There is a new trend of foreign investment in the Portuguese real estate market that is beginning to gain ground. It comes from across the Atlantic, specifically from the United States of America.
Portugal's improved image and reputation is attracting more and more tourists and investors. The low prices of real estate and the quality of life in comparison to their home country are other factors that are attracting Americans to buy in Portugal.
In an interview with the Portuguese newspaper Dinheiro Vivo, Miguel de Poisson, general manager of Sotheby's real estate in Portugal said, "The flow of American tourists has grown a lot and will be important for the economy. I have no doubt that the next big wave of investment in Portugal will come from the US, not only in the real estate sector, but also in business. We already see the potential that exists. The reputation that Portugal is beginning to have has not happened for two years."
The election of Donald Trump as president of the United States has also caused many foreign immigrants in the US or international investors "to look for safer alternatives when investing in real estate, as is the case in Portugal," APEMIP president Luis Lima pointed out.
Portugal is cheap and liveable, says the Washington Post
As well as that, the Washington Post published an article last week encouraging Americans to invest in buying a home in Portugal, recommending Cascais as the perfect destination. "Buying a house outside of the country isn't just for the rich. In some cases, living abroad is cheaper than living in the United States," writes the newspaper, noting that "real estate prices in Portugal are among the lowest in Europe.”
The selection made by the Washington Post (in the article "Ten attractive cities that prove that you can move to a new country and live comfortably") does not, however, include the cheapest cities, but those that "offer good value", or, if you like, a good quality/price ratio, or better, quality of life/cost of living. The study was carried out using information from International Living, an online portal dedicated to retirement abroad.
Cascais is presented as "cosmopolitan but relaxed". Historically, it began to grow as a fishing village and later became an area frequented by the high society after Louis I of Portugal chose it as a summer residence. From that moment on, luxury houses and mansions began to be built there.
Among the most welcoming countries in the world for ex-patriates
Many of the Americans who have already decided to change the U.S. for Portugal arrive in large numbers, looking for the sun, cuisine, hospitality and the opportunity to start a life, the newspaper Público reported a few weeks ago. They gave case studies to substantiate their reasons why Portugal is the best country in Europe, and the fifth best country in the world for ex-pats, according to an InterNations survey.
The profile of the average American who comes to Portugal looking for a home to live in is varied, opening up several opportunities in the Portuguese real estate market.
In addition to the so-called gold visas, whereby residence permits are given out in exchange for a minimum investment of 500,000 euro in real estate, there are those who come to rent. Karen Nipps, for example, an American who retired at 61, decided to leave Boston and rent an apartment in Porto, as she told the Portuguese newspaper.