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Golden Visa, Real Estate - Portugal

In areas where sqm price ranges over 4000 Euro, it becomes difficult to understand the reason behind such conditions. It is important to understand that the buildings which are in those conditions are usually centenary buildings which will have to maintain the facade in case of reconstruction and will stay inside with the same division of property and type as the original development. Original development was thought and made more than 100 years ago, however the law restrictions in Portugal forbid the City Hall to change the original design of the building which in most of the cases eradicates the economic interest.

Developing by restoring and old building becomes extremely difficult if the output product to the market is not interesting at all. With time owners of such properties are waiting for conditions to change and for situation to become unsustainable to see if someone has the courage to modify the rules and regulations.

In the meanwhile the buildings are getting destroyed waiting to completely fall apart expecting that one day someone will allow the owners to develop a complete new project.

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Revised: 02/01/15 13:17:44 -0500.