SG Asian interest in Portugal property
Property Here - Tuesday, March 26, 2013
By Andrew Batt:
The introduction of a ‘golden visa’ with Portuguese property purchases of €500,000 has been attracting interest from Asian buyers and investors.
The scheme permits visas to be granted to any non-European Union citizen who invests minimum capital of at least €1 million, creates a minimum of 30 jobs or purchases real estate worth a minimum of €500,000.
Experts anticipate that this adjustment in legislation will cause an influx of Asian investors, a prediction reinforced by the delivery of the first golden visa to Muthu Nefamanimaran, an entrepreneur from India who has invested in three hotels in Albufeira and created more than 600 jobs in the process. He explained that Asian investors feel Portugal is a safe place to invest.
Pine Cliffs Resort (pictured), a luxury gated development on the Algarve Coast owned by United Investment Portugal, (UIP), is already receiving numerous enquiries from Chinese investors, many of whom are moving forward with the acquisition process.
Carlos Leal, General Manager of UIP, said: “We anticipated that the golden visa would boost investments made by non-EU citizens, and this is already evident from the increasing amount of enquiries we have received.”
“We also have a number of investors from Beijing, Hong Kong and mainland China who have arranged to visit our beautiful and magnificent resort and expect this to increase further over the coming months.”
Pine Cliffs Resort is a luxury destination offering lifestyle, leisure and investment opportunities, and is situated on the Algarve Coast. The resort has won more than 30 awards for its exceptional hospitality, along with its excellent beach, hotel and leisure facilities. Nestled at the heart of the 72-acre development is the Sheraton Algarve hotel and Pine Cliffs Residence which is managed by The Luxury Collection - one of the world’s leading hotel groups.
Prices range from €725,000 for Residence Apartments up to to €1.65 million for Terraces. Private gated villas are priced at €4.5 million. Fractional and holiday ownership options are also proving to be popular.
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email email@example.com