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 a multitude of reasons for purchasing property in Portugal, and the following list of ten reasons is a persuasive argument for becoming a property owner in Portugal.
Weather: It is not uncommon for the weather in Portugal particularly in the Algarve region can be considered a factor in itself. There are a great many sunny days in abundance which is commonly combines with the low humidity and fresh breezes from the ocean. For the people in Europe that have dealt with a life of rain, humidity and cold damp winters, this is a huge plus. Temperatures will rarely drop below freezing, and will rarely rise above 30 Celsius.
The Tourism Industry: Significant amounts of growing tourism have opened the door for available land which is being developed into hotels and resorts. This has opened the door for tracts of land to be developed for commercialization and a properly selected piece of property can turn an enormous profit for developers that opt to choose to build a resort, golf course, etc.
The countries Economy: It is certainly true that Portugal is not a country known for any dynamic exporting prowess, but the tourism industry has allowed the country’s economy to develop strongly and there is certainly room for growth in businesses designed support tourism. It is also significantly easy for European Union citizens to launch a small business in Portugal since the country has made the process of paperwork very easy so as to stimulate new growth. As a result, the potential for growth is huge for the entrepreneur looking for land in which to build a big business on.
Simplicity: For the person looking to purchase property in Portugal as an investment, the process if fairly easy and straightforward. If you live outside the country, the entire process can be completed in a short time, usually well before five months have passed. Again this process has been simplified to encourage new growth, and it is made easier by the fact that all real estate agents in Portugal have to be licensed. Due to this fact, all agents are educated and well versed in the processes and procedures necessary to purchase land.
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 Let: Rental properties in high traffic destinations like the Algarve, are a hot commodity in today’s market. Purchasing property specifically to rent it out can be a wise decision if it is in the right area. With a plethora of management companies available, your property can be well looked after while you sit back and receive additional income. Plus, the added benefit is that you have inexpensive accommodations available for your own vacations.
Short Term Investment Strategies: There are areas in Portugal such as Lisbon that are experiencing major renovations. Anyone that purchases property in these markets may be able to renovate the property and then take advantage of huge profits when the surrounding area is remodelling or developed. Those buyers willing to put in the money and effort in such an area will potentially see a lucrative return on an investment.
As one can clearly see, there are a multitude of solid reasons for purchasing property in Portugal. Add to this the country’s desire to make the process as simple as possible and you can be faced with the question “Why not?” when asking if one should or shouldn’t purchase property in Portugal.
Looking to find the best deal on property in Portugal, then visit www.portugalproperty.com. For the best advise on buying Algarve property feel free to contact a member of our sales team who will be happy to help.
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