According to reliable data from Confidencial Imobiliário, we know that in 2023, foreign citizens were responsible for the transaction of 1,580 properties in the city of Lisbon, corresponding to a financial volume of €911.8 million and approximately 33% of the transactions carried out.
Although the Golden Visa program has been vetoed for real estate investments, there are still other ways to obtain privileged visas for investments in different sectors. In other words, issues of social equity or compliance relating to capital transfers remain.
With regard to the impact on the real estate market, based on the available data, we also know that there has been no impact. We have fewer transactions and more expensive homes.
In the higher price segment, the available data show that the average value of real estate purchases made under the Golden Visa program was, on average, over €635,000 per home. In other words, it is possible that they may have created some price pressure on properties worth €500,000, €600,000, €700,000, or €800,000, and therefore we find it difficult to understand the concern about pressure in this segment.
However, when we look at the figures in detail, we see that, over a decade, only a small proportion of real estate transactions in Portugal were related to Golden Visas. There were 12,000 transactions in a decade, which is less than one percent of the number of transactions made during that period.
We also know that, during this time, a little over €7 billion was invested in Portugal under the program, spread across a huge economic network that made those 12,000 homes possible. And we also know that 12,000 transactions were obviously not responsible for the shortage of housing supply and property prices in Portugal.
That being the case, it is clear that there may be something to be corrected in Portugal's real estate policy, particularly in the area of policies to attract foreign investment.
Firstly, because it is essential to our economic development, just as more sustainable homes are essential, based on faster and more efficient construction methods, which simultaneously promote the supply of more affordable housing for all.
This is a crucial moment to reflect on what has been done and deserves to be increased, what has been done and deserves to be corrected, and what has not yet been done.
Source: https://imobiliario.publico.pt