European States Dangle Visas for Foreigners

"We found interest from non-E.U. buyers in Portugal was slow to start, and have only seen a pickup in sales in the past six months of this year, with 20 sales to Chinese buyers wanting visas," she said. "We're expecting Spain to attract buyers more quickly, and received enquiries about the new visa months before it was introduced by the government."Ms. Leverett said that most enquiries about Spain had come from South African buyers. "South Africans know Spain well and like to holiday there. They like Spain's coastal regions and China Student Visa application form golf resorts," she said. "Spain already attracts a mix of Russian and Middle Eastern investors, but we now expect the volume of sales to these nationalities to increase."

Ms. Leverett said she has had difficulty finding residences in Portugal that appealed to Chinese buyers, who prefer newly built homes and urban locations. "We found the level of stock didn't attract Chinese buyers, they don't want renovations or the traditional golf resorts that Europeans are attracted to," she said. "They want brand-new, modern developments in or near the capital." She has sold newly built properties in Lisbon but has had the most success with the Troia Resort, a contemporary beachfront development an hour's drive from Lisbon. Apartments range from €350,000 for a one-bedroom of 70 square meters, or about 750 square feet, to €680,000 for a two-bedroom, fully furnished townhouse. Building lots for villas totaling 1,150 square meters start at €1.4 million.

 Mr. Roberts said Chinese buyers were also attracted to the nearby, upmarket enclaves of Cascais and Estoril on the coast, where there are international schools. "Around 20 percent of non-E.U. clients want to relocate with their families," he explained. "We've found that they will buy a new property for the minimum investment of €500,000 to gain residency but sometimes upgrade later to a villa priced at €2 million to €4 million."For those interested in Spain, Ms. Leverett added,China Crew Visa application high-end homes in the Marbella region were heavily discounted. "Depending on location, prices in Marbella resorts can be around 50 percent below what they were during the market peak," she said.