Among Portugal’s top attractions, two stand out: growing tech industry and the Golden Visa program. After the global crisis of 2008, Portugal suffered from high unemployment rates. During this period, qualified and unemployed Portuguese citizens leaned towards entrepreneurship. Thanks to government support in recent years, Portugal gave birth to many successful start-ups. The capital Lisbon also secured a 10-year deal with the Web Summit. It is an annual technology conference, considered the largest tech event globally. The event will take place in Lisbon until 2026. Rapidly becoming a tech center in Europe, Lisbon lures companies and investors across the world. As a result, Lisbon property enjoys the overwhelming interest of the ex-pats.
The other major contributor to the Portuguese economy, and particularly the property market in Lisbon, is Portugal’s Golden Visa program. Allowing non-EU investors to get Portuguese residency in exchange for investment in the country, the program helped the economy recover after the global crisis in 2008. The most preferred type of investment was real estate so far.
The residency by investment program and the growing start-up scene together boost the real estate market in Lisbon.
Lisbon Hosts The Web Summit for 10 Years
Web Summit is a tech conference held every year since 2009. Initially hosted by Dublin, the Summit relocated to Lisbon in 2016. The conference is widely regarded as the biggest tech event in the world.
The new image of Portugal as a start-up country is strengthened by the Web Summit in Lisbon. Paddy Cosgrave, the founder of the event, says, “Portugal fits with the brand of Web Summit. It’s a start-up nation, in my view. Hopefully, in 50 years, we’ll still be in Portugal.” Started as a minor event with a few hundred participants, Web Summit now lures more than 70,000 visitors annually. Lisbon’s global image as a start-up hub is considered to be an actor behind this increase.
Web Summit as a Global Event
Web Summit partners with global tech giants. Some of these companies are Google, Airbnb, Microsoft, Samsung, Amazon, Siemens, BMW, Mercedes-Benz, etc. The main goal of the conference is to connect start-ups and investors. At the event, tech enthusiasts, investors, entrepreneurs, students, and start-ups come together. Lisbon seems to be the perfect city for the event.
Since its debut in Lisbon in 2016, the conference has attracted more visitors each year. The tech-friendly business environment of the country is a deliberate plan put in place by the government after the 2008 crisis. Aiming to attract talent back to the country, the Portuguese policymakers aimed at the tech industry. Web Summit is the fruit of their efforts. With the conference, Lisbon manages to be the focus of the technology world every year. As Paddy Cosgrave announced on Twitter, the Summit will take place in 2020, too. Cosgrave recently wrote, “Web Summit is going ahead this year in Lisbon! Web Summit will adhere to the strictest health protocols as guided by the Government of Portugal.”
The Tech Industry and the Portugal Golden Visa Boost the Lisbon Property Market
Portugal received nearly 34 billion euros from real estate investments in 2019. As “techpreneurs” flood Lisbon in demand for both residential and office spaces, Lisbon’s real estate market enjoys the vibrant demand. As a result, the city’s charming neighborhoods get revitalized by the wave of newcomers.
The other contributor to the market, the Portugal Golden Visa Program launched in late 2012. The program allows investors to buy Portuguese property starting from 280,000 euros. Many global investors acquired properties in Lisbon over the last few years. They passed on European residency to their families, while also enjoying a handsome appreciation in their investments. The upward trend still goes on with strong demand.
The government actively participates in the transformation of the capital, Lisbon. By incorporating dozens of tech incubators and renovating rundown buildings as tech hubs, Portugal manages to turn the city into a center for the sector geographically, too. Also underpinning the economic growth of the country, Lisbon’s tech industry seems to be the future of Portugal together with its tourism sector.
Researches Highlight Portugal’s Economic Strength
According to the recent European Commission numbers, the Portuguese economy will modestly suffer due to the pandemic. However, the country is expected to compensate for the brief loss once 2021 is over. Thanks to the growing tech industry and the Golden Visa of Portugal, the country is forecasted to bounce back very quickly with a 5.8% growth.
Also, Knight Frank’s recent analysis suggests that Lisbon real estate continues to gain value despite Covid-19. The Portuguese capital is among the four cities that will sustain its growth through the pandemic. In 2021, the growth will accelerate.
The Get Golden Visa Helps Investors with Their Needs
The Get Golden Visa, formed in 2014, provides quality and discrete service to investors who want to take advantage of the residency or citizenship programs across the globe. With its four offices in London, Lisbon, Athens, and Istanbul, the company offers help and consultancy to individuals and families alike.