12 May 2020
"Portugal remains on the investment radar"
Jornal de Negócios

Tax incentives, speedy licensing and maintenance of gold visas are, in addition to public investment, the major aid that the construction sector needs, says the general director of GesConsult.

The new coronavirus did not stop the construction sector, but if several works that were already on the ground continued to advance, those that were in the design or decision phase were in "stand by", which for Nuno Garcia, general director from GesConsult, a company specialized in management and supervision of works, means that the impact of the pandemic on works "will be felt at the end of this year". He explains, "architects and designers are feeling the effect of covid-19 because there were many postponements", that is, "when there was supposed to be a regeneration of works, we run the risk that it will not happen".

The official guarantees that "Portugal continues to be on the investment radar” but calls for conditions to be given to those who want to invest. "With low interest rates and an unstable capital market, real estate continues to be a good investment and capital has not disappeared", stresses Nuno Garcia, stressing that even at the present moment "the great promoters have reiterated their willingness to invest in Portugal, where they look in the medium and long term".

"Portugal will continue to attract foreign investment, but there must be tax incentives, speed in licensing and simplification of processes", says the general director of GesConsult, for whom it is now "unthinkable to end gold visas, the great investment incentive that the sector needs in order not to lose the momentum it was having at the beginning of this year", he appeals, stating that," if before, it was already important, now it is very important."

For Nuno Garcia, whatever the impact of the pandemic may be, the prospect of recovery in the sector "has nothing to do with the 2008 crisis".

"Now there is a stop in investment, but investment is not running away from Portugal. The country remains on the radar of large investors", he says.

In the housing component, Nuno Garcia points out that the recovery will be rapid. "By the end of the year, some properties should enter the market, increasing the supply, which, since demand is now lower, will bring prices down," says the official, anticipating, however, that "next year prices will recover".

Porto. City Council
Copyright ©2021 Porto. City Council