'Urban renewal: The crazy business that is producing millions'
By Vania Maia and Paulo M. Santos. Published in Exame, in Sapo, on 25 February 2018
Original headline in Portuguese: Reabilitação urbana: O negócio louco que está a dar milhões
Summary (from Google Translate):
In 2017, the real estate investment achieved through gold visas in the Portugal was €771 million. About €743 million corresponds to the purchase of properties with a value equal to or greater than € 500,000, and close to €27 million to the purchase of properties for rehabilitation with a value equal to or greater than €350,000, according to the Foreigners and Borders Service.
The Chinese continue to be the ones that most seek this type of investment. International investors were responsible for buying 25% of the homes sold last year. In the case of the BWA Group, the customer portfolio is divided in half between foreigners and Portuguese.
Many want to monetize the real estate they already have, but do not know how. “They are people or institutions that don't understand anything about construction, but they have a lot of money”, explains Carolina Janeiro, 35, director of the company's project management department, created two years ago, when they realized this market need.
Between 2013 and 2018, property prices increased by 56% in the historic centre of Lisbon and by 88% in downtown Porto.
Regulatory levels: local (Lisbon, Porto), national (Portugal), EU
Keywords: Lisbon, Porto, Portugal, renovation, investment, foreign investment, corporate landlords