While Golden Visas are still being issued in the capital, Chinese investors are rushing to buy Lisbon real estate.
The Portuguese real estate market is considered a safe haven for foreign investors, and the current situation is also attracting even more foreign investment into the country than ever before, with the depreciation of major currencies.
In this context, and fearing that the government might press ahead with a decision to end the “Golden Passport” programme in Portugal’s major cities, applications from Chinese investors rose by 1,76% between January and September. Investors have realised that Europe’s hottest market is beginning to tighten its eligibility criteria. Lisbon and Porto, considered the friendliest cities in Europe, remain ideal places for investment.
»Many [Chinese] buyers who are active this year are already in their target markets and are making purchases at a faster pace because they intend to stay there," said Georg Chmiel, head of the Juwai IQI property portal. – Others are purchasing as part of the golden visa process.
It is important to note that in the first quarter of 2020, investment in Portugal’s “Golden Visa” scheme exceeded 146 million euros. 270 applicants, of whom 45% were Chinese investors, helped Portugal return to normality during what was, statistically speaking, a normal year, despite the pandemic. The latest figures show that Chinese buyers invested €37 million in the second quarter of this year, which is double their spending in 2019.
The capital of Portugal is currently a trendy destination for foreign investment. Being recognised as the most popular real estate market in Europe, more and more foreigners are flocking to the country for a high quality of lifestyle and advantageous tax benefits and citizenship.
