Portuguese commercial real estate investment may more than double this year as investors flock back to the southern European country after it was granted support from the IMF.
Investments into real estate properties in Portugal could rise to more than $1 billion this year from $438 million last year.
There are large real estate groups are looking seriously at real estate opportunities in Portugal. Investor enthusiasm for Portugal is clearly on the rise.
A Portuguese government program that was launched in 2012, called the Golden Visa program, offers foreign investors with 5 year work and residency permits. The government has issued about 1,300 golden visas so far, resulting in real-estate investments totaling about 885 million dollars as of the end of May.
Critics say the program makes housing harder for locals to afford as it increases demand from foreign buyers, but others say the foreign investment is benefitting the country’s economy, which is slowly recovering from its’ financial crisis.
Other countries like Cyprus and Spain have recently started their own versions of the Golden Visa program, but so far Portugal’s has been the most successful. According to Portuguese Agency for Investment and External Commerce about 80 % of Golden Visa investors have been Chinese.