1. It's Accessible
Not only has Portugal been the first major holiday destination on the government’s Travel Green List in May, but in more normal times there are 11 airlines flying direct to and from the UK, providing a total of 800 flights per week to Porto, Lisbon and Faro international airports. With airlines like Ryanair and Easyjet operating these routes, prices can be as low as £20.
The average flight time is 3hrs 4mins (London to Lisbon takes 2hr 35min) many airlines flying from most regional airports including Bristol, Belfast, Birmingham, Cardiff, Edinburgh and Manchester.
Once in Portugal getting around is easy as the transport systems are well developed, cheap and efficient, with an excellent road network and transport infrastructure.
2. It's a wonderful place to be
From sun-soaked beaches to historic towns, interesting architecture and breath-taking scenery, Portugal has it all, all year round. There are 75 golf courses to choose from, white sandy beaches most popular around The Algarve, water sports havens, country retreats and city hangouts to enjoy. Pastries and port may be its most famous food and drink, but there is much more besides.
The Portuguese people are known for their easy-going, friendly nature and the country has one of the lowest crime rates in the world. The 2020 Global Peace Index placed Portugal in 3rd place out of 163 countries worldwide for overall safety. In Europe, it was 2nd of 36 countries, behind Iceland.
3. They place value on their relationship with the UK
Not only does Portugal benefit from a stable economy, but it also offers the opportunity to buy residency and EU entry through a Golden Visa Scheme. On this particular point, Prime Minister Antonio Costa recently confirmed property ownership rights of UK nationals would be respected post Brexit, noting the strong links between the two countries dating back to the 1386 Treaty of Windsor.
4. It doesn't cost the Earth
While there are many wealthy residents, luxurious property and locations, the average monthly wage in Portugal is €620 per month so the cost of living is lower than in the UK or USA, for example, or even neighbouring Spain.
There can be tax advantages to Portugal too, not least the Non-Habitual Resident Tax (NHR) tax regime introduced in 2009 which minimises tax for new residents for their first 10 years.
5. More people are doing it
Portugal is becoming an increasingly popular destination to buy property for investment, second home or relocation. It has also recently introduced a Digital Nomad Visa, offering special temporary residency for freelancers, remote workers and entrepreneurs.
Despite the pandemic and the lockdowns that resulted, house prices have generally increased. According to a leading portal, Penthouses prices were up 9.3% to EUR3,411 per m2, flats with a terrace up 7.3% to EUR2,734 per m2, villas up 7% to average EUR1,559 per sq m and Quintas up 6.2% to average EUR1,422 per m2. These are average figures and do not take into account regional variation.
While some have drifted away from inner-city apartment living as has been seen elsewhere in the world during Coronavirus, a return is be expected when the threat of the pandemic subsides. While rental demand can outweigh stock, especially in Lisbon and Porto, there is potential for attractive yields during peak season, making property rental an attractive investment.
Our local partners are well placed to advise more specifically and our Senior International Consultant, Sam McGladdery is on hand to help with any enquiries you may have do get in touch.