House Hunting in ... Portugal
Your holiday homes


House Hunting in ... Portugal

House Hunting in ... Portugal

Date:24th of December, 2015

The Lisbon metropolitan area, with more than 2.8 million residents, suffered after the global financial crisis of 2008, with home prices falling by 20 percent to 25 percent, agents said. But several actions taken by the government in 2009 — including the passage of an attractive new tax program for part-time residents — have helped the housing market in the Lisbon area, which includes Setúbal, to recover completely. 

The new tax program for part-time residents “allows the people who live in the countries that have high income tax levels to move their residence here, because they will pay much less tax here than they pay in their own country," Mr. Ascenso said. 

In addition, the government’s Golden Visa program has helped the housing market rebound, agents said. It offers residence permits to noncitizens of the European Union buying a property costing more than 500,000 euros, or one costing more than 350,000 euros that is more than 30 years old or in areas of urban renovation. While the Golden Visa program has enticed Chinese and Middle Eastern buyers to southern Portugal, the Lisbon area, including a reviving downtown historic area and Cascais on the Estoril Coast, has seen some Brazilians using that program, Mr. Ascenso said. 

“The renewal of the old town in Lisbon is attracting a lot of people to buy here, and now we’re seeing a lot of development ‘off-plan,’ ” meaning homes that are selling pre-construction, he said. “Right now, the market is very dynamic.” 

Azeitão, where this home is in Setúbal, is less than an hour south of Lisbon near the Parque Natural de Arrábida, a beautiful coastal area seeing little new development. “It’s more of a vacation area, and it’s still more or less the same as it was 50 years ago or a century ago,” Mr. Ascenso said. 

Single-family homes in attractive locations in the region typically cost between 1 million and 2.5 million euros, or about $1.09 million to $2.73 million, he said. 

WHO BUYS AROUND LISBON 

Brazilians, French, Britons and Swedes have been buying in Lisbon, Cascais and along the Estoril Coast, agents said. 

Only in the past three years or so have French and English buyers discovered the area around Setúbal, where this home is, and nearby areas like Comporta and the Tróia Peninsula. “A lot of well-known French people, and also English people, go there to spend their holidays,” Mr. Ascenso said. 

Source: The New York Times



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