Published on 29th November 2019
Not long ago, Portugal was the backwater of Europe; today it is becoming the head of it
According to SEF figures, the Golden Visa Portugal raised €553 million in August 2019. Since the programme began in 2012, foreign investors have pumped €4.3 billion into it, obtaining portuguese citizenship not only for them but also for their dependants.
Eurostat numbers (Official Institute of Statistics of the European Union) indicate that Portuguese property prices rose by 9.2% in the first quarter of the year, the biggest gain in the euro region and the sharpest increase in the EU after Hungary and the Czech Republic.
Portugal is the most competitive property market in Western Europe due to tax incentives for foreign buyers and the golden visa programme, which promises portuguese citizenship in exchange for a minimum investment of €500,000.
Lisbon home prices remain one of the lowest amongst western European capitals
Portugal has gone through a great recession period between 2007-2009, but since 2010 it has seen an increase of housing prices. Despite that, prices of portuguese real estate remain one of the lowest amongst western European capitals, as we can see on the graphic below.
Portugal’s way out of the crisis was to attract foreign investment, and now “Lisbon has never been better in terms of the restoration of its buildings,” said Francisco Bethencourt. Thus the cobbled streets and hilltop palaces are being rebuilt, properties are being turned into new hotels, short-term rental apartments and retail stores. In this sense, Portuguese economy has seen a boost thanks to investment in real estate and tourism sector, which the country keeps beating record with.
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