Portugal Advances 'Right to be Forgotten' Law, Boosting Access to Mortgages for Cancer Survivors

Portugal's 'Right to be Forgotten' Law Set to Unlock Mortgage Access

In a significant move for Portugal's property market, the government is finalizing regulations for the 'right to be forgotten' law, which will prohibit banks and insurers from discriminating against individuals who have recovered from serious illnesses like cancer. This change is expected to expand the pool of eligible mortgage candidates, directly impacting housing demand.

The law, passed in 2021, has been in a state of limbo without detailed rules. Its full implementation will remove a major obstacle to securing financing for a segment of the population. For real estate investors, this translates to a potential increase in domestic buyer demand, which can help sustain property values. "This regulation is about financial inclusion. It creates a larger, more robust domestic market of potential buyers," stated a representative from the consumer rights group, Deco. "It's a crucial step for market fairness and stability."

• Anticipate Increased Demand: The law's implementation could boost competition for properties, particularly in the mid-market segment favored by local first-time buyers in cities like Lisbon and Porto.
• Recognize Market Maturity: This legal development aligns Portugal with other progressive European nations, enhancing the perception of its market as stable, fair, and mature—a key factor for attracting long-term foreign capital.
• Factor in Financial Sector Stability: The government has emphasized a 'balanced' approach to protect both consumers and the financial industry's sustainability. This careful approach is a positive sign for the long-term health of the lending environment.
• Identify New Opportunities: A broader buyer base could support property values in emerging neighborhoods and suburban areas around Lisbon, as newly-eligible buyers enter the market.

This legal advancement is a positive development for the human side of real estate and a bullish signal for the underlying strength of the Portuguese property market. Explore opportunities with realestate-lisbon.com.