‘Golden Visa’ Driving Lisbon’s Luxury Real Estate Boom
New laws approved by the Portuguese Government opens the possibility of citizens of countries outside the EU, apply for a residence visa. This new residence visa is intended to attract new investments in Portugal through the purchase of real estate for a minimum period of 5 years. The investment must be made with an investment in Real Estate than more than 500,000€ . The acquired property can be leased later, mortgaged or distributed for commercial purposes or for agricultural tourism
Foreign buyers in Lisbon are pushing the values of luxury homes towards historical recirds, with a price per square meter in the capital Portugal increased by almost 7% in 2018, as reported by the global broker Kinght Frank
Portugal had a successful ‘golden visa’ program, which offers residence and tax incentives for foreigners who invest in the country, including real estate. The government said it had granted nearly 7,300 permits to foreign investors since 2012, according to Knight Frank.
In Lisbon, the areas benefiting from the influx of foreign investment, and a greater demand for quality housing, include the old quarter of Avenida Liberdade, a historic neighborhood with an average price per square meter of 10.800€. Prices are also estimated at around € 10,000 per square meter in Chiado, and how real estate prices soar in a massive fire in 1988, and in the modern Real Principle.
Chinese investors have been the largest part of Portugal’s golden law, which represents a little more in half of the residence permits through the program. They were followed by Brazilian, Turkish and South African nationals.
“Solid economic funds, affordable prices, low cost of living and improved transportation connections mean that it is now an international destination for investors, suppliers and tourists,” according to the report, which also highlighted the recent ranking of Lisbon by PricewaterhouseCooper as the best place Invest in Europe in 2019.
According to a separate index of Knight Frank, the luxury housing market in Lisbon, the appreciation of prices in almost all luxury centers in Europe in the fourth quarter of last year.