Capital of Portugal has been changing a lot recently. New hotels, apartments for rent and stores grew in Lisbon as mushrooms during last few years, Bloomberg writes.

Property boom resulted in record high prices. Three largest banks in the country are selling real estate objects in the center of Lisbon to take opportunity from current situation.

It is forecasted that investments into Portuguese property will increase to record level of 3,5 billion euro in 2018 from 2,1 billion last year. About 67% of investments in 2017 were made by foreigners.

Revival of Lisbon market started in 2011, when government eased control of rents and began offering residence permit and tax breaks to foreigners. Tourism boom stimulated demand for new hotels and apartments for rents. Average price in historical center grew more than 60% during last five years.

Developer Vanguard Properties recently sold penthouse in the city for record price of 22000 euro per square meter.