With a greater abundance of sun, sand, and sea, Portugal is loaded with tons of reasons for you to invest in real estate there. However, investing in real estate is undoubtedly a big commitment. Also, as stated, three pillars of luxury, sun, sand, and sea, are in greater abundance across Europe. So, why specifically should investment be made in Portugal?
If you have already made a move, don't stress, you are certainly not alone. It is considered to be an extremely attractive place for foreign buyers. Due to the same reason, more and more British citizens are moving here than ever before. Portugal is bursting with versatility. It has something to offer to everyone.
However, if you can't decide on buying a property in Portugal, we are here to give you some of the most compelling reasons to make it happen soon.
5 reasons to buy a property in Portugal
It is easy.
Whether you are Portuguese or not, the government there has made the entire process of gaining residency in this country surprisingly straightforward. In case you are an EU citizen, you can benefit from the country's Non-Habitual Residence Regime (NHR). This regime grants you residency status without any requirement to live there throughout the year.
In addition, you can reap benefits from the golden visa Portugal program. This is a dream for foreigners willing to move to Portugal. You can get hands-on with this program when you purchase a property worth €500,000 or more. This program grants you and the family members permission to live, work, or study in the country.
Taxes are low in Portugal.
Along with being a beautiful country, it is a smart financial investment opportunity for people who fall into certain income brackets.
The economic environment in Portugal is way more favorable than several other prestigious European countries, and it is evident from the income tax climaxing at 48% here. So, apart from natural beauty and a relaxed way of life, Portugal's low taxes are worth consideration.
Holiday lettings make sense in Portugal.
Portugal has an abundance of stunning coastline, popular beaches, and mesmerizing culture. All these fascinating things contribute to the thriving tourism industry here. So, the next impeccable benefit of buying a property in Portugal is the holiday lets.
Being your second home, there are chances that the property will remain empty for some time of the year. In this case, you can consider doing holiday lets once you invest in a second dwelling here.
Undoubtedly, short-term rentals are a great source of income while ensuring you get full control of your house throughout the year.
It is luxurious.
If you desire luxurious living, then Portugal's real estate investment is the right option for you. You wouldn't be disappointed. The excellent infrastructure, stunning houses, villas, and wealth of apartments are unlikely to disappoint you. Instead, these signify the scope for leading an opulent lifestyle in Portugal.
In addition, the large number of golf courses, top-grade restaurants, and fascinating beaches give you every reason to invest in a second dwelling in Portugal.
It's the market for primary residences.
Apart from natural beauty, this place also has great potential for property investment. The real estate market is promising here, especially in the case of primary residences. The different cities like Lisbon, Faro, and Braga are witnessing an exponential rise in property rates over the past years.
Lisbon city with modern designs and unique settings, is a popular and attractive place for investors. Even Porto is showing remarkable developments over the years.
Undoubtedly, the continuous rise in property rates contributes to all this. For example, recently, property prices have witnessed a rate surge of up to 20%.
With modern and unique cities, lush green landscapes, golden coastlines, and mesmerizing weather, Portugal showcases versatility and has something to offer everyone.
So, deciding to invest in a second dwelling in Portugal is a great deal for you. However, it does involve good research to find the right destination that suits your lifestyle and makes financial sense.
Most importantly, be it a fascinating lifestyle or a great financial deal, investment in real estate in Portugal makes sense in both aspects.