Christmas lights.
Restaurants
There are 8 places in the arcades, from fish and seafood to pizza and wine tastings, plus Martinho da Arcada.
Hotels
The Pousada de Lisboa is the only hotel on the square. There are 15 hotels within 5 minutes on foot, the Pousada included.
Events
On New Year’s Eve there is a concert and fireworks at midnight, free to attend. The Christmas lights are switched on in November.
The history of the square in five dates
Today’s square came out of the rebuilding of Lisbon after the earthquake. Before that, this was the yard of the royal palace.
16th century
King Manuel I has the Paço da Ribeira built by the river. The yard in front of it is the Terreiro do Paço.
1755
On 1 November, the earthquake, the tsunami and the fire destroy the palace and every building on the Terreiro do Paço. In Lisbon the wave was about 5 metres high.
1775
On 6 June, the king’s birthday, the equestrian statue of King José I by Machado de Castro is unveiled.
1875
The Rua Augusta Arch is completed. It was begun in 1873 to a design by Veríssimo José da Costa.
1974
Before dawn on 25 April, Salgueiro Maia’s column, which had come from Santarém, occupies the square and surrounds the ministries.
Practical information
The square is flat and always open. Around it there are toilets, a tourist office and transport.
Sun and shade
The square faces south, so it is in the sun most of the day, and the only shade is under the arcades. In the evening the sun sets to the west, on your right as you face the river from Cais das Colunas.
Safety
In the Baixa, some people approach tourists to sell drugs, which are often pressed bay leaf. Say no and keep walking. On New Year’s Eve you can only enter the square through controlled access points, with searches.
Toilets
There are public toilets in the west wing, next to the tourist office, and in the metro station. Those in the east wing and in the old Sul e Sueste station charge a fee.
Accessibility
The ground is flat. The metro has a lift to street level and the ferry terminal is step-free. The viewpoint on the arch is not: after the lift there are 74 steps.
Frequently asked questions
Are Praça do Comércio and Terreiro do Paço the same square?
Yes. Terreiro do Paço is the old name, from the time when the royal palace stood here. Praça do Comércio is the name given to the square rebuilt after the 1755 earthquake, and it first appears in 1759. Both are still in use, and the metro station is called Terreiro do Paço.
Do you have to pay to enter Praça do Comércio?
No. The square is a public space with no gates and no opening hours. You pay only to go into the places on it, such as the viewpoint on the Rua Augusta Arch (€5) or the Lisboa Story Centre (€8 per adult).
How long does a visit to Praça do Comércio take?
An hour is enough to go up to the viewpoint on the arch, walk the arcades, see the statue and go down to Cais das Colunas. If you also visit the Lisboa Story Centre or stop for lunch, allow two to three hours.
How big is Praça do Comércio?
Portugal’s State heritage inventory describes the square as a rectangle of about 177 × 192.5 m, close to 34,000 m². Lisbon’s tourist board presents it as one of the largest squares in Europe.
Where is the Ask Me Lisboa tourist office on Praça do Comércio?
The Ask Me Lisboa Terreiro do Paço tourist office is in the west wing of the square and opens daily. It gives tourist, transport and event information and sells maps, guides and souvenirs. Just north of it, in the same wing, is Pátio da Galé, an events venue that opens only when one is on. The offices of Turismo de Lisboa and of Lismarketing, the company that runs the tourist offices, are off the square, on Rua do Arsenal.