The Portuguese brand, Lifecooler, announced that it is transforming university residences into Local Lodging during the peak summer months. A pilot project began this August in Lisbon. Designated as “Rooms & Experiences”, the initiative started with a residence with 48 rooms and 68 beds located in the Lumiar district.
The centrist party has presented a draft resolution to the legislature, recommending that the Government distinguish between occasional vs permanent provision of AL services. This suggested distinction preserves the notion of periodic operation of one’s principal residence and / or secondary residence. Under the proposal, the total number of properties under management should not exceed two.
The government has modified the criteria for granting ‘Golden Visas’, reducing the required outlay to €350,000 from €500,000 to be invested in small and medium-sized companies in order to obtain a permanent residence permit for non-EU nationals. This sum is less than that of real estate which, until now, have accounted for almost 99% of Golden Visa investments.
Private student residence letting is a burgeoning business that reconciles some of the vagaries of short term lets common in local lodging with the stability of medium term rentals while avoiding the ongoing commitments endemic in long-term leases. In university cities like Lisbon, Porto and Coimbra, the average price for a student room currently runs around €350 per month.
Since inception, Golden Visa investments have reached €3 billion according to data from the Foreigners and Borders Service (SEF). The programme authorises non-EU citizens entry, residence and eventual nationality in Portugal in exchange for large financial investments or creation of jobs.