In the past nine years, immigrants taking advantage of the Non-habitual Resident scheme have boosted the Portuguese Treasury and economy by between €9 billion and €11 billion, according to a study published today by estate agents’ association, APEMIP.
The real estate association claims that the effect of immigrants buying properties in Portugal has been a “boost to city centres, employment has been created and tax revenues have increased at the same time.”
Portugal's light-touch administrative regime for solar power companies has led Spanish businesses over the border to avoid taxes and red tape.
Spain's 'sun tax' has brought Irish developer WElink Energy, which has offices in Madrid and Barcelona, to inaugurated Europe’s largest subsidy-free solar plant - in Portugal.
If you thought September was unusually hot, it was - with the weather service agreeing that its figures show it was been the warmest ‘since records began.’
The only September that came near to this year’s average of 23.1°C was in 1985 when Tarzan Boy by Baltimora topped the European singles charts and Dire Straits headed the album charts with Brothers in Arms.
Two earthquakes, measuring 3.9 and 3.3 on the Richter scale, centered in an area about 65 kilometers from Sines were recorded on Monday at seismic stations on the mainland.
The strongest of the two was felt in Lisbon and as far south as Faro.
Capital Group was EDP's second largest shareholder, holding almost 10% of the energy company’s shares but after today’s sell-off, the US fund's position has reduced to under 3%.
"I'm afraid a large shareholder, the second largest, is leaving the company. People like stability, they like that the rules of the game are maintained," said EDP’s Chief Executive, António Mexia.
Faro Council's Social Democrats say a new bridge to Faro island is needed “urgently, ”as this will "improve pedestrian and road traffic circulation, regulate traffic and increase safety."
This is the same statement as had been made time and time again over the years, while the current, single lane bridge continues to choke traffic and gently decay.
House prices in the Algarve increased by 6% in the third quarter of 2018, according to the ‘Idealista’ real estate market report which states that the average price of housing in the region is €2,031 per m2.
The city of Faro registered a rise of 1.7%, with the price per square meter now at €1,706 but the steepest rise was in Vila Real de Santo António, up 11.4%, followed by Silves with a 7.8% gain and Olhão up 6.6%.
The culmination of the first phase of Ria Formosa island property demolitions has been scheduled for November 7th with 14 further properties to be removed in the settlement of Hangares and a further eight in the village of Farol, both on Culatra.
Locals applied to Loulé Court to have the seizure notices and demolition orders annulled but, despite the Minister of the Environment’s intervention when the media coverage gets uncomfortable, Polis Litoral Ria Formosa are carrying on like an automaton stuck in ‘demolish’ mode.
