Why are foreigners buying property in Portugal?

Foreigners purchase property in Portugal for a variety of reasons, and the country has become an attractive destination for real estate investment and retirement.

Some of the key reasons why foreigners choose to buy property in Portugal include:

1. Beautiful Scenery and Climate:

   Portugal offers a diverse and picturesque landscape, from stunning beaches along the Algarve coast to historic cities like Lisbon and Porto. The Mediterranean climate with mild winters and sunny summers also attracts those seeking a pleasant climate year-round.

2. Affordable Cost of Living:

   Compared to many other Western European countries, Portugal has a relatively low cost of living. This includes affordable housing, transportation, and dining, making it an appealing option for retirees and expatriates.

3. Stable Economy and Political Environment:

   Portugal has a stable political environment and a growing economy, making it a secure place for investment. Foreigners often see it as a safe and reliable country in which to invest.

4. Real Estate Investment:

   Property in Portugal is a hot topic right now! Portugal's real estate market has been steadily growing in recent years, offering potential for both rental income and capital appreciation. Many investors see the opportunity to make a profit in the Portuguese property market.

5. Quality of Life:

   Portugal consistently ranks high for its quality of life. Its healthcare system is considered excellent, and there is a strong emphasis on work-life balance and overall well-being.

6. Cultural and Lifestyle Appeal:

   Portugal's rich history, culture, and vibrant lifestyle attract people from around the world. The country is known for its cuisine, wine, music, and festivals, making it an appealing place to live or have a second home.

7. Language:

   Portugal's official language is Portuguese, but many people in urban areas, especially in the tourism industry, speak English and other languages. This makes it relatively easy for English-speaking expatriates to navigate daily life.

8. Access to the European Union:

   For those looking to do business in the European Union, Portugal's location and EU membership offer strategic advantages. It provides access to the EU market and benefits from various trade agreements.

9. Retirement Destination:

   Portugal is a popular destination for retirees due to its welcoming atmosphere, affordable healthcare, and retirement-friendly visa options. The Non-Habitual Resident (NHR) tax regime also attracts retirees with it’s favourable tax benefits.

In summary, foreigners buy property in Portugal for a combination of reasons including lifestyle, investment, and residency. The country's natural beauty, affordability, stable environment, and attractive quality of life make it an appealing choice for real estate investment and living.

-

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.