Yet another voice has joined the chorus of criticism against the end of the golden visa programme in Portugal, which is included in the "Mais Habitação" (More Housing) package announced by the Government. Property developer Teppe is in the process of dropping real estate projects in Portugal valued at 100 million euros in direct investment. "We had assets acquired for development that we are currently equating, depending on what will be the final decision. Either we reconvert, develop or keep the assets," said Hugo Lima, partner of the company, which has already altered three tourism projects.
Cited by Jornal Económico, Lima said that, as they were initially planned, the three "projects have already fallen through" and should now be converted. The projects in question are in the final stages of licensing and marketing campaigns have yet to be launched, he said, noting that they included around 20,000m2. They involve 170 investors included in the golden visa programme. "With the rate of sales we were seeing in the first two months of this year, we expected to close 2023 with 300 investors," said Lima. This however is now at risk given the Government's decision to end Golden Visas in Portugal.
At stake are two projects in Vila Nova de Gaia in the tourism segment and another in Chaves. "One would represent around 110 tourist flats that would be marketed in 2023 and with the prospect of becoming operational by the end of 2025. The second would be a hotel, with 170 rooms, which we also envisaged becoming operational in 2025. The third low-density project would be 30 tourist flats in Chaves," he said.
The nationalities of the investors, who could invest in Portugal via the Golden Visa programme, are varied. "We have Argentinians, Venezuelans, investors from the USA, the United Arab Emirates, India, Turkey, Pakistan and China," said the Teppe partner.
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