Resicom – Holiday Investment – 04-21 – LB

Foreign Investors Attracted by Portugal Beaches

Wealthy foreign overseas property investors are snapping up beachside properties in Portugal, attracted by the Portuguese coastline and beaches.

Coastal cities, particularly near the Portuguese capital of Lisbon, have seen property prices recover quickly since the global financial crisis, as wealthy foreign investors look for vacation and retirement properties.

Government grants to help with renovating properties in the Capital has also led to an increase in tourism and property investment.

While Portugal has always been popular with foreign overseas property investors, demand has noticeably increased since the financial crisis.

The lure of the Portuguese Golden Visa programme offering residency permits in exchange for investment in property markets has also added to the influx of wealthy foreign buyers.

Ricardo Sousa, CEO of real estate agents Century 21 Portugal, commented: ‘When we started to see an increase in demand (after the financial crisis), it began with foreigners. This latest demographic wave of international investors very much wants to live in Lisbon. The French were the ones who originally used to get on the plane to spend weekends in Lisbon but now demand is becoming more and more diversified and the profile is shifting.’

He continued: ‘Investors with half a million euros or above are looking at the city centre and its historical heart, as well as the Expo area, which is very popular with Asian investors and there is a lot of land. It’s Lisbon’s quality of life, modern infrastructure, climate, easy access to the city centre that appeals, and it’s very safe.’

It has been estimated that around 25 per cent of all property transactions in Portugal now involve foreign overseas property investors.

Many foreign property investors are purchasing luxury properties, contributing to a boom that is pricing local middle-class families out of the housing markets.

A year-round temperate climate, an abundance of beautiful beaches, and world-renowned golfing and surfing is also contributing to interest from overseas property investors around the world.

It seems that Portugal is rebounding very well from the financial problems over the last ten years.

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