Portugal Expects 8.7% Home Price Surge in 2024, Despite Golden Visa Program Changes
The same shows that Lisbon and the Algarve are Portugal’s property growth hot spots, AtoZSerwisPlus.pt reports.
The Property Market Index reveals that throughout the country, prices have increased to an average of 6.5 per cent in the last 12 months. However, in the Algarve, values have surged more than 15 per cent during the same time.
In Portugal’s capital, as well as towns such as Cascais, Estoril, Comporta, and Sintra, properties have also increased in value.
The report shows that Portugal benefits from “the triple-whammy of international investment, regeneration and tax incentives for affluent expats.”
The lack of new construction is among the main factors affecting prices, according to the Mansion Global report, while the data from the National Statistics Institute showed that housing stock was shrinking, with ten houses sold for every new one built for a period between 2018 and 2022.
According to the Property Market-Index report, Algarve’s Quinta do Lago was ranked as the top property hot spot, taking into account several factors, such as investment potential, infrastructure, and cultural offerings, among others.
Prices in this territory have increased by over 28 per cent since 2020 and are expected to increase another 19 per cent by 2025.
Portugal’s Golden Visa Program made a significant contribution to the country’s economy when it comes to the acquisition of real estate, in particular.
Since October 2012, when the program was first introduced until July 2023, a total of 12,497 golden visas were issued by authorities in this country. The main beneficiaries from this scheme are investors from China (5,366), Brazil (1,221), the United States (729), Turkey (584) and South Africa (534)
During this period, nearly €7.2 billion have been brought to Portugal’s economy.
Besides, in August this year, there were issued 64 golden visas; of them, 42 were for the acquisition of real estate. The scheme brought more than €32.8 million to the country during the same period.
However, earlier this month, the scheme experienced some new changes, which have been approved by the country’s President, Marcelo Rebelo de Sousa, as part of the “More Housing” program.
Among them is the abolishment of real estate investment options from this program.
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