Lisbon appears to have emerged unscathed from the government’s changes to the golden visa regime. Despite the fact that the acquisition of housing in the capital was no longer eligible for obtaining a golden residence permit, foreign investment in housing amounted to more than 894 million euros last year. This value was only surpassed in 2021 – the best year ever – due to the race that caused the end of the measure most wanted by international buyers. Yet the difference is small: 63 million less was invested in 2022, or 6.6% less, but compared to the pre-pandemic year, there is an increase of 132 million, or 17%.
The amount invested in 2022 will not lead to a loss of interest, not least because the average ticket per transaction broke a new record with more than 540 thousand euros, 21 thousand euros more than last year. Last year, 1655 houses were sold to foreigners of 78 nationalities, a number comparable to the 1845 acquired in 2021 by citizens of 86 different origins. Foreign investment showed other unprecedented signs.
As revealed by Confidencial Imobiliário, a consultancy specializing in sector statistics, the sales volume in the two halves of 2022 exceeded €400 million (€412.3 million in the first half of the year and €482 million in the second), unprecedented results. The exception was the last six months of 2021, when the rush for golden visas before the changes took effect led to a residential investment in Lisbon of 592.5 million.
The leadership of the French in the amount invested in housing in the capital by 2022, plus the exponential growth of investment by other Europeans, also illustrate that Lisbon’s attractiveness is not reduced to golden visas. The ranking of the five nationalities that have invested the most in housing in the capital is then led by the French (they had lost this prominence between 2029 and 2021), followed in descending order by the North Americans, Chinese, British and Brazilians . Together, these investors account for 60% of foreign capital invested in residential real estate.
The French invested 157.1 million euros (18% of total foreign investment) in the purchase of 250 houses, the largest number acquired by any nationality. North Americans, who have become the most important investors in the past five years, bought 220 homes for a total amount of 115.5 million. The Chinese, on the other hand, spent 98.7 million to acquire 190 homes. The British invested 74.6 million in the purchase of 130 properties and finally the Brazilians invested 64.1 million in 90 houses. Brazilians continue to spend the most per operation, with an average ticket of almost 700 thousand euros, but the French are not far behind, at 625.9 thousand. The North Americans, Chinese and British account for amounts in the order of 500 thousand euros.
prominent Europeans
Although to a lesser extent, there are six European nationalities that stand out for the significant growth in amounts invested and in these cases do not require golden visas to obtain residence permits. Last year, the Germans invested 60 million euros in the purchase of a house in Lisbon, 43% more than in 2021. The Italians spent 93% more (38.5 million), the Belgians more than doubled the amount invested (20.7 million), the Dutch spent 249% more (20.6 million) and the Spaniards 74% more (16 million). The Swiss also increased their real estate investments in the capital, with an increase of 78%, to 13.2 million.
In this context of consolidation of attractiveness, Lisbon also increased the geographic diversification of foreign investment. Santo António, Estrela, Arroios, Misericórdia, Avenidas Novas and Santa Maria Maior remain the favorite places to buy housing, but Belém, Ajuda and Alcântara, on the western axis, Marvila, Beato and Olivais, in the eastern zone, were the parishes where investments grew the most. It should be noted that all of these statistics report to the urban recovery area of Lisbon, with the exception of Santa Clara, Lumiar and Parque das Nações.
In total, Lisbon raised € 2,407 million in investments in residential real estate last year, a decrease of 5% compared to 2021, and 5,744 homes were purchased. Foreigners accounted for 37% of the volume issued, in line with the same year last year. The Portuguese acquired 4089 houses in the capital, for a total value of 1512 million, a decrease of 3.6%. The average ticket applied by nationals increased by 4.6% to 370 thousand euros, although foreigners spend 45% more than Portuguese per transaction.
Sónia Santos Pereira is a journalist for Dinheiro Vivo
Source: DN
