Government does not consider prohibiting the sale of houses to foreigners

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Other measures to facilitate access to housing are being studied, and new market studies have been commissioned later this week. Banning sales to foreigners is not part of the plans.

At a time when Canada or the Balearic Islands have announced a ban on the sale of housing to non-resident foreigners, the government is distancing itself from this idea, and says it is studying other types of measures to improve access to housing.

Following a sharp rise in housing prices in recent years, earlier this year, a new law came into force in Canada that prevents foreign investors from buying housing in situations where the purpose is not to immigrate to the country.

The Balearic Islands, on the other hand, justify their intention to adopt a similar measure due to the fact that the houses bought by foreigners stay put outside the summer period and create “ghost towns”. The region’s government wants to declare an “area under pressure” and for the central government to lobby the European Union so that the islands can adopt these measures, similar to those adopted in Canada. The idea is to lower “impossible prices for island residents,” says Francina Armengol, president of the Balearic Islands, quoted by Expresso.

According to Eco, the Portuguese government has confirmed that the issue is not on the table. Instead, other measures are planned to facilitate access to housing. Even the IHRU has already assigned PlanAPP – Competence Center for Planning, Policy and Prospective Public Administration – to conduct new studies on the housing market and urban leasing.

The market believes that Portugal could not lose this investment, and that the measure could have a strong impact on the economy, doubting that it could have a significant impact on house prices in the lower segments, since foreigners are more representative in the higher segments.

 

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