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Golden Visa Continues to Attract Investors

Athena Advisers reports significant increases in demand for commercial properties in Lisbon and Porto and for homes in developing areas.


Amendments to the Golden Visa law came into force at the beginning of this year and the reaction of the real estate market - responsible for the vast majority of foreign investment to obtain the visa - began to be felt during the last quarter of 2021. The international consultancy Athena Advisers recorded a 20% increase in demand for commercial products in Lisbon and Porto and around 25% for products in low-density regions still eligible for the program.

Commercial sector
In the commercial sector and according to Athena Advisers, the most sought after products are stores and offices between €500,000 and €750,000, preferably with reference occupiers that offer confidence and stability, that provide a good financial return and that have long-term lease contracts, between 5 and 20 years. The consultant is accompanying clients of different nationalities, including Americans, Brazilians, Chileans and South Africans.

Home purchases
In low-density areas, home purchase continues to dominate investments to obtain a Golden Visa and return products are the most sought after, as these are regions that are growing as a tourist destination. For this reason and in the opinion of Athena Advisers, products that have associated leasing management services made by companies that have experience and credibility are the most desirable for this type of investor.

The message that is being sent to the market is that the Golden Visa program is over, but in truth it has only changed, it is simply evolving. As an increasingly sought-after destination for the purchase of real estate, Portugal will continue to attract foreign investment and will continue to have good opportunities to offer in increasingly diversified areas. 

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