EUROPEAN REAL ESTATE: GOLDEN TIME TO INVEST
The European real estate market is showing positive signs: Europe is in the process of economic recovery and restrictions have begun to be removed. This can be considered as the most ideal time for investors to buy European real estate. And get European permanent residency.
Restrictive measures are gradually eased
On May 17th, 2021 Portugal opened its doors to tourists from most European countries. The blockade order in this country is gradually being eased, the land border between this country and Spain has been opened. In the UK – the country with the highest number of deaths from Covid-19 in Europe – bars. Restaurants reopened, and spectators could go to the stadium to watch football.
Greece has allowed international visitors to come without quarantine. Visitors only need to have been vaccinated against Covid-19 or provide a negative Covid-19 test result. Malta is the first European country to achieve herd immunity. The island nation plans to vaccinate all residents over the age of 16 by the end of July. Restaurants, bars, cinemas have been gradually reopened, although they are still limited in number and distanced.
Real estate demand increases – European real estate
During the Covid-19 period, the European real estate market in different regions continues to attract foreign attention, with much focus on countries with European real estate programs and grant citizenship. The Greek real estate market was almost frozen throughout 2020. However, from the beginning of 2021, sales of resort apartments have increased, mainly from investors in Asia, Russia, and the Middle East. Greece is also nearing the completion of a ‘Green Pass’ agreement with countries such as China, Singapore, Hong Kong, and Vietnam, aimed at stimulating the property market.
Despite being affected by Covid-19, Portugal’s Golden Visa program still generated 647 million EUR last year. Since 2015, the program has had an average annual growth rate of 11.8%. According to predictions from Astons, real estate in Portugal will continue to grow by 10.5%. Generating an additional 715 million EUR for this country.
Investors will continue to flock to Portugal this year, due to its geographical appeal. Tourist visas that give freedom to travel around Europe. Portugal also offers a number of different investment routes with the added benefit of securing a resident permit. Latvia is a gateway to Europe. Real estate here has a lot of potentials because this country can issue a Temporary Residence Permit when investing in real estate. In 2020, despite the pandemic, the volume of apartment construction in two major cities, Vilnius and Tallinn, has increased significantly, which is the highest since 2007. For two-room apartments in Vilnius and Tallinn in 2020, the gross profit rental rates are 5.2% and 5.6% respectively.
In Latvia, property purchased for immigration must cost no less than 250,000 EUR with a real estate value not less than 80,000 EUR. With the current situation of good disease control, European real estate is one of the ideal choices for investors. It is expected that the economic recovery process will require more foreign investment. And countries will expand their policies to attract investment more than before, so European real estate investment programs are considered as the most reasonable investment.
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