It has only been until recent times that Portugal emerged from being a sleepy and rustic European countries that had gone from being unnoticed into a tourist capital. You could say this evolution occurred in the 1960s and has shined brightly ever since. There is a huge tourism market now that is currently meeting a number of vacationer needs. This has created a wave of expatriates seeking a new life and they have found it in Portugal.
There are many varied reasons for purchasing property in Portugal and the list of ten reasons as follows provide a number of clear concepts as to why becoming a property owner in Portugal can prove to be a smart move.
Sunshine: The climate in Portugal, particularly in the Algarve region, is a strong motivating factor in and of itself. There are a great many sunny days along with low humidity and fresh ocean breezes creating a climate which is a relief to Europeans that have faced decades of rain, humidity and winters known for being cold and damp. On rare occasion will the temperatures drop below freezing levels. Additionally, rarely will temperatures rise above 30 Celsius. Certainly, this makes for scores of pleasant days regardless of the specific location in Portugal that you reside.
Tourist Industry: Because there is an enormous amount of tourism into the country, the need for developing land will increase perpetually. That opens the door for expanded forms of entertainment to accommodate the tourism. This means a lot of land is being developed for commercialization purposes as well. A solid piece of property can be chosen with the express intent of turning into a resort or golf course which, in turn, can drive up the profit on an investment significantly.
Economy: It is true that Portugal is not known for its huge exporting prowess, but the tourism industry has solidified this country’s economy and there is room for growth in businesses which support tourism. It is also relatively easy for European Union citizens to start a small business in Portugal as the country has made the paperwork process fairly easy in order to stimulate new growth. As a result, there is huge potential for the entrepreneur who is looking for land on which to build the next big business.
Simplicity of Portugal: Any individual looking to purchase property in Portugal for investment purposes, the process can be a straightforward and simple one. Those that live outside the country will discover the process of purchasing property is simple, basic, straightforward, and can be done in an extremely short period of time. The process has been designed in such a way that new growth is effectively encouraged. Since all real estate agents in Portugal must be licensed, the process moves along even quicker since ’scams’ are reduced. Again, the requirement for licensing makes it tough for less than desirable agents to prey on anyone.
The standard of Life: Portugal has maintained a rustic and pastoral way of life that is proving very appealing to many people. There has been a huge wave of expatriates, especially from the United Kingdom, who are looking to live a better lifestyle. Life in Portugal is about enjoying every day, and every moment of that day. Gone are the hectic hustle and bustle of the corporate ladder or the dizzying days of rushing here and there. It truly is a different way of life, a better life.
European Union: The ability to purchasing property in Portugal for a citizen of the EU is not only simplified, but they have the benefit of living in another country inside the EU. Therefore it is possible to retain all legal rights and privileges that a citizen of the European Union can maintain.
Cost of Living: In many ways the cost of living in Portugal is comparable to other countries in the European Union. However, inflation is low as are the costs of non-imported goods like food and alcohol. In non-resort areas the cost of dining out is also lower, as are property prices. Many great deals can be found for those who are looking to purchase property in Portugal, and those living on a pension will find that it is relatively easy to stretch their Euros.
Planning & Building Laws: In the early 1970’s the trend was to build a great many high rise buildings in order to meet a growing demand by the tourists. This created a downside since these buildings were not exactly pleasant looking and did not gel well with the pastoral and rustic villages and country-sides that gave Portugal its unique charm. New laws in the 1990s put a halt to this and then put in place a variety of construction regulations. This means the development of new properties will be less intrusive. This can help property buyers since they need not worry that their investment has been undermined but an ugly high rise going up on the lot next to their newly purchased village cottage.
Buying to then rent out a property: Rental properties in high traffic locations along the lines of Algarve, can be considered a hot commodity in the modern market. To purchase property for the sole purpose of renting it out can be a smart investment decision if it is in the proper area. With a great many management companies available, a property can be well maintained and you can sit back and collect rental income. Then there is the added benefit that you possess an inexpensive accommodation available for your own vacations.
Short Term returns of one’s Investment: There are areas of Portugal such as Lisbon that are undergoing major renovations. Property purchased in a market such as this can be quickly updated or renovated which will result in quick gains if the surrounding infrastructure has been targeted for being remodelled. Purchasers that are willing to put in the effort and monetary investment into a remodelled area such as this can see a solid and lucrative return on their investment.
It is clearly visible there are a large number of reasons why purchasing property in Portugal can be a smart move. With the streamlined and simple process of purchasing property in place, there is no reason why one should avoid opting to purchase property in Portugal.
Learn more about buying Portugal property #1. If your looking at Portugal, and are interested in purchasing Algarve property #2 and want to speak to an advisor then check out our site www.portugalproperty.com for details.
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