Portugal has been a prime target of Mainland Chinese investors for some years now, while properties in Lisbon have become a hot investment for Hongkongers, South Morning China Post reports on 15 October 2019.
According to property agents, about half the buyers from Hong Kong are aiming to obtain permanent residency under Lisbon’s golden visa programme. As of the end of August, this programme had granted about 8,000 residence permits, with a little over half of them to Chinese nationals.
The Portuguese economy has grown 2.1 per cent in 2019. The unemployment rate has dropped 2 percentage points, according to a report by property consultancy CBRE. Its tax-friendly regime is also providing support to its property market and wider economy.
“We expect Hong Kong to rank among the top five sources of foreign capital in Portuguese real estate,” said Patricia Climaco, a partner at Castelhana.
Many Hongkongers have been looking for a backup plan that will allow them to move overseas in a hurry. With its fast track scheme to get residency with a property purchase of USD384,000, Portugal’s property price is definitely on their radar, allowing them to escape the civil unrest at home. ― Construction+ Online