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residential Market News: Spanish Real Estate Intelligence

Chinese and Brazilians Buying as Golden Visa Program Nears End

Chinese and Brazilians Buying as Golden Visa Program Nears End

7 April 2020 – Signs that the Portuguese government may end the golden visa program seem to have led Chinese and Brazilian buyers to close deals sooner than later. According to data from Confidencial Imobiliário (CI), 57% of the investment from China occurred in the second semester of 2019. Brazilians also finalised 58% of the total for the year from July to September. Investments originating in the two countries rose by 30% compared to 2018. The Chinese are now the leading foreign buyers of homes in Lisbon’s Urban Rehabilitation Area (ARU), accounting for 16.7% of the investment and 20.9% of the transactions. France fell to second place, with 15.9% of the volume and 15.3% of the number of sales. Brazil came in third, with 9.7% of the total investment and 6.1% of the transactions. The Brazilians also had the highest average ticket: 725,000 euros. In the year total, foreign residential investment in Portugal reached 744.3 million euros in 2019, an increase of 7% y-o-y. Original Story: Dinheiro Vivo Translation/Summary: Richard D. Turner
 
Portugal Permits Temporary Non-Payment of Rents

Portugal Permits Temporary Non-Payment of Rents

7 April 2020 – The President of Portugal has signed a decree allowing the deferred payment of rents during the state of emergency in cases where tenants suffer a loss of income. The measure took effect on April 1st. The temporary measure applies to rental payments when there is a fall of 20% of more in any tenant's household income compared to the previous month or the same period of the last year." Also, the pause in payments will occur should the tenant's household effort rate, calculated the household income as a percentage of the monthly rent, exceed 35%. In such cases, landlords will be prohibited from cancelling rental contracts due to non-payments. The lessee must repay the missed payments beginning in the second month after the government lifts the state of emergency. After that, tenants must repay the debt within 12 months, in monthly instalments not less than one-twelfth of the total amount, paid together with the rent for each month. The legislation also provides for interest-free loans to tenants, as well as to landlords who experience a loss of more than 20% of their household income, caused by the non-payment of rents under the measure. Original Story: Economia Online Translation/Summary: Richard D. Turner
 
CMVM Issues Guidelines for Property Appraisers

CMVM Issues Guidelines for Property Appraisers

1 April 2020 – The Securities Market Commission (CMVM) issued guidelines for expert property appraisers, admitting that in justified cases, inspections can be carried out by third parties using technological means, provided they comply with certain assumptions. The CMVM stated that, due to the COVID-19 pandemic, professional property appraisers must adhere to social distancing measures, while adopting "business continuity procedures." The appraisers must also advise the banks for whom they carry out assessments, the terms under which the evaluation will take place." Inspections, however, must follow specific guidelines, including obtaining the beneficiary's express agreement; the conditions of the inspection must be dictated to the person who will carry it out, and the inspection must be documented, and the report and documentation kept for at least two years. The new measures will remain valid for the period of the state of emergency and the following 15 days. Original Story: Economia Online / Lusa Translation/Summary: Richard D. Turner
 
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