Mainland China’s property buyers are shifting their focus to Singapore and Portugal from countries such as the US, the UK and Australia as trade relations between China and the US are fraying. It is reported that alternative investment options are very critical for home buyers amid the pandemic outbreak.
The pandemic has halted foreign travel and stopped investors from purchasing overseas assets. The Chinese investors seek long-term foreign residencies through passport-for-cash schemes.
It is reported that property investors from mainland China have shifted to Porto and Lisbon as the Portuguese government plans to remove the golden visa programme in 2021. Property buyers from mainland China became the top foreign buyers of non-landed homes in Singapore in Q3.
Property portal Juwai IQI, told the media, “Many of the mainland Chinese buyers who are active this year are already in their destination markets and are purchasing at a more rapid rate because they intend to stay there. Some others are purchasing as part of the golden visa process. Befitting its status as the hottest market in Europe, Portugal was the top destination for Chinese investors as inquiries surged 176 per cent in the first nine months this year. Lisbon and Porto became more popular after the government mulled scrapping both cities from its passport-for-cash scheme beginning next year.”
According to Real Capital Analytics (RCA), Chinese investors accounted for 5 percent of global real estate investment activity from January to September this year.