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Portugal Duplex Apartment Construction Industry Analysis
The construction industry in Portugal has been experiencing a steady growth in recent years, and the duplex building/apartments construction projects industry is no exception. Portugal has become an attractive location for property investment, with a growing demand for residential properties due to an increase in population and tourism. The country's real estate market has also been driven by foreign investment, particularly from China and Brazil.
In 2020, despite the pandemic, the construction industry in Portugal managed to remain resilient. According to data from the National Institute of Statistics, the construction sector saw a 4.6% increase in its gross value added (GVA) in the second quarter of 2020 compared to the previous quarter. The construction sector was also identified as a key sector to drive the country's economic recovery post-pandemic.
The duplex building/apartments construction projects industry is particularly thriving in urban areas, such as Lisbon and Porto, where there is a high demand for residential properties. According to a report by Savills, Portugal's prime residential property market is expected to grow by 5% in 2021, with Lisbon and Porto seeing an increase in demand from foreign buyers.
In addition, the Portuguese government has implemented several policies and initiatives to encourage investment in the country's real estate market. For instance, the Golden Visa program offers residency to non-EU nationals who invest in real estate in Portugal. This has attracted many foreign investors to the country, particularly in Lisbon and Porto.
Overall, the outlook for the duplex building/apartments construction projects industry in Portugal looks positive, with a growing demand for residential properties in urban areas, increasing foreign investment, and government policies to encourage investment in the real estate market. However, it is important to note that the COVID-19 pandemic has brought uncertainties and challenges to the industry, and there is a need to closely monitor its impact on the market in the coming years.
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