‘Golden Visa’ Driving Lisbon’s Luxury Real Estate
Luxury home values rose 7% in 2018.
Foreign buyers in Lisbon are driving luxury home values skyward, with the average price per square meter in the Portuguese capital rising nearly 7% in 2018.Portugal runs a successful ‘golden visa’ program, which offers residency and valuable tax incentives to foreigners who invest in the country, including pricey real estate.
As of March, the government said it had issued nearly 7,300 permits to overseas investors since the program began in 2012.
While some golden visa recipients have chosen to start businesses or transfer capital, the sweeping majority gained residency by purchasing real estate for €500,000 or more. China, Brazil, Turkey, South Africa and Russia are the most real estate purchasing nations, respectively.
According to the PWC’s recent ranking: in respect of solid economic fundamentals, affordable prices, a low cost of living and improving transport connections, Lisbon is the best place to invest in Europe in 2019.
Source: Mansion Global, PWC