Portugal’s hottest investment prospects are attracting SA buyers looking for EU citizenship
Voted Europe’s best investment prospect for 2019, Portugal is proving a huge draw for South Africans looking for a way into the EU. A minimum investment of €500 000 affords would-be investors visa-free travel in all 26 Schengen countries and additionally allows them to work anywhere in the region.
As far as investment hotspots, Lisbon the capital, up-and-coming Porto (the second largest city in Portugal), as well as Cascais in the heart of the Portuguese Riviera, are currently at the top of the list for South Africans investing via Portugal’s Golden Visa Programme.
“It’s not surprising that Lisbon features strongly on the radar of such investors – according to the Emerging Trends in Europe 2019 report, it is currently the top-rated city in Europe for overall investment and development prospects in 2019, having leapfrogged 10 places to number one. Ranked ahead of Berlin, Dublin, Madrid, Frankfurt and Amsterdam, Lisbon is one of the smaller newcomers to the Top 10, vying with the larger, tried and tested markets in terms of these criteria, as well as ‘quality of life’ and ‘leadership’,” says Chris Immelman, who heads up Pam Golding International.
Coupled with this, the report also attributes Lisbon’s appeal to the fact that the economy’s growth is attracting international companies, investors and tourists. “Since we began marketing property in Portugal just a few years ago, we have concluded real estate transactions with close to 300 South Africans who have taken up this opportunity at a total value of approximately €150 million, with Lisbon and Porto the most popular locations,” says Immelman.
In special circumstances the entry level may be lowered to €350 000 for investment in refurbished units in renovated buildings of at least 30 years in historically significant locations earmarked as urban regeneration areas.
Pam Golding International’s latest real estate investment to qualify for a Golden Visa and potential citizenship in Portugal is The Emporium in downtown Porto, located in the beautiful tree-lined Sá da Bandera Street, steps away from Bolhão market and within easy reach of the city centre and amenities. Combining modern design with classical architecture in a 1940s building, architect José Porto has designed 23 one- to four-bedroom apartments with outdoor areas, priced from €330 000. Residents benefit from a private garage and an 800sqm private garden.