Do you want to invest in real estate for a European residency permit? Do it now!
Published at: 26/04/2020 12:00 pm
Real estate prices worldwide are sinking fast because of coronavirus. The real estate markets are suffering in those countries, where you have to invest in residential properties. It is clear now that the tourism industry in 2020 is frozen and the high season between May-October will not happen.
As the countries with the most profitable investors' immigration programs were relying on the mass tourism (renting the properties for short term tourists and visitors), the first signs of the economic catastrophe can be clearly seen now.
Let's take a look at where should you invest fast for a residency permit in Europe!
In Portugal, there are almost one hundred thousand registered "local accommodation", these apartments and rooms are usually rented for short-term visitors, through the online reservation systems, like Airbnb, etc. The landlords are now decreasing the renting costs and changing the tenants to long-stay residents (who rent the locals for more than six months). It is typical during the last weeks of April that a beautiful flat with two bedrooms, which had a monthly rental fee of 3,000 euros is available now for 750 euros! Until 15 March, the sellers decided the prices, but during the last weeks, the buyers are asking at least ten per cent price decrease, before visiting the properties! Some industry experts are already predicting big price drops, up to even 30-45%. It is the time to invest at least 280,000 euros and buy something beautiful and profitable on the middle-term in Portugal!
Greece is planning to relaunch the suspended Golden Visa Program, because the economy needs a boost, "after the health crisis subsides", according to the Finance Minister Theodoros Skylakakis. "To accelerate the course of growth in the coming months, we will seek to lift the bureaucratic obstacles that currently exist in the property market," the Minister said. It means that perhaps even the process will be more straightforward, and it is good to know that the Greek Golden Visa Program is not a complex bureaucratic issue to succeed. Meanwhile, the Greek real estates were already cheap compared to the other EU Member States. For the last quarter of 2019 to 2007, Greece recorded the most significant drop in Europe by 35.6% in terms of housing sales prices, according to Eurostat.
Do you want to buy a real estate in exchange for a residence permit for a lower price in Portugal or Greece? Then ask for a consultation here!