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.
Visit our website for a full look at our entire Portuguese property portfolio.