The scheme has proven particularly popular with investors from China. 3,609 have been awarded to date, with 3,405 those given for buying property and 2,743 going to Chinese investors. Buyers from Brazil (180), Russia (120), South Africa (109) and Lebanon (58) have also taken advantage of the scheme.
Portugal is one of many European countries that offer a “Golden Visa” for investors. One of the major driving factors behind Portugal’s appeal compared to its European cousins is the country’s affordability.
Indeed, a recent study from Portugal’s estate agents association (APEMIP) found that Portugal is one of the cheapest countries in Europe to buy property: its prices have been rising over the last three years but are still behind its neighbour, France, which is ranked among the more expensive locations to buy property.
Monaco is the most expensive destination in Europe, followed by the UK, where property costs an average of €25,575 per square metre in a city. The average price of an apartment in a Portuguese city, on the other hand, is €1,963 per square metre.
This, however, is up 12 per cent from €1,741 in 2013. Indeed, the APEMIP study highlights the fact that Portugal is the only country where prices are climbing, which means that there are strong opportunities for capital growth for investors in the coming years.