“Resilience” is the Watchword for the SIL Property Market

12 October 2020 – The 23rd edition of SIL, Portugal’s largest real estate market fair, has come back to Parque das Nações, surrounded by a sense of optimism regarding the future of the real estate sector, both before and after COVID-19 pandemic in Portugal.

Several topics of concern for the Portuguese real estate sector were on the table, with participants demonstrating a feeling of considerable optimism. The word resilience also seemed to define the market’s reaction to current events. “Investing at this time is an enormous task”, according to Jorge Rocha de Matos, President of the AIP Foundation. The challenges encountered during the COVID-19 era nevertheless haven’t dented their confidence about the future, according to Henrique Polignac de Barros, President of APPII, “The real estate sector will not fold its arms, it will not throw in the towel”.  This year, when Portuguese companies are increasingly entrepreneurial and finding new ways of adding value to their operations, their response has left many industry players feeling confident about their investments.

Other topics discussed included subjects such as Green Real Estate and Next Generation Real Estate: the implications of new European realities for Real Estate. José Covas, the President of RICS in Portugal and Managing Partner of Aura REE Portugal, highlighted the need to create a set of public-private policies to increase sustainable investments in the real estate sector.

After going over the impact of the latest measures, the panel also discussed the Golden Visa programme. As the Portuguese government has signalled that it would move ahead with changes to the regime by the end of the year, with a decree adding restrictions to the approval of Golden Visas, the panel’s participants lamented what they consider to be an unwise measure, fearing it may lead to the end of a significant percentage of foreign investment in Portugal.

The real estate sector, which is considered one of the motors of the economy, is nevertheless capable of a rapid recovery as the effects of the worldwide crisis begin to abate.

Original Story: Ana Custódio – Head of AURA REE Brand and Media Portugal

Translation: Richard D. Turner