LISBON, February 18, 2014 – It is now one year since the Golden Visa was launched, in Portugal. Colliers International decided to gauge the impact of this legal novelty in the local residential market and the results were optimistic: the residential market, in Lisbon, seems to have turned the corner.
Since 2010, Lisbon’s residential market has been struggling, just as it has happened with virtually every real estate market in the country. But, in 2013, dwellings sold increased by almost 70% and, a part of that upturn, has to be credited to the Golden Visa programme.
“The Golden Visa figures are still relatively small, but its importance as a confidence booster cannot be understated” declares Joaquim Chambel, managing director of Colliers in Portugal, Angola and Mozambique.
However, Joaquim warns that “although this programme makes economic sense, it has to be closely monitored, because there are potential negative implications dangers for the issuing countries”.
Colliers expects that the positive effects of the golden Visa will spread on to 2015.
For further details and if you wish to download the report, click here.
Check the full report, here.