Investment in property in Portugal has been boosted by the fact it has become easier to get residency in the Mediterranean nation since the start of 2013, the country's deputy prime minister Paulo Portas has told Lusa News Agency . He said that the use of 'gold visas' in the past 12 months had generated more than €300 million (£249.5 million) in investment from overseas in a number of sectors.
"The fact that we have attracted over €300 million in investment through the so-called gold visas in just a year represents a very practical sign that Portugal is on the GPS of countries of interest to invest in," Mr Portas said. These visas allow foreign nationals with money to bring to boost the GDP of the country far quicker access.
According to the office of the deputy prime minister, the 471 gold visas that were awarded in the first year of their use saw the country bring in €306.7 million in foreign cash, with the property sector being a significant contributor to this. Residency visas saw €274.4 million pumped into the property market by foreign nationals.
Of the overall investment, Mr Portas said that the figure was at least 50 per cent higher than even the most optimistic would have predicted a year ago. Much of the money in the property sector has come from nations such as China (which topped the list), along with other countries such as Brazil, Russia, Angola and South Africa.
Investment in Portuguese property is big business for those with cash to spend, largely because of its potential as a holiday destination. Mr Portas said the figures show how attractive it is for a number of reasons. He added that the result "proves that there are many and good reasons for a non-national to think about when investing in Portugal: the climate, the sea, nature, golf, surfing, history, heritage, gastronomy, the brand shopping, gaming, security, universalism and especially the hospitality of the Portuguese".
Article by +James Roberts on behalf of Propertyshowrooms.com