The end of Golden Visas in the Member States of the Union will bring big losses for the real estate sector in Portugal, and a huge bill in terms of jobs, defends the leader of the Fortera Group, Elad Dror.
“We live in one of the most troubled moments in history and this measure will be damaging to the real estate market and to attract foreign investment to Portugal”, defends the leader of one of the real estate groups that most foreign investment has captured in Portugal for the sector in the last 5 years, without ever having benefited from the measure.
It is recalled that, according to the same source, the Golden Visa program raised billions of euros for Portugal and was an incentive for countries that are weaker in terms of real estate.
“There were completely abandoned properties, vacant, and this investment helped a lot for the rehabilitation and flourishing of the sector, generating income and new businesses that, in themselves, created many jobs and prosperity”, reinforces the same source.
If the European Parliament’s proposal goes ahead, Elad Dror foresees a scenario of uncertainty for Portugal and says that new alternatives need to be rethought.
“In my opinion, something will have to be done, such as directing the investment to new locations in the country, outside the big cities, but the cancellation of the program will be a big mistake”, concludes.
It is recalled that Grupo Fortera completed 9 projects between 2016 and 2019, with a total value of approximately €21m and invested another €45m in acquisitions during 2019, with the total ongoing investment currently exceeding €250m, where the Skyline in Vila Nova de Gaia, which amounts to around €100m.