Residence Authorisations for Investment Activity (ARI) went up from 53 visas in April to 270 in May. The average investment value was 568 thousand euros.
May was one of the best months ever for Portugal in terms of real estate investment under the Golden Visa, despite the estate calamity and the respective restrictions on mobility (national and international). In May 270 authorisations were granted, five times more than in the previous month.
"The numbers stand out not so much for their size, but for the act of short-circuiting a tendency of certain apparent exhaustion that this investment vehicle showed over the last two years", writes Manuel Braga, in the report. But there is doubt as to whether the dynamism detected in May will be to be maintained.
The "apparent exhaustion" can be seen in the numbers of Golden Visas attributed in Portugal in May of the previous years: 81 (2017), 120 (2018) and 82 (2019). But it is clearer if one looks at the number of ARI allocated in the immediately preceding months: it went up from 55 in March and 53 in April to 270 in May. The best month ever had been April 2017, with around 300 ARI assigned.
The average value of investment by Golden Visas assigned in May 2020 was 568 thousand euros.
This increase of Golden Visas was sustained by Chinese and Brazilian investors (and to a lesser extent, North American, Indian and Turkish investors) who, when investing in national real estate, sought to "ensure the acquisition of safe assets, which guarantee them high protection against exchange devaluations in their countries of origin and which allow them to open a window of opportunity, should there be a need to have access to a safe economic, political and health area, such as the European one, in a global context".
The fact that real estate prices have not suffered any significant oscillations ("much due to the tranquillity that banking moratoria and lay-offs have ensured") and the fact that new recruitments continue at stable levels ("contrary to what has happened in most European and North American markets") has contributed to national and international investors deciding to invest in Portugal.
Read the original article in Portuguese here.