Portugal is “third biggest European real estate market” for Chinese

Portugal was the third European real estate market that attracted the most Chinese investment in 2014, according to Chinese magazine News China.

In its latest issue, the magazine released a list of the most popular real estate markets among Chinese investors – with Portugal making the international top-10.

The USA heads the list, followed by Australia, Canada, the UK, New Zealand, Thailand, Spain, Portugal, Singapore and Malaysia.

Compared to 2013, Portugal climbed three spots (11th to 8th) on the list.

Says the magazine, 85% of the houses sold in Portugal under the ‘golden’ visa programme introduced in 2012 were purchased by Chinese investors.

As News China points out, according to Portugal’s immigration law, non-European investors can obtain a temporary residence visa after buying a property valued at a minimum of €500,000. Five years later they can obtain a permanent visa and a year later they can request Portuguese nationality.

It’s yet another sign of Portugal’s growing popularity within China. Just a few weeks ago, the Resident reported that the number of reservations made in Portugal by Chinese tourists during the celebrations of Chinese New Year had doubled compared to 2013 (see https://www.portugalresident.com/chinese-celebrate-year-of-the-sheep-by-doubling-reservations-for-portugal)