Portugal is one of a few European countries offering a “Golden Visa” scheme where foreign investors who purchase real estate valued at EUR500,000 or above receive a long term visa. Gulf News reported that buyers from the Middle East as well as Asia have taken advantage of the program as it has given those from outside the EU a chance to get in.
“Demand for property is not only from Africa and Middle East but also from Asia and Europe as well. The Golden Visa is only an added advantage to buying properties,” Marie Mahmouch, general manager of Vendome International Property, explained to the newspaper. “Portugal likes to welcome investor-occupiers.”
Greece is another EU country providing a “Golden Visa” deal that lets property buyers receive a long term visa for purchasing property. Although not in the EU, Turkey also offers investors a visa for buying real estate over a certain price in the country. The success of these programs has varied but most countries do record an increase in foreign interest.
“We have seen significant take-up, especially in Portugal and that is why we started to market it before any other agents here,” Mahmouch added. “The economy is getting back and the real estate market is gaining every quarter. The Golden Visa is just a cherry on the cake.”
Both Greece and Portugal also offer investors a good value that can’t be found in other parts of the EU. According to Gulf News, some buyers who purchased property in these countries when the market was at its lowest are already seeing returns.
“The assets have seen gains of 22 percent from the time they were acquired in early 2014,” Sameer Lakhani, managing director at Global Capital Partners, stated. “The visa programs typically work for a select group of investors — for whom the acquisition may be part of a bigger asset play.”
European economies are still recovering and places like Greece and Portugal can represent a shrewd investment especially for those Asian or Middle Eastern buyers who may not be able to afford prime property in London or Paris but are still keen to enter the European market.
