Government suspends investment program in the country´s two urban centers
The real estate market is undoubtedly the most attractive sector for foreigners looking to invest in Portugal. With tourism showing consistent and favorable results for the Local Accommodation market, and with the ease of obtaining a Golden Visa through investment in real estate, it is easy to understand the boom effect that the portuguese real estate market has experienced.
But, like everything in life, the investment in the Portuguese real estate market has its pros and cons. On the one hand, it's because of it that cities like Porto and Lisbon were able to experience their rebirth. Through the rehabilitation of buildings and infrastructures, these cities managed to reinvent themselves by attracting new people and businesses that allowed them to grow and capture the interest of the millions of tourists who visit Portugal every year.
On the other hand, it is also due to this investment that the price of houses has increased at impressive rates, limiting the purchasing power of the Portuguese population who, in addition to not being able to keep up with these rates, also has immense difficulty in finding homes in Lisbon and in Porto.
Faced with this dichotomy, the Portuguese government had no choice but to stop speculation in the real estate market and to solve the lack of housing in the two major cities. Hence, the government has decided to end the Golden Visa program in Lisbon and Porto, limiting the access to these visas to real estate investment activities in the intermunicipal communities of the Interior and in the autonomous regions of Madeira and Azores. As stated by government representatives, this measure is not aimed at blocking foreign investment. It is aimed at redirecting it to other areas of the country that may benefit from it.
Real Estate Boutique anticipated this initiative a few months ago and has been identifying areas of interest for Investments
associated with the Golden Visa throughout the country, offering you the possibility to start your application and benefit from a profitable investment. If you are looking for more information, send us a message through our CONTACTS
area or through one of our TEAM
Source: (Jornal de Negócios, 2020)