Lisbon City Council Stands to Receive Almost €10 Million from IMI Penalties on 7,500 Unoccupied Properties

1 December 2020According to a study by the Lisbon City Hall, a total of 7,501 vacant properties exist in Lisbon, an increase of 131% compared to the figure last year (3,246).

Only 9.7% of these 7,501 vacant properties are in a “good” or “excellent” state of conservation. The bulk (61.6%), are considered to be in “bad” or “terrible” condition, according to the data.

This year, the municipality began to further penalise the owners of vacant properties by increasing the Municipal Property Tax (IMI) in some regions of the city, considered to be areas of urban pressure. The municipality aims to turn the whole city into a pressure zone for urban development, and if the measure is approved, revenue from this tax could reach €9.7 million.

Original Story: Economia Online – Rita Neto

Translation/Summary: Richard Turner