Portugal still offers opportunity with Golden Visa Programme via accessible property investment
Portugal remains high on the global radar as a prime global destination, recently ranked the best country to retire in by InternationalLiving.com, and having last year (2019) been judged the best tourist destination in the world for the third consecutive year by the World Travel Awards. And yet, says Chris Immelman, who heads up Pam Golding International, it is still one of the lower-priced locations to obtain a Golden Visa for EU citizenship. “Having said that, property in Portugal has gone from strength to strength with prices increasing by approximately 15% in 2019, and with Lisbon performing exceptionally well with growth of 9.7% in the third quarter,” he says.
Changes are soon to be implemented to Portugal’s hugely successful Golden Visa Programme, which has fuelled major investment in historic and urban revitalisation projects, created jobs and stimulated tourism, while simultaneously providing foreigners – including South Africans – with ease of access to EU countries as well as residency in Portugal.
“These changes are seen in a positive light, as they are expected to open up more accessible investment opportunities for South Africans, the bulk of whom are seeking travel rights in Schengen Europe and ultimately Portuguese and European citizenship which will enable them and their immediate family to live, work and study in these countries,” says Immelman.
“Expected to take effect from the end of this year (2020), the Portuguese government is set to promote investment in low-density regions by most likely excluding the main cities of Lisbon, Porto and the Algarve from the Golden Visa Programme. This means that those whose applications are currently already in the system won’t be affected, while those who still wish to invest in these areas are encouraged to get their application process in motion as soon as possible as there is a limited window of opportunity,” he adds.
However, Lisbon still offers some very attractive options, but time is of the essence. One of these is Martinhal Residences, brought to market by the award-winning Elegant Group, which comprises contemporary apartments in Lisbon’s family-friendly neighbourhood, Park of Nations.
Priced from €290 000 the development offers multi-generational living over 14 floors, from studio to five-bedroom residences, including a select number of penthouse apartments and duplexes, designed to the highest standards, and with access to numerous facilities and services including an indoor swimming pool, gymnasium, restaurant, children’s club, babysitting services, business centre with meeting rooms and offices, event services, laundry and dry-cleaning and parking for cars and bicycles.
Immelman says with this development being ‘Golden Visa ready’, meaning investors will be able to submit their GV application immediately – thereby ensuring that they easily meet the end of year changes, this promises to be one of the best opportunities currently available in Portugal.