Why Lisbon is at the forefront for a more sustainable Europe in 202003 March
This year, two of Lisbon’s most elegant and sought-after neighbourhoods, Baixa and Chiado, are taking significant steps to reduce environmental impact and become more pedestrian-friendly.
Popular neighbourhoods for locals and expats alike, Baixa and Chiado have been in demand from both investors looking for properties for sale in Lisbon offering great yields and also for those looking for a second home, who would like to fully immerse themselves in the cosmopolitan Portuguese culture. Although prices are on the rise in the Portuguese capital, the properties have the potential for capital gains and return of investment.
A pedestrian-friendly city
Lisbon’s town hall has announced that the city’s downtown area - including Chiado and Baixa - will undergo some changes in order to make it more environmentally-friendly and reduce CO2 emissions. Soon, this area will be part of the ZER ABC project (Zona de Emissões Reduzidas Avenida Baixa Chiado), a project that will regenerate these areas and change the face of the city.
Whilst still permitting easy travel for residents and their visitors, a number of traffic restrictions will come into place. These will reduce the number of cars entering Baixa by 40%, helping to both reduce pollution and make Baixa a more peaceful neighbourhood for residents. According to Fernando Medina, the president of the municipality, this will create a “significant reduction in pollution” with 60,000 tonnes less of CO2 emissions entering the atmosphere.
The traditional narrow but charming streets of Baixa and Chiado are undergoing something of a revolution with fewer vehicles and clean, open spaces for pedestrians to enjoy. This is a real positive step as Lisbon is best explored on foot. Chiado and Baixa will also see improved public transport and residents will be able to benefit from 50% more parking spaces and much easier access to underground parking.
Thanks to its initiatives, Lisbon was awarded the prestigious European Green Capital 2020 award by the European Commission and the juror commented that ‘it is heartening and inspiring to see such strong leadership from Lisbon’. Lisbon is truly paving a clear path for a more sustainable and responsible future.
An investment in lifestyle
How will these changes affect property investment? Residents will still be able to park and drive around Baixa and Chiado after these changes whilst benefitting from more public parking spaces - no more parallel parking on steep streets! However, properties with underground or covered parking will still be in high demand as this is a rare privilege in these neighbourhoods. In addition, with reduced traffic flow, the streets will become quieter and even more postcard-like.
Bragança 10, a new-build project with Pombaline-inspired details, was launched recently and is perfect for living comfortably in the centre with all amenities, designer stores, galleries, museums theatres and elegant cafes nearby. Featuring high-end finishes, underground parking and river views for some residences, this property is a great investment opportunity.