Portugal sees more investment in real estate sector in UAE

Sajjad Ahmad, Gulf Today

Portugal eyes more global investment in its real estate sector through its golden visa scheme as the property sector in the country recorded huge growth in the last few years, said Marcos Drummond, Sales Director at Valuable Investment Capital (VIC).

Speaking during a networking event in Dubai, he added that the purpose of this event is to showcase Portugal’s real estate landscape to UAE-based investors and highlight the country’s potential investment avenues. He praised Dubai’s dynamic nature, its quick vaccination drive and safety protocols, which helped the city to go back to the normal and resume business activities.

Marcos explained that the Portugal Golden Residence Permit Programme is a five-year residence-by-investment programme for non-EU nationals. The eligibility criteria for property investors are a real estate purchase with a minimum value of 500,000 euros and a real estate purchase with a minimum value of 350,000 euros for the refurbishment of properties older than 30 years or in an area of urban regeneration, including the cost of renovations. The programme only requires an average of seven days per year stay in Portugal over this period.

He said over 90 per cent of candidates are applying for the golden visa scheme through property investment. He said that Portugal’s bureaucratic-free environment is a big attraction and being a Schengen country allows free movement in Europe’s Schengen Area. He added that Valuable Investment Capital ((VIC) is a local player with an international mind-set and wantd to do business globally. `’We are here in Dubai to engage with more investors and get knowledge of the overall global investment landscape.”