According to a report by the independent Portuguese bank for real estate statistics, Confidencial Imobiliario, Portugal has seen the highest annual growth in housing prices in the last 30 years.
According to published information, real estate has risen in price by 18.7% in 2022.
The cost of apartments has increased due to high demand from foreign buyers. Most of the funds went to the state through the Golden Visa program, which allows you to obtain a Portuguese residence permit for the purchase of real estate. Thanks to the “golden passports”, investments in the country increased by 42% and increased to 654 million euros.
The SEF Office for Foreigners and Borders informed that US citizens have invested the most and China.
The indigenous people of Portugal are not very happy about what is happening in the real estate market. The weekly newspaper Expresso conducted a survey among the Portuguese on a number of topics related to real estate. According to the data, most believe that the country is experiencing a housing crisis. The other part is in favor of the government canceling the Golden Visa program altogether.
A report by Portugal’s National Institute of Statistics shows that foreign buyers are willing to pay twice as much for properties as local residents. This, in turn, has a bad effect on housing affordability for the country’s population.
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