Last chance for SA buyers in Lisbon and Porto
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.
That's the word from Leana Nel, international relocations specialist for the Chas Everitt International property group, who says 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 in fact be in force within just a few months.
"And this means that SA investors who intend to buy a cheaper property in Lisbon or Porto need to act fast."
To assist such investors, she says, 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.
"The first of these is 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. (See photos.)
"Prices for these apartments range from Euro353 000 to Euro608 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."
The developers of Santa Catarina Residences will shortly begin renovating the common areas of the building and will then rebuild the individual apartments as each buyer takes ownership. It usually takes about 90 days after purchase for the final deed to be signed, and it is anticipated that each rebuild will take a further 10 months, Nel says.
"The building is situated on Rue de Santa Catarina, which is the most commercial street in Porto's city centre. It is surrounded by luxury hotels, boutique stores, cafés, restaurants, historical buildings and tourist attractions. It is also close to Bolhão market and less than five minutes' walk from the Bolhão subway station, and the apartments here will undoubtedly be in high demand as rental units.
"The developers are nevertheless offering a guaranteed return on investment for the first five years, which makes this a very safe as well as an attractive investment opportunity."
For more information about Santa Catarina Residences, prospective investors should contact Leana Nel on +27 83 777 9104 or email@example.com.
Issued by Chas Everitt Luxury Portfolio®
For more information contact
Rory O'Hagan on 083 328 8888
Chas Everitt International is the SA affiliate of Leading Real Estate Companies of the World® and its luxury property chapter Luxury Portfolio International®. The LeadingRE network spans 70 countries and links more than 565 independent brokerages with an exceptional commitment to service and integrity, who collectively sell more than $370-billion worth of properties annually. The 200 members of Luxury Portfolio International® have a global audience of three-million affluent investors and market some 50 000 properties a year, at an average price of $2,6m.
Once revamped, the Santa Catarina Residences apartment building in downtown Porto will provide 18 upscale one and two-bathroom units ranging in size from 48,8sqm to 123sqm, including balconies, at prices from Euro353 000 to Euro608 000, which includes air-conditioning, double glazed windows and fully-equipped kitchens.
Author: Meg Wilson