Introduction
Banning foreign buyers from buying property in Portugal might seem like an easy solution to the country’s current housing crisis. However, this is not the case. The proposal would actually have negative effects on tourism and property prices in Portugal. In this post, we will explain why banning foreign buyers is not the solution to the crisis and suggest some alternative measures that could help solve it instead.
BE party
The BE party is a political party in Portugal. The proposal to ban foreign buyers is not the solution to the housing crisis. If you want to buy property in Lisbon, you can still do so if you have an EU passport or are married with Portuguese citizen.
BE proposal
The BE party has proposed a ban on foreign buyers.
The BE party wants to ban purchases by foreign companies and individuals, as well as second homes. They also want to make it illegal for non-permanent residents (such as students or tourists) to buy property in Portugal.
Impact on property market
A ban on foreign buyers in Portugal will not improve the housing crisis, nor will it affect the market. The same goes for prices and number of transactions, which have not been affected by the introduction of such bans in other countries. In fact, there’s no reason why this would be any different here!
The truth is that there are many factors at play when it comes to property investment – including supply and demand – but also things like location and timing (i.e., whether or not you bought at the right time). You could also argue that foreigners don’t tend to buy properties because they want somewhere permanent; instead they tend to rent them out as an investment opportunity instead.”
Impact on tourism
Tourism is a major part of the Portuguese economy and one of its most important sources of foreign currency. According to statistics from the World Travel & Tourism Council (WTTC), it accounts for around 10% of GDP in Portugal, which means that tourism contributes over $15 billion annually to our economy.
It’s not only good news for the economy; tourism also creates jobs and generates social benefits such as cultural heritage or environmental protection. Tourism helps preserve our national identity as well since it allows us to keep alive traditions like music festivals like Festa do Avante!, religious celebrations such as Good Friday processions in Lisbon or Porto; culinary experiences at traditional restaurants like Casa da Cerca near Coimbra University where I studied my master’s degree; historical sites like Pena Castle near Sintra…
The proposal to ban foreign buyers will not improve the housing crisis.
As a country, we need to look at the housing crisis as a problem of supply and demand. Foreign buyers are not the main cause of our woes; they only exacerbate an already dire situation.
In fact, it is estimated that only 5% of housing transactions in Portugal involve foreign buyers. Banning them would do nothing but worsen an already bad situation by reducing investment in property development and construction (a sector which employs thousands) while failing to address any underlying issues with our housing market
Conclusion
The BE proposal is not the solution to our housing crisis. In fact, it will only make things worse. If we want to solve this problem, we need to look at other ways of helping people who are struggling with their mortgages or renting a place to live.
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