PORTUGAL STEALS SPAIN’S THUNDER

The Portuguese housing market has experienced an 80 per cent year on surge in sales since the right to residency scheme was endorsed by parliament. Described as the Golden Visa scheme it is attracting non European Union buyers and investors.

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Residency in Portugal is available to buyers who invest a minimum of €500,000 in property. It is thought that this will further support the country’s recovery. Chinese and Russian buyers are fuelling the recovery.

Fine and Country, a real estate agency placed at the high end of the market reveals property valued at €40 million has changed hands during the first six months of 2013. Chinese buyers are fuelling the recovery.

The lower end of the market is inactive as banks have no lending liquidity. The long term view is that those with more than half a million Euros in their wallets will have the means to add to their Portuguese investments. The Golden Visa scheme is further supported by a flat rate of 23 percent tax against all income earned in Portugal and zero tax on earnings accumulated abroad. Those with pensions are exempt.

Nigel Salmon, director of Girasol Homes , a real estate market leader that operates in both Portugal and Spain says, “Our Portugal office has seen a 30% increase in enquiries over the past 4 months. However, Spain is still the dominant market for us, especially in Modern Design in the Alicante Region of Spain where sales have doubled.”

Spain is still playing catch-up. A real estate pundit says, “providing that other countries do not produce more attractive schemes, we look forward to the future with confidence.

Filed under: http://www.theleader.info/article/41009/

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