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The Golden Visa Portugal Lisbon Lisbon property and tourist market are experiencing an expected and deserved exponential growth, with demand exceeding availability. In terms of tourism, Lisbon has seen a staggering growth as a lifestyle destination, with annual occupancy rates exceeding 85,00% including private tourist accommodation Lisbon (residential tourism). Golden Visa Portugal Lisbon is currently Europe’s 2nd most popular nightlife destination, second to Barcelona only. There many reasons for the continued growth in the tourism statistics each year and why Lisbon has been awarded so many lifestyle awards from an array of entities worldwide. The huge amount of public and private investment in Lisbon tourist related infrastructures, which briefly slowed down during the recent crisis, together with new concepts and events that have emerged and run side-by-side with the traditional establishments have made Lisbon that much more colourful and desirable as a lifestyle destination. Today ,Golden Visa Portugal Lisbon appeals to and has something to offer to everyone of the millions of tourists that visit the City every year.
The number of tourists will continue to grow for the foreseeable future, not only because Golden Visa Portugal Lisbon Lisbon is an exciting and colourful destination, but mainly due to planned major infrastructures such as the new Lisbon International Airport and Cruise Ship Terminal. Lisbon’s new cruise line terminal has already been commissioned and will be ready for operation in 2015. The construction which should cost roughly 22,7 million Euros was awarded to a consortium comprising Global Liman Isletmeleri, Grupo Sousa, Royal Caribbean Cruises and Creuers del Port de Barcelona. Portugal (predominantly Lisbon) is currently the 6th largest cruise ship destination in Europe with a 550.000 passengers per annum. This number is expected to double over the ext few years. The new Lisbon International Airport is a desperately awaited infrastructure that the government acknowledges as absolutely essential, but has been delayed due to financial constraints. If you try to imagine Paris or London with just a single small airport (like the Lisbon airport) or Lisbon with as many airports as Paris and London, you will understand why the tourist numbers will increase even further in the further, simply by being able to land more aircraft or cruise ships and opening new and exciting international routes (China for example), which are not possible today without stop-overs in other European cities.
The demand for tourist apartments in Lisbon (commonly known as residential tourism) is on the rise, with savvy investors and property owners experiencing average occupancy rates of 85,00% and yields exceeding 5,00% per annum (propertylisbon have yields from 4-10% plus guaranteed fixed income properties). Golden Visa Portugal Lisbon The trend has shown that international and local guests want to experience the character and charm of the old buildings and historical city centre Lisbon apartments. This is why more and more tourist prefer to stay in tourist apartments (local accommodation) throughout the historical city centre. Staying in a character apartment allows guests to experience the local culture and affords them more privacy. It also saves them money as a two-bedroom apartment can sleep up to six guests, which starts to makes financial sense when compared to a traditional hotel. Local and International brand hotels have come to realise that the trend is “boutique apartments Lisbon” and character. Lisbon, has as a result, witnessed many dilapidated residential buildings transformed into beautifully renovated boutique hotels throughout the historical centre of Lisbon. The Figueira Boutique Hotel in the Baixa-Chiado area Golden Visa Portugal Lisbon, for example, made it to the shortlist (1 of 3) of candidates for the best hotel in the world in 2014. Even International hotel chains such as the Holiday Inn Express have wisely renovated 18th century buildings to offer their guests a flavour of the historical architecture which WOWS all international clients. Lisbon is, and will continue to be a lifestyle destination.
The government has also played a major role in the rehabilitation (renovation) process of the Lisbon historical city centre over the last decade. The government has not only done away with much of the red tape which conditioned the licensing process of renovating old buildings but also put into place many tax incentives (or penalties if applicable) for developers or property owners to renovated old buildings. Another major change in legislation which has greatly facilitated the ability to vacate and renovate old building was the recent (2012) change to the tenancy (rental) laws. The new laws have gone from “Stone-Age” to “Space-Age” and have made the traditionally lopsided relationship between tenants and landlords, now a very balanced relationship and according to current market practice, as one would expect in countries with more mature rental laws like the United Kingdom. More importantly the new rental laws have made evicting frozen-rent tenants (post revolution) with old contracts much simpler and quicker. The old laws were partially responsible for the existence of the many Golden Visa Portugal Lisbon old buildings in Lisbon in need of renovation Golden Visa Portugal Lisbon, which one can still see today throughout historical Lisbon. However, all of these buildings will be completely renovated within the next decade, giving rise investors targeting this sector of renovating buildings in Lisbon.
Additionally, the government has recently put into place a further two strategic laws aimed at stimulating the local property market. These are the Golden Visa Portugal Lisbon and NHTR PORTUGAL Non-Habitual Tax Resident Lisbon program’s which has played a major role in the overwhelming demand for new (renovated) properties in the historical Lisbon properties (but not limited to), which we refer to as the “gold-rush”.
The Golden Visa Portugal Lisbon grants non-European citizens, that invest 500.000 € or more into property (in Portugal) a Schengen Residency Visa Portugal, which allows them to travel freely throughout Europe. To date, the Chinese were the first and remain the predominant buyers, taking advantage of this unique opportunity to have the best of both worlds, i.e. a residency permit and an excellent investment vehicle (property). The Non-Habitual Tax Residency Portugal program grants citizens currently domiciled in any country with a dual taxation treaty with Portugal, that become fiscally resident in Portugal a 10-year ZERO tax break on their worldwide income. This program has appealed to the French and Northern-European high net worth citizens in particular. If you like, we can provide additional information about both of these exciting program (laws) or you can read up about the programme on the Internet (information is readily available).
Lisbon is Portugal’s new property hotspot. Foreign and local investment funds (and private investors) snatched up the majority of these un-renovated buildings, during the recent crisis (2009-2012). Availability of old buildings for renovation Lisbon is fast diminishing and the demand has “gone through the roof”. Most of these investment funds (backed by local or international banks) are not looking to resell the renovated units, but instead rent them out and enjoy the high yields instead (explained above). This cutting edge strategy (for Funds) not only ensures shareholders are happy due to the high yields, but also locks-in a healthy capital appreciation over the next 5-10 years (due the increase in demand – see below). Regrettably, developers were not “courageous” enough (lack of strategic vision and local banks had no liquidity at the time for mortgages) to roll out new projects during the crisis referred to above, so demand has clearing outstripped availability of good quality properties. A quick trip into downtown Golden Visa Portugal Lisbon will reveal numerous buildings covered with scaffolding, which are currently under renovation and will soon be available, but for the time being we are quickly running out of “Luxury completed” stock (renovated or new properties in Lisbon).
However, these newly renovated properties will come onto the property market at much higher prices, which is why, now is the time to buy property in Lisbon.
All of the above partially explains why demand is exceeding availability and why now is the perfect time to buy property in Lisbon. The other equally important reasons, you will discover once you have visited felt the Lisbon experience….