In a jaw-dropping development, Portugal real estate market shows 12 per cent rise in 2020 despite 7.6 percent economic contraction in the country due to COVID-19 restrictions. The credit goes to China and other Non-European countries including Brazil, Turkey and South Africa for pouring whopping investment in property business through Portugal Residence Authorization for Investment (ARI) program famously known as “Golden Visa”.
China’s entry came at the heels of Golden Visa rollout in 2012. Gushing flow of money by Chinese investors, availing ARI program, kept injecting monetary strength to Portugal property market to help it flourish with resilience. When Pandemic played havoc, fortunately, neither China interest plummeted nor investment rapidity slowed down. Cash spillover put property market in high gear. If compared with all other non-European countries, China has topped with around 50 per cent investment in Golden Visa Program since its inception till date.
As per statistics, almost EUR 5.64 billion investment via ARI platform came to Portugal in eight years from 2012 to 2020. Chinese businessmen doled out EUR 2.8 billion alone. The gesture oiled Portuguese economic engine especially property market since the Golden Visa regime introduced in 2012.
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Source: Daily Times