en 
At issue was a project of 150 residential units “for middle and upper-middle class Portuguese in the centre of Lisbon”, according to Pedro Vicente, CEO of the Overseas developer and reported by Jornal Económico.
“The Swiss investor who was going to go ahead with us told us that they had lost confidence in the Portuguese market and that they are very worried about the effect this decision will have on the market. It was an investment of more than 100 million euros".
In addition to the “domino effect” that the end of the regime will have on real estate, José Cardoso Botelho, CEO of the developer Vanguard Properties, warns of the impact on the entire economy.
"Contrary to what is said, there is the perception that the State is contributing a check every year to non-habitual residents and it is nothing like that. By giving up non-habitual residents we will lose tax revenue", he argues. In José Cardoso Botelho's opinion, this entire context, combined with the new geopolitical situation, will cause investors to move away from the Portuguese market.
“The housing problem will not be solved, it will get worse because what causes the increase in prices has nothing to do with any of these three elements”, referring, in this case, to restrictions on Local Accommodation, the end of golden visas and, now , the end of the NHR.
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I’m cancelling my project for middle and upper-middle class Portuguese in the centre of Lisbon because the tax benefit for foreigners is going away….
By John Jones from Lisbon on 24 Oct 2023, 21:38
It is an embarrassment that in such a highly educated country there is not one brave economist willing to tell Costa that throwing bones to the masses is not a plan for economic growth. Where is the real leadership? Instead of trying to lower housing prices perhaps the focus should be on raising salaries, lowering taxes and building a real middle class. We are too far behind the world and it's embarrassing we play these games.
By Daniela from Lisbon on 25 Oct 2023, 07:22
This is where Socialism gets you folks, coming at a huge cost to ordinary people, and not helping anyone in real need. It's the application of politics of the lowest common denominator - thinking that if one person is poor and disadvantaged, everyone has to be poor and disadvantaged. Politicians of all shades don't stop to study or think about the unintended consequences of their policies - dogma overrules any rational thinking. Someone should buy Costa a bulldozer, so that he can demolish all that's left of Portugal.
By Billy Bissett from Porto on 25 Oct 2023, 12:16
@John Jones, it makes perfect sense. The government has sent a signal that is not interested in growing the economy, rather pander to the lowest common denominator. The result will be less development and less foreign investment.
By Alex from Algarve on 25 Oct 2023, 13:23
Well since I arrived in PT, I always said that Portugal has the potential to become like Switzerland just better (food,, sea, people, sun).
However its would require the follwing: Pexit (out of EU), mentanility should be a bit more like Switzerland, taxes down, responsability up of each citizen, kick out the lefties and greens.
And because of those reasons above its not possible, which is a pitty.
By FAB from Other on 26 Oct 2023, 08:48
It is a misunderstanding that foreigners enjoying a NHR status do not pay taxes in PT. I paid 2400 EUR taxes for incomes of past year, pay insurance tax, VAT, taxes on cigarettes, alcohol, fuel, gaz, etc… I pay rent to Portuguese home owners, the highway passages….
By Eric Coplo from Alentejo on 28 Oct 2023, 16:44
100 million euros for 150 homes? How will the wealthy survive the crisis?
By MiMiB from Lisbon on 29 Oct 2023, 14:13