How did real estate investor income in Portugal grow in 2022?
The annual return on investment in commercial real estate in Portugal rose to 8% in 2022. Portugal has become one of the few European countries with positive dynamics in the real estate market.
See what commercial properties are in demand among investors and why they buy them.
How did real estate investor income in Portugal grow in 2022?
Analytical agency MSCI has published a Portuguese commercial real estate market report, Portugal Annual Property Index. In 2022, the property profitability increased to 8% per annum: a 1.2% annual growth.
Revenue increased following the commercial real estate demand growth and raised rent rates. According to CBRE Portugal, in 2022, the Lisbon office space market set a historical record: companies rented 272,000 square meters of offices.
Lisbon is a popular destination for expats. They move to the city to create a company or a startup. Living in Lisbon is also 2—2.5 times cheaper than in other Schengen capitals.
Comparison of Portugal real estate investment returns
Property types
2021
2022
Hotels
4% per annum
12.5% per annum
Retail premises
7.3% per annum
8.5% per annum
Industrial facilities
7.6% per annum
7.8% per annum
Office spaces
6.9% per annum
7.3% per annum
Other assets, e.g. medical offices
4.4% per annum
4.4% per annum
The MSCI report also notes that income from other investment assets was lower than income from real estate. For example, the owners of shares received an income of +7.7% per annum, but the owners of bonds did not earn anything: the yield on securities fell to ‑18.7%.
What else do real estate investors get in Portugal?
In addition to the liquid asset, which generates an income of 4.4 to 12.5% per annum, investors can get a residence permit in Portugal.
Buying commercial real estate is one of the investment options of the state residence permit program in Portugal, the so-called “golden visa”. To get the status, applicants invest in the following:
€350,000 or more in properties built more than 30 years ago or located in regeneration areas;
€500,000 or more in newer properties.
For those who buy property in a low-density area of the country, the minimum investment threshold is reduced by 20%, amounting to €280,000 and €400,000, respectively.
The terms of the residence permit program do not restrict investments in commercial real estate. Investors can purchase property in any region of Portugal.
Investors who buy a residential property to participate in the Portugal residence permit program must choose properties only in the country’s interior regions, in the Azores or Madeira. Lisbon, Porto, and coastal and resort areas are not considered interior.
Examples of properties in Portugal
Portugal, Evora
€280,000 — €350,000
Share in a 5-star hotel complex with vineyards
Portugal, Porto
€365,000 — €565,000
Service apartments and commercial premises in a project near the ocean
40 m² — 209 m²
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Portugal, Lisbon
€600,000+
Commercial space in a residential project with guaranteed rental income
310 m²
How an investor can get a Portugal residence permit in 2023
In the spring of 2023, the Portuguese government announced the closure of the residency by investment program. The bill is currently under consideration in the country’s parliament and will later be signed by the President.
After the program closes, investors can still obtain a residence permit if they invest at least €250,000 in the cultural heritage of Portugal. They will also need the approval of competent authorities, such as the national development bank BPF or the National Innovation Agency.
Over time, all golden visas will be converted to Portugal D2 visas for entrepreneurs. But investors will not be required to live in Portugal for 183 days a year: 7 days will be enough.
Portugal Golden Visa is one of the most popular in the world. In April 2023, investors received 116 residence permit cards, of which 28 were issued to US investors, 15 to Chinese investors, and 14 to UK investors.
Real estate purchase is the most popular option among investors. Over the past 11 years, about 90% of applicants have chosen this option. Our clients also prefer to invest in Portugal real estate. We select suitable properties for them, review the transaction legality, and help them finalise a purchase and sale agreement.
Investors also obtain a Portugal residence permit via the D7 visa, designated for financially independent individuals with passive income. To apply for a visa, investors must buy or rent a property in Portugal and confirm a monthly income of at least €760. Unlike the golden visa, D7 visa holders must stay in the country for at least 183 days a year.
Immigrant Invest is a licensed agent of government programs in the European Union and the Caribbean. If you want to buy a property and get a residence permit in Portugal, please consult our investment program experts.
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40 m² — 209 m²
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