Lisbon is the New “It” Place
With Portugal hailed as the “California of Europe” and named World’s Best Tourist Destination in the 24th edition of the World Travel Awards, the vibrant capital city of Lisbon and coastal town of Cascais, just 20 minutes away from each other on the Portuguese Riviera, have become prime global hotspots.
And, South African buyers are right on trend. Undergoing large scale regeneration, Lisbon is proving a magnet for buyers as a hard currency investment with solid returns and good long-term capital appreciation prospects, as well as for the opportunities it opens up for the freedom to travel abroad.
Says Chris Immelman, MD of Pam Golding International: “As an option, property investment in the historic city of Lisbon in Portugal stacks up increasingly well when compared with other popular European destinations – both for local and international buyers.”
“For South Africans, the benefit of being able to acquire a Schengen Visa and Portuguese residency is a huge drawcard as it creates international opportunities for their children, enabling them to study, live, and work in a European country. There are excellent education facilities in Portugal and in Lisbon, including international schools and universities – like the renowned Nova University where all classes are taught in English – as well as very good healthcare facilities.”
The Golden Visa scheme offers Portuguese residency in return for a minimum €500,000 real estate purchase, with permanent residency achievable in year six and citizenship in year seven.
Adds Immelman: “With prices still 50% below cities like London and Paris, we see solid rental yields and long term capital appreciation continuing. Referred to as the ‘new Barcelona’ with a nightlife to rival that of Berlin, Lisbon has it all: a trendy ambience steeped in history and culture, a world-class airport, quality accommodation, and a place where English is widely spoken.”
“According to A Place in the Sun, the city ranks third on their 10 best places to buy abroad in their 2017 index. Portugal is also enticing from a tax aspect, with relatively low tax rates of about 28% and no wealth or inheritance tax or tax on overseas pensions.”
“Investment properties – apartment style, which require very little maintenance – are easily lettable, particularly as businesses both big and small are targeting Lisbon, further fuelling a strong rental market for well-positioned property.”
For further information contact Theresa Fernandez of Pam Golding Properties International & Projects Division on email@example.com or +27 21 762 2617.