Portugal is a country, which offers favorable conditions for investments in real estate. Why? We are going to tell you.
If you compare Spain and Portugal real estate, 90 of 100 requests accounts for the first country and only 10 for the second one, at least among Russian speaking buyers. If you even were not going to analyze Portuguese estates, read the following article and international analysts will convince you.
Stabilization of Economy
The economy of the country is stable. For the first time, the unemployment rate fell below the European Union (EU) average and foreign investment in real estate and projects of infrastructure is increasing. The GDP grew by 1.4% over a year. Despite slow growth in a lot of sectors the real estate boosts. If all branches of the Portugal economy had developed in the same way, the country would have become the most powerful in the EU.
Rapid Price Rice
The real estate market had not just recovered from the crisis but began to develop rapidly. According to the national statistics Committee, the price for housing had risen by 7.9% per year. The results of the last year are not just a random leap, but a continuation of a long-standing trend.
A Record Sales Number
Not just prices but also buyers activity is increasing. The new record was set in the first quarter of 2017. 35 178 estates were replaced by their owners for three months. To compare with 2016, the number of bargains grew by 19.4%. With each quarter increases the total cost. Thus, by the beginning of 2017, it reached €4.3 billion.
Low Market Entry Threshold
In Portugal, the prices for the property has been rising steadily since 2014 but still remain on a relatively low level. For example, luxury villas and apartments in Lisbon are the cheapest in Europe. Therefore, the foreigners (Brazilians, French, Chinese) conclude 65% of all transactions.
A Popular Program for Obtaining a Resident Card
Compared to 2015, in 2016 the volume of investments in “Golden Visas” soared by 87 %. Foreigners invested €874 million and received 1,414 residence permits. The Russians are in the top three.
After the recent amendments, it is enough to invest €350 000 in real estate to obtain a residence permit. As a result, nowadays Portugal has one of the most affordable European programs for obtaining a permanent resident card, which can be exchanged for citizenship in six years.