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Castles, Monasteries and Forts Eyed by Hundreds of Portuguese and International Investors

18 January 2019

Many Portuguese historical heritage sites are currently shuttered. The government has already received contacts from “about 440 interested parties, of which one hundred are foreigners, inquiring about various properties.”

Portuguese heritage real estate assets are captivating the attention of Portuguese and international investors. The government has already received contacts from “about 440 interested parties, of which one hundred are foreigners, inquiring about various properties,” the Secretary of State for Tourism told DN/Dinheiro Vivo on Friday.

Castles, ancient monasteries, forts and convents, many of which are currently shuttered, have recently been the focus of investor interest. The renewed interest is due to the government’s Revive program, which it launched in 2016 and whose mission is to promote and streamline the process of preserving and monetising public heritage, through their use in tourism.

The Portuguese government is betting on upgrades to its national architectural heritage, which do not just include degraded monuments. The focus is also on areas linked to nature, which can be rehabilitated for use in tourism-related projects, strengthening Portugal’s attraction for nature-based tourism.

The Revive program launched its 15th auction on Friday. The government is seeking investors who wish to upgrade and operate the Vila Nova de Cerveira Castle while avoiding bidders who are just looking for a real estate investment.

Original Story: Jornal Econômico

Translation: Richard Turner