Realtors in Portugal attract Chinese investors with apartments and real estate funds
Realtors in Portugal are being seen by foreign investors, namely, resorting to apartments with new programs shown in the main cities.
Starting this year, Portugal restricts the golden visa program in Lisbon, Porto and high-density coastal areas, pushing investment into the less developed interior, which proponents see as an unrealized opportunity.
Commercial real estate in Lisbon is not covered by developers, buying at least one apartment with services that will allow buyers, while others are asking for real estate funds so that investors can sell. participation, according to Bloomberg.
“Visas are important for the fund in terms of the economy,” said Alexandra Victoria-Bonte, co-founder of One Stop Properties, based in and associated with a private equity firm that invests in Portuguese real estate. “A lot of people think of it as a golden ticket, but it’s not. It is much more than that – a safe investment that will pay off.”
The Portugal program grants residency in exchange for a minimum investment of EUR 350,000 (USD 358,400) in real estate or EUR 500,000 in an approved local venture fund. As the lowest investment requirement in Europe after Greece, it is often used as a stepping stone to EU citizenship.
Only 16% of successful applicants are Chinese so far, down from 81% in 2014, according to this data from the Portuguese Immigration and Borders Service and Investment Migration Insider, a residency and citizenship tracking website.
said Novas in Portugal, and visa delays mean community businesses are shifting focus to the Greece and Malta markets with the Chinese League promoting a Chinese group. Golden visas now represent just 3% of real estate deals in Portugal, according to Paulo Silva, head of real estate consultancy Savills in Portugal.
About that
Even though Portugal has the charm of Chinese investors, the richest are selling their brand. Alibaba’s Jack Ma recently visited Lisbon looking for possible investments, according to Anabela Campos, co-author of “Negócios da China”, which analyzes the role of Chinese investment in the Portuguese economy.
The main Chinese investor in Portugal, however, is billionaire Guo Guangchang, co-president of the conglomerate Fosun. It was acquired from the first Chinese tycoons acquired by privatizations, a major distributor of health and country, as well as Caixa Estadual de Energia, a health care operator.
Guo said Portugal is his “second home” – he owns a mansion in elegant Cascais, where he meets with his top executives while in town. But with Fosun shares near a nine-year low, Guo has more recently made assurances that the company has no plans to sell Portuguese assets.
SUBSCRIBE TO NEWSLETTER
Subscribe to our newsletter and have the news in your email from Monday to Friday
By subscribing, the information will be used in accordance with the Privacy Policy
Wealthier Chinese are trying to get out — or at least prepare a backup plan — as the country’s Covid-Zero policy has crippled economic growth. Investment migration consultancy Henley & Partners estimates that 10,000 high-net-worth residents are looking to withdraw $48 billion from China this year. In the past, some have used the golden visa program as an escape route.
Source: CLBrief