Talk of the “French Invasion” in terms of property investment has suddenly turned to “the Turkish discovery of Portugal” - bringing with it as much as €300 million in investment, just this year.
Media reports are highlighting just how attractive Portugal has become for the country that has been struggling for decades to get EU membership, and which is now as far from achieving it as it ever was.
Besides multiple opportunities for investment, Portugal’s “social peace” is a major carrot for Turkish nationals, the country’s ambassador Hasan Gögüs has told Dinheiro Vivo.
The business news service explains that a “new €1.5 million luxury hotel in Lisbon, scheduled to open in June, a €90 million investment in innovative technology that allows communication between machines in a gigantic network on Turkish territory and real estate and touristic investments by Turkish businessmen who are buying buildings to transform them into hotels at a value that exceeds €75 million are just some of the projects at an advanced stage in a package of around €300 million in direct Turkish investment in Portugal that will be taking place by the end of 2017”.
DV adds that Turkish capital is also snapping up boatyards and ports terminals.
Said João Pestana Dias, CEO of the Portuguese Association set up for cooperation with Turkey:
“The Turks have a lot of available money to invest and are discovering that Portugal is an interesting country.
The majority of them do not know Portugal, nor the country’s potential. Many seek Malta and Dubai for golden visas - but Portugal has better opportunities for investment”, he stressed.
Dias added that in January and February this year, 13 Turkish nationals were awarded ‘golden residency visas’. This is only two less than handed to Turks in the 12 months of 2016.
By natasha.donn@algarveresident.com
Article by kind permission of Portugal Resident
