A race for the Golden Visas has been predicted by the Portuguese Association of Real Estate Developers and Investors (APPII), in anticipation of the restrictions that will be applied in January next year (read more here).

According to Hugo Santos Ferreira, vice president of the association, demand is expected to increase in large urban centres close to the coast, which will no longer be eligible once the restrictions to the programme come into force.

In the month of February alone, “100 residence permits were granted (corresponding to an investment value of €52.3 million), 89 of which due to the acquisition of real estate, for a total amount of €47.5 million”, reports the Diário de Notícias newspaper.

These numbers represent an increase of 13% compared to the same month last year, and 58% compared to January. And they’re expected to increase, says the association, after the deadline for restrictions was recently extended by six months.

According to the new rules, which will come into force in January 2022, buying property in Lisbon and Porto, as well as various sought-after areas along the Algarve, will no longer grant citizenship to investors through the Golden Visa scheme.

With Brexit taking full effect and the window to apply to the Golden Visa programme extended, it could be the best time to consider buying a property in the Algarve. Get in touch with Algarve Home Sales here to find your perfect home.