The value was set at 1,065 euros per square meter, five more euros /sqm than in the previous month, reported the INE. According to data released today by the National Statistics Institute (INE), the Metropolitan Area of Lisbon was the largest contributor to the change in the average value bank assessment in the evaluation in June, with an increase of 1.2% to 1,291 euros per square meter.
The annual variation was 3.4% in June, with the most significant increases being observed in Algarve (4.9%) and Madeira (4.5%). The average value of bank evaluation for apartments was 1,105 euros per square meter in June, a 0.2% increase compared to the previous month, and the Metropolitan Area of Lisbon set an average of 1,286 euros per square meter square from the May value of 1,277 euros per square meter.
In housing, the average value of bank evaluation stood at 992 euros per square meter, which reflected an increase of 10 euros per square meter, compared to the value observed in May, representing a variation of 1%. Already in May an increase of 13 euros per square meter had been observed from the previous month on the average assessment of housing.
More British are inquiring about the Golden Visa program after the outcome of the referendum.
The result of the UK referendum, with the victory of Brexit, resulted in the increase of British requests for information on the Portuguese Golden Visa program.
For now, applications are only first contacts and practical results should be known in the coming months, but the president of APEMIP (Association of Professionals and Real Estate Companies of Portugal) concedes that the sector can benefit from the relocation of real estate investments to Portugal .
Luís Lima said that it is expected a growth in demand associated with Golden Visas, taking into account, in particular, the negative effects of Brexit in the British Real Estate sector. Besides the British, Indians and Chinese, who traditionally invest in the UK, may ultimately direct their funds to Portugal.
In addition to the advantages associated with Golden Visas and the liberty for citizens from outside the European Union to move freely within the Schengen area, the fears of devaluation of British assets, which has led six major management companies to suspend trading of its funds, may end on bringing more investment to Portugal.
Source: Público newspaper (publico.pt)
In the first half of the year 821 residence permits for investments (ARI), better known as Golden Visas, were assigned , surpassing the 766 granted in 2015, a year that was marked by a strong breaking in the approval of applications, following a corruption scandal.
The data from the Foreigners and Borders Service (SEF) show that the resulting investment of granted ARI exceeded EUR 500 million, and continues to be mostly channeled to the real estate sector. Only five visas were issued by investments that enabled the creation more than ten jobs.
Since the program began in the end of 2012, 3405 visas were assigned, most of them by the acquisition of real estate (which implies a minimum investment of 500 thousand euros) and 199 per capital transfers (of at least one million euros). Investment in Portugal carried out in this way exceeds € 2.2 billion.
The investment areas have been extended since September of the last year, covering sectors such as urban regeneration and heritage as well as the demand for smaller investments when performed outside the major urban centers. However, to date still aren’t successful applications in these areas.
In June, 157 visas were issued, the same as in the previous month at a pace that appeals to the sector associations that most directly benefit from these investments - construction and real estate. The acceleration in the approval of processes was possible by the creation of a working group that brings together the services of various ministries, especially Foreign Affairs and Internal Affairs.
Commenting on the figures available, Luis Lima, president of APEMIP, the association of real estate companies, said that "the growth compared to 2015 is very positive, reflects a normalization of the market and serves to confirm the investment that was lost last year when the program stagnated."
Manuel Reis Campos, president of the CPCI, the confederation which joins the construction companies and real estate, believes that the evolution of the captured investment reflects the ”high quality" of national real estate assets, which are at "an internationally very competitive price."
Source: Publico newspaper (publico.pt)
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