Established more than a century ago, the Valmor Prize is the result of the will of the second and last Viscount of Valmor, Fausto Queiroz Guedes, a diplomat, politician, member of the Progressive Party, peer of the realm, civil governor of Lisbon and great connoisseur of fine arts.

Deceased in France in 1878, according to his will, a certain amount of money was donated to the city of Lisbon in order to create a fund. This would become a prize to be distributed in equal parts to the owner and the architect who had designed the most beautiful house or building.

This is how the Valmor Architecture Prize came to be, named after its founder. The Lisbon City Council was responsible for awarding the prize, which was supervised by the Asilo de Mendicidade de Lisboa. The City Council then drew up regulations according to which a jury of three members, all architects, would be appointed each year to evaluate the various buildings.

Adapting to changes in mentality, the way architecture is done and the regulations, it is one of the most prestigious architecture prizes in Portugal.

The Valmor Prize continues to be synonymous with a certain architectural and constructive quality, which undoubtedly reflects the dominant tastes of the different eras, highlighting works that strengthen the historical and cultural heritage of the City of Lisbon

After an initial proposal for regulations presented by Duarte Pacheco, then Mayor of Lisbon and Minister of Public Works, the Municipal Architecture Prize was officially instituted in 1943.

Sharing many similarities with the Valmor Prize, during the years in which it was awarded, 1943-1957, the Municipal Architecture Prize rewarded works of very different quality, but generally more modern than those awarded by the Valmor Prize.

Although the first regulations only covered residential buildings, they were later amended to allow them to be extended to any type of building.

The current Valmor and Municipal Architecture Prize is the result of the merger, in 1982, of the Valmor Prize and the Municipal Architecture Prize, and the works to be assessed by the jury are all those that have obtained a license to use them in the year to which they relate.

In 2003, the regulations were updated and the prize took on a new dimension, now covering not only new or renovated buildings, but also landscape architecture and the treatment of urban public spaces.

This award is a stimulus and incentive for the quality of architecture in Lisbon, and every year the city must pay tribute to those who have best designed and built works that mark the city's urban image.