Portugal´s increasing attractiveness as a place to live is boosting the residential real estate market, Marcos Drummond, Sales Director, VIC Properties, Portugal, told The Real Estate Day.´Capital follows opportunity and people,’ he said. ´A combination of positive factors is attracting foreign citizens of all ages to Portugal and to Lisbon in particular, while at the same time many Portuguese citizens are choosing to return home´.
Young people may want to chase employment opportunities in the fast-growing tech sectors, middle-aged people may want to benefit from tax breaks and pensioners from favourable incentives designed to encourage the move to Portugal as a resident.
´The golden visa system, which has been very successful, requires a minimum investment of €500,000, which usually means they buy in Lisbon, because you would buy a palace or a very big plot of land for that sum elsewhere in Portugal,´ Drummond said.
Security is also an important factor, as Lisbon is the third safest capital city in the world, he said: ´Add to that a warm welcome, good infrastructure, tolerant people, value for money, affordable health insurance, value for money, great weather and lifestyle and you can see it why it is so attractive to all, but especially to Millennials looking for a good standard of living and that elusive work/life balance´.
As more people choose Lisbon as a place to live demand for housing is high. Many foreigners choose to buy and renovate period properties in the city centre, Drummond said, but as their number is limited there is a great demand for new builds as well.
As the city is expanding to accommodate more people new neighbourhoods are being created, but careful planning is needed.
´You need to build communities, not just new houses or new neighbourhoods,´ he said. ´It is important to drive and accelerate the consolidation of a new neighbourhood to make it feel like a community which will also attract non residents for a walk, a shopping trip or a meal out. Neighbourhoods need to be open and welcoming. They need to breath´.
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