South Africans planning to buy property in Portugal as part of a Golden Visa application for residency may have only a few months left to invest in the main centres of Lisbon and Porto.
After that, it is likely that amendments to the country’s Foreigners Act of 2007 will restrict property investment for the purposes of obtaining residency to certain smaller towns in the interior of Portugal and the autonomous regions of Madeira and the Azores islands, says Leana Nel, international relocations specialist for the Chas Everitt International property group.
Nel said this amendment to the Foreigners Act and the Golden Visa regulations has already been proposed and put on the list of legislation to be drafted, approved by the Portuguese parliament and gazetted this year – and could be in force within just a few months.
“This means that SA investors who intend to buy a cheaper property in Lisbon or Porto need to act fast,” she said.
“To assist such investors, the Chas Everitt International Luxury Portfolio division is currently working with its Portuguese affiliates to rapidly identify suitable properties and developments in Lisbon and Porto that will be available for purchase before the law is changed.”
Nel pointed to the Santa Catarina Residences, an existing apartment building in downtown Porto that is being revamped to provide 18 upscale one and two-bathroom units ranging in size from 48,8sqm to 123sqm, including balconies.
“Prices for these apartments range from €353 000 to €608 000 and include air-conditioning, double glazed windows and fully-equipped kitchens.
“There is also an option to buy units fully-furnished, and the first three buyers will each receive a 5% discount off the list price of their apartment,” she said.