Portugal’s government is expanding its three-year-old “REVIVE” programme, offering public properties available for private investment with a focus on hospitality.

The Portuguese government have announced it is expanding the list of monuments and historic sites up for investment with more than 15 properties that include palaces, fortresses, convents, and schools, some of them from the middle ages.

This idea comes from a partnership between the Ministries of Economy, Culture and Finance, with the support of the Portuguese Tourism Authority (Turismo de Portugal), to promote the rehabilitation of public properties and boost the growing tourism sector.

“The recuperation of assets which respects architectural, cultural, social and environmental values is another cornerstone of the REVIVE Project.”, said Leonor Picão, responsible for the programme.

Since the project began, 17 public tenders have been launched and investors have acquired seven projects for a total of €54 million, according to the office of the Ministry of Economy. Seven of the new sites are located across the Portuguese countryside, which, according to the Ministry of Economy’s office, “emphasizes the role of [the] Revive program as an instrument of development and territorial cohesion.”

The new available properties are:

  • Palace of Viscountess of Santiago do Lobão (Porto)
  • Fortress of Juromenha (Alandroal)
  • Monastery of S. José (Évora)
  • Old Fort of Outão (Setúbal)
  • 17th century manor Casa do Outeiro (Paredes de Coura)
  • Castle of Almada (Almada)
  • Fortress of the Old Tower (Almada)
  • Fort Cadaveira (Cascais)
  • Cabo das Lezírias Estate (Vila Franca de Xira)
  • Pombaline style building at Praça do Comércio (Lisboa)
  • Casa da Igreja manor (Mondim de Basto)
  • Infantry barracks at Quartel das Esquadras (Almeida)
  • Educational Center of Vila Fernando (Elvas)
  • Casa das Fardas manor (Estremoz)
  • Palace of Count Dias Garcia (S. João da Madeira)

 

Why Portugal to invest in Tourism?

  • Portugal offers access to a market of 28 countries with around 495M consumers.
  • Provides entry into a global market of 220M of Portuguese speaking consumers.
  • 2019: €18 billion revenue; 27 million holidaymakers;  70.2 million ‘sleepovers’.
  • Tourism represents 12.5% of the total GDP.
  • World’s Leading Destination 2018, 2017.
  • Europe’s Leading Destination 2019, 2018, 2017.

 

Sources: Visit Portugal Pressroom; Hotel Management; Departures