Tax incentives, political stability and quality of life are just some of the reasons that make Portugal one of the most attractive real estate markets in Europe, according to the latest analysis by Housers.
The fintech real estate platform, operating in Portugal since 2017, has pinpointed seven reasons why the country remains a “great destination” for investment, even during COVID-19 times.
- Property market recovery
Since 2013, Portugal has experienced an intense recovery in real estate transactions and an increase in house prices by around 40%, a consequence of growing international demand and a trend that shows no sign of halting, even during the pandemic (read more here).
- Economic growth
Portugal has gained greater international visibility in recent years thanks to its economic growth and general quality of life. More than a retirement destination, the country now attracts workers, students, developers and investors.
- Fewer pandemic limitations
Effects of the COVID-19 pandemic have been felt across the country, but the crisis has been relatively contained due to early management. In addition, real estate projects were only paused for 15 days, meaning that completion dates for building works weren’t too affected.
- Foreign investment
Thanks to the popular fiscal incentives and residency permits, along with the rapid growth of tourism, Portugal has benefited from significant foreign investment, which has played a key role in revitalising the national real estate market.
- Urban renovation
Portugal offers tax incentives for urban renewal, stable investment regimes in line with the latest reform of lease law and a vast supply of buildings in need of renovation. This, along with strong demand from both national and international buyers, paints a picture of the real estate market in the coming years.
- Stable politics (and weather)
Portugal – and especially the Algarve – enjoy an appealing Mediterranean climate and over 300 of days of sunshine each year. With an equally stable political climate, the country is seen as a safe bet for investors.
- Trend-topping
In 2019, Lisbon beat the likes of Paris, London and Berlin as the most attractive city to invest in 2019, according to PwC’s study, Emerging Trends in Real Estate Europe. Meanwhile, the Algarve continues to top international rankings, and was recently named one of the best destinations to live, work, invest and retire (see here).
Get in touch with the Algarve Home Sales team here for more information and expert advice on investing in real estate in Portugal.
