Wednesday, June 16, 2021

More Africans Interested to Buy Residential Property in Europe in 2020

Even though the Coronavirus pandemic has caused profound financial losses in countries worldwide, it did not affect the interest of African citizens interested in properties abroad, in particular in Europe.

A report conducted by the overseas property brokerage Tranio, based on an analysis of about 1,000 inquiries from African customers over the past two years, has shown that the African interest in property grew by a quarter in 2020, reports.

According to Tranio’s report, Africans were mostly interested in purchasing houses and apartments in Greece, as the country has turned out to be the most appropriate country for buying residential property amid the Coronavirus pandemic.

After Greece, the following European countries were the most sought-after countries to invest in among Africans;

  • Germany
  • Italy
  • Spain

Moderate prices have pushed African citizens to choose Greece’s real estate instead of other European real estate markets, including the “growth potential and high rental yields that Greek property offers.”

The Hellenic Republic is also known for its Golden visa program, which previously was named by the investment migration firm Astons as “a destination of choice for those considering a non-domestic investment location.”

All internationals interested in getting a Greek golden visa must invest a minimum of €252,328 in the country, which makes this program among the most favourable locations for foreign buyers.

The second most famous location for African citizens to invest in is Germany. According to Tranio, in 2020, the interest of African buyers in Germany’s real estate almost doubled compared to the figures of 2019.

According to the accounting firm PwC, German cities are listed among Europe’s most stable real estate markets. The same source considered that Berlin has the most investment potential, among other German cities.

Authorities in Italy have recently reduced the requirements for a residence by investment permit. Even though the Mediterranean country accepts only investments in an Italy’s start-up or a local company, relaxing conditions for residence permits could attract more internationals in Italy’s real estate.

Internationals can also get European residency by investing over  €500,000 through Spain‘s golden visa program.

Even though the Citizenship by Investment programs bring many benefits for European countries that run such schemes, these programs are not supported by the European Union Commission, as according to the Commission, they are deeply involved in money laundering and other illegal affairs.

Last year, the EC urged the European countries running such schemes, such as Cyprus, Bulgaria, and Malta, to abolish them and not use the Coronavirus situation to run such projects.

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