During the last few years, Portugal has become a European hotspot. In particular it’s the glorious beaches of the Algarve which have exerted a strong attraction to foreign investors.
In fact, so many celebrities have acquired property in the south of the country that the locals have taken to referring to it as ‘California’. The country’s generous Golden Visa scheme has been a key factor in driving demand from foreign buyers, but this is set to end for properties in Porto, Lisbon and the Algarve from January 2022, so if you’re thinking about investing in the Algarve, now is the time to do it. Here’s a few reasons why it’s such a popular choice.
Established Ex-Pat Community
Portugal goes out of its way to welcome foreign settlers. There is a well-established ex-pat infrastructure and plenty of government support to help you settle in.
Outstanding Local Food & Wine
Some of the freshest seafood you’ll ever taste and the chance to discover the rich variety of Portugal’s great wines.
Residency Made Easy
You’ll only need to stay for as little as seven days a year in order to fulfil the requirements of your residency permit, but the chances are that you’ll want to stay a lot longer than that.
Affordable Property
Lisbon is still a very affordable European city, but homes in the Algarve are even cheaper. According to Imovirtual’s recent barometer report, the average price of property in the Algarve is just 484,145 euros, compared with an average of 585,837 euros in Lisbon. Of course, if you shop around on the platform, you’ll find property considerably cheaper than the average.
Safety
The Global Peace Index for 2021 ranks Portugal as fourth safest country in the world. Portugal also recognised same sex marriage, 3 years before the U.K., back in 2010.
Year-Round Sun
With an average of 300 days of sunshine per year, you won’t need to worry too much about those heating bills or suffering from ‘seasonal affective disorder’.
Renting Out Your Property
Portugal has 22 top rated tourist attractions and in 2019, 27 million tourists visited the country. Since then, the Algarve has been voted the ‘Best Beach Destination in the World’. In addition, Portugal has three international airports, connected to around 120 destinations each, so there really won’t be any shortage of takers should you decide to rent out your property during holiday season.
Portugal Is Going Green
The country ranks 16th in the Global Sustainability Index and plans to reduce its energy import dependency from 80% to 65% by 2030.
Day To Day Living
Helped by an easy to live in, outdoor climate. Day to day living expenses in Portugal work out at around 31% cheaper than the U.K.
Excellent Healthcare
The World population Review ranks Portugal’s healthcare system at number 12 in the world, by comparison, the U.K. comes in at number 18.
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