Web summit to stay in Lisbon19 October
The CEO of Web Summit, Paddy Cosgrave, has recently announced that Lisbon will remain the host city of Web Summit for the next decade, until 2028. The deal, worth €110 million, is likely to bring at least €3bn to the Portuguese economy, over the next 10 years, and also have a significant effect on the property market in Lisbon.
Last year’s Web Summit generated €300m in tourism alone with a total of 59,000 attendees. This year’s edition is expecting an increase of 18%, aiming to reach a total of 70,000 attendees. In fact, the new deal includes a large-scale venue expansion, the Altice Arena and FIL, to guarantee this fast-growing conference can accommodate 100,000 people by 2021.
Web Summit, originally Dublin Summit, is the biggest technology conference in the world. Happening every year since 2009, it was only in 2015 that Paddy Cosgrave announced the move to Lisbon. In 2015 and whilst still held in Dublin, this conferenced registered a total of 42,000 attendees and €230,302 in revenue. In 2016 and once in Lisbon, Web Summit registered 53,056 attendees, generating a total of €2.27 million. A capital with tremendous potential and known as one Europe’s Tech Hubs, it is no wonder Web Summit chose to stay.
Fernando Medina, the Mayor if Lisbon said: “This 10-year agreement with Web Summit will decisively make Lisboa a key capital for innovation, entrepreneurship and talent. I am confident the next few years will bring a sharp rise in IT investment and employment in Lisboa”.
According to EY’s 2018 Attractiveness Survey Portugal, there was a 207% increase in jobs created since last year’s results against the EU average of 10% and 32%. The sectors driving Portugal’s booming economy are real estate and construction (32%), tourism (32%) and Information and Technologies (29%). This along with Web Summit’s announcement makes it clear that Lisbon will continue to grow in the coming years.
For the property market, just as you see it in Cannes Film Festival or London Fashion Week, short-term rentals in Lisbon will become even bigger earners around this week, with rental prices jumping by anything up to 100% over that weekend in coming years. If you are considering investing in this exciting city, do take a look at our up-to-date portfolio of Lisbon Golden Visa property.