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The growing international visibility of Portugal as a tourist destination and the creation of Gold visas in 2012 brought a large international investment to Portugal, namely in residential product.
The recovery in demand, the increase in sale prices and the creation of tax benefits for foreigners brought the need to develop new product and created numerous rehabilitation opportunities in city centres, mainly for upper class. Only later, with the lack of more affordable product for the middle class, was there a greater focus on promoting new construction from scratch.
One of the biggest difficulties facing developers is the lengthy licensing processes, which has led to a persistent gap between demand and supply. As such, given the scarcity of residential product and the expectation of greater difficulty in accessing housing credit by families, there is increasing interest in developing build-to-rent (BTR) solutions for the middle classes, which has brought about the emergence of the private rented sector (PRS) discussion.
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