- February 9, 2018
- Posted by: CIP Journal
- Category: Real estate
The Portugal’s Golden visa scheme (ARI) came into force on Oct 8, 2012, since then a large number of chinese and other foreign investors purchased properties boosting property sales in Lisbon and other cities in Portugal. The property prices have soared in Lisbon metropolitan areas.
About 3.1 billion euros have been invested and over 5000 ARI golden visas issued for purchasing property under the ARI scheme, according to new SEF statistics. Portugal will grant a 5-year residency permit to non-EU citizens who buy a minimum of €350,000 worth of property under the Golden visa scheme.
The House Price Index (HPI) measures the evolution of the acquisition prices of the dwellings purchased in the residential market in Portugal.
According to INE statistics on housing prices in Portugal..
- In the third quarter of 2017, the House Price Index (HPI) increased 10.4% in relation to the same period of 2016 (8.0% in the previous quarter).
- In the third quarter of 2017, the Housing Price Index increased 10.4%
- Existing dwelling prices, which grew 11.5% compared to last year and New dwelling prices also observed substantial price increases over the same period of the last year (6.9%).
- A total of 38,783 dwellings were transacted in the third quarter of 2017. This was the highest number of house sales ever recorded since 2009 and total value of the transacted dwellings reached the 4.9 billion Euros.
- The Área Metropolitana de Lisboa, the Norte and the Centro regions observed maximum sales numbers, with the first two regions accounting for approximately 64% of total transactions in the third quarter of 2017.
- Average value of housing increased 6 euros per square meter
Worth a # deeper look: Alarming #realestate outsale bubble in #Lisbon pushed by #goldenvisas and #eupolicy: Medium investment made by foreigners is 40 % higher than than by “locals”: 338,000 compared to 244,000 € #journalism
— Cristina Costa (@EJournalism) January 29, 2018