Due to the impact of the global economic crisis, Portugal has been severely hit by a banking crisis, lacking sufficient funds for operations. With the continuous decline in bank property appraisal prices, the average appraisal price in July this year was 1,033 euros per square meter, a decrease of 7.3% compared to the same period last year, with a depreciation of 81 euros per square meter.
In the Lisbon area, the average bank appraisal price in July was 1,236 euros, a year-on-year decrease of 0.3% compared to the previous month, and an 8.5% decrease compared to the same month last year. In the Porto area, the bank appraisal price remained stable at 969 euros per square meter, with a 0.2% change compared to the previous month, and a 6.8% decrease compared to the same month last year. The Alentejo region and the Azores Autonomous Region have seen the most significant year-on-year changes, with property values in these two regions decreasing by 9% and 21%, respectively. It is evident that many major cities in Portugal are currently in a period of market release.
According to reports from the Spanish Euro Wave Network, Portugal passed a new law last month allowing non-European Union citizens to obtain residency in Portugal by investing in real estate valued at 500,000 euros, which will "restart" the Portuguese real estate market.
Currently, property prices in Portugal are much cheaper than before the financial crisis, and many Chinese businessmen are optimistic about the current quality assets. Dr. Winner Xing, President of the WorldWay Immigration Group, has provided insights into the future property trends for investment immigration in Portugal, addressing concerns of investors regarding the "entry" of Portuguese real estate. He stated, "The decline in property prices is the result of both a severely impacted economy and strict regulatory policies. As overseas buyers begin to search for and view properties, the long-depressed Portuguese real estate market has started to show signs of a brief rebound. From an economic perspective, the likelihood of a significant further decline in local property prices is low, making this a good time to enter the market. It is expected that with the implementation of the new immigration law and favorable factors such as increased local property supply and stabilized prices, more investors will take action. Additionally, the favorable natural environment and transportation in Portugal will also attract more property buyers."