WHAT CUSTOMERS OF LUXURY PROPERTIES IN PORTUGAL LOOK FOR?
The luxury real estate in Portugal is increasingly sought after by foreigners.
The main luxury home buyers in Portugal are foreigners seeking housing in major tourist destinations in the country, such as Lisbon, Madeira and Algarve and, more recently, on the Alentejo coast. In this context several factors are considered, which include the low property prices, the mild Portuguese climate and landscape diversity.
For the French, there is a growing demand for permanent housing, especially the tax benefits granted in Non-Habitual Resident regime . In Lisbon, specifically in the city center, there are still other reasons for foreigners to buy luxury housing.
Lisbon, as a capital, has unparalleled attractiveness factors for the international audience. First, it can operate as a business incubator, bringing together ideal conditions for foreign investment. But there is also a growing demand, it is estimated that 50% of foreigners seeking Portugal, to invest in the rehabilitation of buildings in Lisbon, in order to be able to monetize them.
In the Tróia market, for example, there is a decreasing demand by Portuguese due to the economic downturn that has been felt in recent years. However, the demand by foreigners increased. To this must be the price of housing in Portugal is quite delicious, including the segment of luxury real estate, and in the case of Troia, the availability of other services, such as golf, the casino or the coast line - marina.
Those looking for Tróia are mostly Nordic, also looking for peace and a good family destination. These luxury properties are also sought for tourist rental. That is, many foreign customers occupy their flats for half the year and for the other half use the properties for local housing, getting more income from their homes .
Madeira is also an interesting destination for foreign investors due to its weather and security that the island offers in relation to other European countries competing with Portugal in the tourism field. Not only British are drawn by Madeira but also Finns, French and Russians, who often come to purchase two properties in order to get more revenue.
BREXIT ATTRACTS FOREIGN INVESTORS FOR PORTUGUESE REAL ESTATE
With the victory of Brexit in the UK (which will cause the exit out of the EU country), there is a growing number of British to wonder how the Portuguese program of residence for investment works. For now this interest has only been seen in opinion polls and it is unknown whether it will in fact affect the investments.
INVESTMENT IN PORTUGUESE REAL ESTATE IS AROUND EUR 885 MILLION
In the first half of this year, investment in commercial real estate in Portugal reached € 885 million. This corresponds to 21 transactions in the retail real estate, offices, industrial logistics and hotels.
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