Banning foreigners from buying a house is not a solution for Portugal — idealista/news
You house prices to buy are going up at high speed in several countries of the world. And to work this increase, there are countries ban the foreigners non-residents of buy houses, as is the case in Canada and New Zealand. But is this a strategy to be adopted in Portugal, where house prices Are they also on the rise? Market specialists do not think so and defend other alternatives.
In Portugal, as Houses for sale becoming more and more expensive, having risen by around 80% between 2010 and the third quarter of 2022, according to started the Eurostat. AN purchase of housing by foreigners – who have a greater financial capacity than the Portuguese – is one of the reasons behind this increase, along with others, such as the lack of supply for high demand.
Does prohibit foreigners from buying houses in the national territory will it be able to help to soften the rise of house prices? Although this measure is being applied in the Canada and be trained by Government of the Balearic Islands (Spain), market specialists consider that this is not a solution for Portugal.
“I don’t believe the housing problem in Portugal resolved in this way and, on the other hand, it would have a very negative impact on the entire economy”, says Amaro Laia, director and professor of the postgraduate course in Real Estate Management and Valuation at ISEG, quoted by Business Journal. Júlio Lobão, assistant professor at the Faculty of Economics of the University of Porto, also considers that “measures across countries may not be adequate in a specific context”, he told the same newspaper.
Other alternatives need to be looked at fight rising house prices in our country, consider the same specialists, who go through the end of tax benefits and tax reduction for international funds and the extinction of golden visas applied to the real estate sector – which is already being assessments by the Government of António Costa.
Another path will involve greater articulation between the public and private sector for, for example, rehabilitate public housingdefended Francisco Mota Ferreira, consultant for private equity funds and investors, quoted in the publication.
For 2023, a slowdown in the rise in house prices or even a correction of the values, given the high autonomous and high interest rates on housing loans, experts expect. These predictions are in line with what other rating agencies say, such as Moody’swho estimates that the house prices in portugal could fall by up to 3% in 2023. S&P Global Ratings predictions that Portugal is one of the European countries that will feel the fall in house prices more intense this year, of -4.4%.