Portuguese Real Estate Market Booming
Portugal has become a popular destination for real estate investors. Many investors are retirees and tourists who want to invest in their second home or retirement property. Here are some factors contributing to this growing interest in Portuguese real estate.
Increased Ease of Access
Portugal is a gateway to Europe, with direct flights from most countries landing at Lisbon’s international airport. The government also shares borders with Spain and France and has direct ferry routes to the UK. Another reason is that Portugal offers a high quality of life and a wide variety of cultural and entertainment options.
The Country’s Burgeoning Tech Industry
One of the advantages of investing in Portugal is that it’s a hotbed for tech companies. The country offers a suitable environment for startups to thrive because many foreign buyers are looking at property as an investment., These buyers also appeal to investors who want to shop in Portugal.
A Lower Cost of Living Than in Other Countries
The cost of housing in Lisbon and Porto remains relatively low by European standards, which makes it attractive for investment opportunities. The Portuguese have a lower cost of living than other European countries and have one of the highest purchasing power parity scores on the Continent.
Easier for Non-residents to Purchase a Property
Luis Horta e Costa points out that the Portuguese government has made it easier for non-residents to purchase a property. Foreign investors can now buy up to 100% of a property instead of the previous limit of 49%. The new law comes into effect on 1 January 2019 and applies to new and existing properties.
Portuguese real estate is a market that offers many opportunities for foreign investors. Portugal offers much to offer if you’re looking for a vacation home or an investment opportunity. Contact us today if you want to learn more about investing in this country!