“The end of granting new golden visas concludes a program that was developed in a difficult period for the country. The decision should have a limited impact on the residential market, as it was not a decisive driving force in terms of transactions, either in terms of volume or in terms of value for the country as a whole”, says DBRS.

DBRS points out that there are factors "more relevant to explain the recent trend" of rising house prices in Portugal, namely the shortage of new housing, foreign interest and economic recovery.