March 5, 2013
Residence permit is one of the most popular reasons for buying real estate in Europe for non-residents. Moreover, many countries encourage the development of their economy by attracting foreign investors with an opportunity to obtain residence permit. In exchange it`s offered to buy property in Portugal for a certain sum.
Recently Portugal adopted a law that simplified the conditions for obtaining a residence permit for non-residents.
"The new law will make country`s property market more attractive to foreign investors", notes Sara Nobre, director at Info Elite Realty. "Nowadays you can make the first step to obtainig Portuguese citizenship by buying property for €500,000, or by investing €500,000 in the country`s economy, or by creating 10 workplaces in the country`s labor market. It`s a nice gift from the country`s leaders. Pay half a million and gain not only personal house, but also residence permit in Portugal as a bonus".
The ee24.com portal have analyzed the market and discovered, what one can buy in Portugal for €500,000.
If you don`t want to live in a separate house and prefer a comfortable apartment, then you may be interested in buying a two-bedroom apartment in a luxury building on the beach in Cascais, which is not far from Lisbon – the capital of Portugal. For example for €590,000 you can buy an apartment of 180 sq.m. in the building with cafe, swimming pool, tennis court and gym. Such houses are located in the prestigious area with a developed transport infrastructure, shopping centres and, of course, a gorgeous beach.
If you want to experience the atmosphere of a small resort town you`ll like the one-bedroom apartment in Algarve for €600,000. Spacious rooms, an ocean view from the terrace, located on the building roof, jacuzzi. Nearby there is a unique beach with all the amenities, typical for resort areas: swimming pool with a bar, restaurant and a beach volleyball court.
Porto is the second largest city in Portugal. Here you also can find a cozy and spacious apartment. According to ee24.com, one-bedroom apartment of 230 sq.m. in a gated residential complex with swimming pool and tennis court and a playground will cost you exactly €500,000. The apartment is equipped with central heating, gas stove, double-glazed windows and air conditioning.
On the beautiful island of eternal spring Madeira in Funchal for €520,000 you can buy a new fully decorated apartment of 186 sq.m. in a condo with a garage and a large basement. Funchal is renowned for its famous “Lavrador” market with a huge selection of various tropical fruits. There is also a botanical garden, which visitors admire the exotic plants, brought from all five continents.
No wonder that in Portugal homes and villas on the coast are extremely popular. Considering that the major cities are also located on the coast, it’s easy to kill two birds with one stone – using modern infrastructure and enjoying life on the Atlantic beaches.
With a budget of €500,000 you can expect to buy a spacious country house with a garden next to beach or a cozy town house in one of the big cities.
For example, on ee24.com for €510,000 you can find five-room house of 360 sq.m. with a large garden (4000 sq.m.) on the first coast line of the Atlantic ocean, a few steps from the popular beaches of Peniche and high-end golf clubs. Exactly for €500,000 you can buy a country house (218 sq.m.) with a land (1520 sq.m.), garage, pool and great ocean view. For the same money you can buy a terraced house of 700 sq.m. with a fireplace and a large garage in the center of Aveiro – Portugal Venice.
If you prefer to live in the capital city, you’ll like condominium (220 sq.m.) with a swimming pool, attic, garage, and a fireplace in the picturesque suburb of Lisbon. Or a private two storey house (360 sq.m.) in a quiet area with garage, swimming pool, wine cellar and an ocean view from a spacious balcony. You can also find a three-bedroom house (119 sq.m.) in a residential complex with a playground, park, gym and Turkish bath. Each of these items will be yours exactly for €500,000.
Under the terms of the law, instead of buying real estate, you can invest €500,000 in the country`s economy or create 10 jobs in the country’s labor market. Commercial property is ideal for these purposes.
A significant part of Portugal economy is tourism, so the first thing that comes to mind when it comes to investments is a hotel. Even a casual analysis shows that it’s impossible to buy a luxurious hotel on the coast or in the resort for €500,000. But you can spend €550,000 and purchase the hotel for seven rooms in Coimbra, for example. Portugal is famous primarily for its beaches. However, tourists often go on excursions to historical sites of the country. And well-located hotel will be popular among visitors of local attractions.
But not only tourism is a strong part of Portugal economy. For example, for €500,000 you can buy a gym with a client base or a small shop in Lisbon. You can also try the restaurant business and purchase a cozy cafe in Porto or a small profitable bar in one of the resort towns of the country.
Text: Ivan Ulitin, ee24.com