Portugal Real Estate Market RoundupSince the global financial crisis of 2012, the Portugal property market has been on the uptrend. According to the Global Property Guide, property prices rose by 6% in 2018. Portugal’s property prices rose in 23 of the 24 counties and Porto recorded the highest increase of 15% followed by Amadora at 14%. In spite of this, Portuguese properties are still very affordable compared to other countries. The average price is about € 1500 per m2. Not surprisingly, the famous seaside town of Algarve and Lisbon( the capital of Portugal) commands premier prices. 178,691 properties were sold in 2018 which is 16.6% higher than in 2017.
Portugal’s Golden Visa ProgramNo doubt, Portugal’s golden visa program has been very successful. The program has brought in billions of Euros from around the world and has boosted its economy. This investment type visa allows individuals who invest at least 280 Euros to apply for Portugal’s residency status. Investors from China remain the largest group for the program and they often buy up Portugal’s properties as the way to get their permanent residency. Industry experts are predicting that the real estate boom will continue over the next years. There may be a few reasons for the increasing rents and property prices.
- More EU investors are flocking to Portugal;
- Portugal Golden Visa program is bringing in investors;
- Portugal’s Non-Habitual Resident scheme attracts high net worth individuals to invest in Portugal;
- Since the Global Financial crisis, more Portuguese are returning to Portugal.