Only until the past few years, Portugal had remained one of the sleeper countries in Europe where charm and pastoral living had gone with little notice. In the 1960s, many have noticed that the southern parts of Portugal have been at the centre of a great deal of real estate development. Much of this has been due to increased tourism designed to meet the needs of vacationers which, in turn, led to a huge wave of expatriates relocating to the country.
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.
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.
Easiness: For the individual seeking to purchase property in Portugal for an investment, the process is easy and direct. For those living outside the country, the entire process can be completed in short order and often well before five months have passed. The process has been simplified to promote new growth and this has been made even easier thanks to the fact so many real estate agents live in Portugal who are strongly versed in how the law works in this regard.
Way of Life: Portugal has always maintained its rustic and pastoral way of life and people from all over the world enjoy it. There are many expatriates – many from the UK – that want a better lifestyle. Living in Portugal is about maintaining a better life and enjoying it. Hectic days of hustle and bustle are long gone and those wishing to get away from them will enjoy this country immensely.
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.
Living Costs: The cost of living in Portugal is similar to other countries in the European Union. But, inflation has remained low and the same can be said of the costs of non-imported goods along the lines of food and alcohol. In non-resort areas of the country, the cost of dining out is quite low along with as property prices. Many great deals can be procured for those looking to purchase property in Portugal and the individuals living on a pension will find that their budget can survive quite a bit.
Building and planning regulations: In the early 1970\’s, there was a desire to produce a number of high rise buildings with the intention of meeting the demands and needs of all the tourists venturing into the region. There was a downside to this and it was the incongruence of the ugly buildings in comparison to the classic ones that existed in the region. A new law stopped the development of high rise housing and this helped stabilize the landscape of the region. Certainly, that has had a very positive impact on the real estate in the area since no unattractive high rises will appear next to a 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 Investments: Certain areas of Portugal like Lisbon, are undergoing major renovations. Property purchased in one of these markets which is then renovated or updated can result in quick gains if the surrounding infrastructure is also being remolded. Purchasers who are willing to put the effort and money into a remodel in an area like this can see a 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.
www.portugalproperty.com, is Portugal\’s leading Portugal propertywebsite. Feel free to visit Michael Vincent & David Rowat\’s site and look to choose the best Property in Portugal, and turn those dreams of yours into a reality.
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