Top 10 Reasons For Purchasing Portugal Property
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.
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.
Portugal\’s Economy: It is a fact that Portugal does not possess strong exporting prowess, but its tourism industry has definitely solidified the country\’s economy. This has created a great deal of growth in businesses designed to support tourism. It is not complicated for European Union citizens to launch small business ventures in Portugal since the country is interested in expanded growth and has made the paperwork process less complex. Entrepreneurs interested in launching a business in the country will find it very welcome.
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.
Experiencing a better way of Life: Portugal has always maintained its rustic and pastoral way of life and people from all over the world find it appealing and impressive. Those in the UK enjoy it a great deal and that is why they are attracted to moving there in a great degree. The hectic days of dealing with corporate hustle and bustle can be a thing of the past and they can be replaced with a much better and less stressful life. Actually, you could consider it a better life.
European Union: 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 they will retain all rights and privileges associated with being a citizen of the European Union.
Cost of Live in Portugal: The cost of living in Portugal is roughly the same as other countries in the EU. There is a huge difference, however: inflation is extremely low and the same can be said of the costs of non-imported goods along the lines of food and alcohol. When you venture into the non-resort areas of the region, you will discover costs are even lower. The same can be said of property prices in this area as well. Yes, there are scores of excellent deals that can be acquired by those seeking to purchase properly. Even those living on a pension will find the region quite affordable and well within their budgetary limitations.
Planning Laws: In the early \’70\’s the trend was to quickly build a variety of high rise buildings to meet the growing demand by tourists. The downside was that these buildings were ugly and looked inharmonious with the pastoral and rustic villages and country-sides which give Portugal its charm. As a result, a new law was introduced in 1993 which put a halt to unplanned development high-density housing. Now a developer must meet with a variety of rules and regulations prior to construction and as a result development has been stabilized and is much less intrusive on the landscape. For the property buyer, this means that they\’re not going to get an unattractive high rise going up on the lot next to their quaint 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 you can see, there are a variety of reasons for purchasing property in Portugal. The country also has a strong desire to make the process as simplified as possible meaning you can purchase property in Portugal relatively easily.
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.
