Unlike Spain’s Costa del Sol, Portugal remains largely less developed, meaning you get all of the sun and stunning coastline without floods of tourists. New construction along Portuguese shores is still tightly controlled; so don’t expect to be inundated with holidaymakers if you buy on the coast.
As the Portuguese property market never boomed like Spain’s, it is in much better health now. However, prices are still relatively low following the financial crash.
But the Portuguese government has been very savvy when it comes to attracting overseas buyers to the market. Recently, two particular incentives have been successful – the golden visa scheme has seen great take-up from non-EU investors spending €500,000 or more, and the Non-Habitual Tax Residency scheme has attracted European expats for its low or zero income tax rates, especially highly-taxed Scandinavians.
The cost of living in Portugal is also appealing, so what are you waiting for?
Both the Lisbon and Algarve markets have now started to recover, although prices are still low in the latter. For an area experiencing growth, head to Lagos on the western Algarve.
The Algarve is also a hugely popular golfing spot, frequently voted one of the best in the world by experts.
New investment is also popping up again, with a new marina scheduled at Vilamoura, and resorts such as Quinta do Lago are investing in updating their facilities to maintain their reputation as world-class holiday spots.
The top ten locations in Portugal for holiday home hunters are as follows:
- Pedrogao Grande (Leira)
- Sao Bras de Alportel
- Praia da Luz
- Quinta do Lago
- Figueiro dos Vinhos
If you choose one of these spots for your holiday home investment or permanent residence as an expat, remember to protect your asset with Overseas Property Insurance and enjoy Portugal!