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.