The Portuguese Appeal to Kenyan Homebuyers

The Portuguese Appeal to Kenyan Homebuyers

Wealthy individuals from Kenya are now showing interest in purchasing additional properties in Portugal, a departure from their previous preference for the UK and Dubai.

Motivated by a need to broaden their assets and purchase properties with greater gains and beneficial citizenship opportunities, more people are moving towards alternative investment options. Portugal portrays an appealing location, with asset values increasing by 87% in the last five years, establishing the foothold towards purchasing properties. For Kenyan investors, Portuguese real estate allows the opportunity to attain a second citizenship easily. This acclaimed status provides access to superior education, modern technology and an elevated standard of living.

Luxury-seeking Kenyans are flocking to Lisbon, seeking investment opportunities and exploring means to diversify their portfolios in more stable regions. Currency devaluation in Kenya spurs the frantic search for options, making owning property in Lisbon an attractive prospect. According to Mr Salgueiro, rising interest in Kenya has intensified the interest shown among the affluent for various types of investments within the region. Previously, wealthy individuals preferred choosing second homes in St Kitts and Nevis in the North American peninsula. Currently, they are looking to 'new' havens like Lisbon.

St Kitts and Nevis has become a popular destination for those in the technology and crypto industry seeking an inviting environment to invest and innovate. It has also gained recognition for its exceptional medical facilities and boasts an impressive 91 per cent high school enrollment rate. Interested Kenyan investors able to satisfy the necessary criteria and invest a minimum of Sh30.6 million to Sh45.9 million ($200,000 to $300,000) in property may acquire citizenship for themselves and their children, thereby conferring access to outstanding healthcare and educational resources.

Portugal has shifted its focus to drawing in African investors, although the investment costs are comparatively higher than other options. Nevertheless, Portugal's allure persists. Historically, it was Chinese buyers who dominated Portugal's real estate market. However, they have been superseded by Americans. In addition, South Africans have emerged as prominent African investors in Portugal's property industry.

Casa Capital's CEO, Trushar Khetia, accentuates the value of acquiring residency in Portugal. The residency permit grants individuals the same advantages offered to citizens (excluding voting rights). Kenyan-Portuguese individuals are free to travel, work, and reside within any European state. Additionally, they can pass on their citizenship to future generations without any tax implications.

In Portugal, prospective investors are presented with diverse real estate options. Their preferences and investment objectives will determine whether they invest in commercial buildings, apartments, or hotels. Opting for rental apartments will result in minimum returns of five per cent in the first year. Take, for instance, a two-bedroom apartment in Lisbon, which can be purchased for Sh83.3 million. When rented out on a short-term basis, this property can generate an annual income of approximately Sh2 million. Alternatively, a three-bedroom apartment can be acquired for just Sh109 million.

Comments

SimamaImara (not verified)     Tue, 12/05/2023 @ 10:10pm

Capital flight from poor to rich nations not the right thing. If you have no confidence in Kenya then ship out completely. Diaspora who've seen it all are investing at home massively. Gated community is way to go.

Mlandizi (not verified)     Wed, 12/06/2023 @ 11:58am

I can see the reasons why some wealthy people invest their money in First World countries and the reasons are very legitimate. The Kenya schilling is very weak and any geopolitical economic hiccups sends it to the intensive care unit very quickly. The rate of property values appreciating in First World countries is way higher than in our Good Ole Kenya and lastly, our economic policies for the most part are formulated by the IMF and World Bank who have no interest in strengthening our currency. People here can argue all they want that wealthy Kenyans should invest in Kenya but hizo ni story za jaba sababu hawana kitu kwa mfuko. I am ready for rebuttal and even insults are alternative opinions.

SimamaImara (not verified)     Wed, 12/06/2023 @ 05:38pm

In reply to by Mlandizi (not verified)

The world system has made real estate a financial product traded at Wall St and they determine which direction. The bad thing is massive control of humans and making em work like horses to get mortgage paid. Good thing it creates massive employment and hard work. But once the secret society wants to accumulate and consolidate wealth they collapse everything and reset stuff, to the detriment of millions.

Justin (not verified)     Sat, 12/09/2023 @ 06:57am

In reply to by Mlandizi (not verified)

@Mlandizi - I won’t insult you, rebuttal your opinion, curse you or slap you in the face! Just join those who have worked hard to develop their countries and lay low until death separates you from your God given responsibility to develop your own part of the world..

Mbwana (not verified)     Wed, 12/06/2023 @ 01:45pm

Moi, Uhuru, Ruto and their top compliance take advantage of this opportunity as well with the stolen public loans of Kenya. Do not even blink because Wajiko and Otieno will eventually pay despite any circumstances.

mteja (not verified)     Wed, 12/06/2023 @ 05:23pm

Wananchi's money being looted and flown overseas for other nations to enjoy. Invest at home, you idiots. Europeans will only spit on your face as a show of "gratitude". Bure kabisa!

Kasule (not verified)     Sun, 12/10/2023 @ 06:00am

In reply to by mteja (not verified)

Thieves in the current Kenya government are stealing everything in billions of shillings. The stolen money is used to by property in other countries. These thieves are the same characters telling Kenyans in the diaspora to invest back home to resacistate the economy. A huge irony!

Kasule (not verified)     Sun, 12/10/2023 @ 06:01am

In reply to by mteja (not verified)

Thieves in the current Kenya government are stealing everything in billions of shillings. The stolen money is used to by property in other countries. These thieves are the same characters telling Kenyans in the diaspora to invest back home to resacistate the economy. A huge irony!..

Add new comment

The content of this field is kept private and will not be shown publicly.

Plain text

  • No HTML tags allowed.
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.
CAPTCHA
2 + 0 =
Solve this simple math problem and enter the result. E.g. for 1+3, enter 4.
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.