Down Town Lisbon where our hotel is is still one of Europe’s best real estate markets
Lisbon still get real estates investors attention for all the obvious. And well known reasons Linda Prevost lists in The New York Times’ International Real Estate column: The lower prices compared to rest of Europe, Golden Visa and the Non-Habitual Resident Program we blogged about yesterday.
What we didn’t know was that you in certain situations can obtain the Golden Visa for as little as 350,000 € and not the 500,000 € that attracts so many Asians who use this investment opportunity to get visa to Schengen.
[caption id="attachment_21266" align="aligncenter" width="3365"] Porto by Night: This amazing city only 3 hr from Lisbon is slowly but surely getting the real estate investors attention.[/caption]
A city with a population of a little more than 500,000, Lisbon is the heart of a much larger metropolitan area with a population of around 2.8 million. The city’s residential market has largely recovered from the global financial crisis. Sales volume in 2016 was up 15 percent over the prior year, putting the market back on par with its pre-crisis pace in 2010, said Gustavo Soares, a managing director for Portugal Sotheby’s International. “Portugal, because of the weather, the hospitality of the people, the security, is attracting more and more people from other countries,” he said. “And we have lower prices compared to other European countries.”
The most sought-after neighborhoods of Lisbon are in the historic city center, where older buildings are being renovated to meet buyer demand. Although prices are rising, they are still 40 to 50 percent below prices in European capitals like Paris or London, making the city increasingly attractive to international buyers, Mr. Soares said. An updated three-bedroom home of 1,600 to 2,100 square feet in the city center typically goes for 800,000 to 1.5 million euros (or $844,000 to $1.6 million), he said. In the greater Lisbon area, wealthy foreign buyers are also buying property in Cascais and Estoril, suburban beach towns west of Lisbon.
Read Lisa Prevost’s feature in yesterday’s The New York Times
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