Is this the right time for selling property fast in Portugal? It probably is, as there is a lot of demand for properties in Portugal from wealthy Chinese buyers.
The residential real estate market here has attracted in investments worth $1.5 billion from emerging nations such as China, Brazil and the US over the last 4 years.
Among the cities in Portugal, there is a real demand for properties in the Lisbon area. Lisbon is considered to be the safest capital in the world. Crime here is virtually unheard of. Property prices here have been rising rapidly over the last few years.
This wasn’t the case in the aftermath of the global housing crisis of 2008, explains Fernanda Ilheu of the Lisbon School of Economics & Management: “In that time, the real estate completely stopped. Nobody buys, nobody sells. We had a lot of houses that the domestic market could not afford to buy. We had a lot of parts of town that needed rebuilding and maintenance, and we didn’t have the money to do anything.”
There are many reasons why Chinese investors are buying overseas properties in Portugal in a big way, the most significant of which is the Golden Visa program, officially called as Golden Residence Permit Programme.
According to the Golden Visa program, anyone who invests in properties worth a €350,000 or €500,000 in Portugal (depending on the property type) has the right to apply for residency permits for themselves and their family members in Portugal. So, they can live and work within the country and travel through all countries in the Eurozone that are party to the Schengen agreement.
The Golden Visa program was launched in 2012 and since been a major success, especially at attracting investment from rich, high net worth Chinese from the Chinese mainland and Hong Kong.
Between 2014 and 2015, Chinese investors purchased overseas properties worth $1.94 billion in Portugal, largely inspired by the Golden Visa program. In contrast, they invested only $301 million in Spain in the same period.
Elton Lee, formerly from Beijing, is a Chinese investor who applied for a Golden Visa in Portugal for himself and his family successfully in 2014. He says, “We decided to look over the places we can live. And now we have this Portuguese golden visa program so we think it’s worth a try. After we moved here, we traveled all over, and we all think Portugal is a good country to live,” said Elton Lee, Portuguese ‘Golden Visa’ investor.
Qinglei Dai of Level Constellation, a Chinese company that largely invests in Lisbon says, “I think generally speaking, the golden visa program is a very, very well designed program. Portugal is a very good place to invest. So for them, it’s not only investments but also an ideal place for living.”
Over 2,700 golden visas were issued to Chinese investors over the last 4 years. Cash rich Chinese today account for 20 percent of all property purchases made in Portugal by foreign investors.
The investors are also Purchasing in many out countries across Europe. Contact us today to sell your property in Portugal fast and free from stress.