Buying real estate in Portugal is one of the smart investment decisions to take in 2023. This European country has fast developed a reputation to be a must go place for retirement in the world because of its temperate climate, accessible medical and wonderful insurance policies. It has grown by leaps and bounds over the years in terms of popularity of investors wanting to migrate.
Now is the perfect time to invest as between 2020 and 2022, demand exceeded supply and caused the price of Portuguese real estate to increase dramatically. In fact, inflation-adjusted square metre prices in the country have since risen to their highest point in 30 years.
The latest growth was likely inflated by Portugal’s “Golden Visa” program, alongside the Covid-19 pandemic and Ukraine-Russia War.
With people being forced to sell their properties because of increased loan repayments after facing tough times, the property prices would go down, opening the opportunity to buy reasonably priced properties
Today, property valuations in Portugal are at a level that makes it an ideal place for investment. The property market here is well-established. One won’t find any restrictions on the purchase of real estate and most land and property are sold freehold.
The country’s property registry system is also centralised and very reliable.The law protects property, property rights, and the right to access and use one’s own property.
Overall, the cost of living is lower than in many other European countries, but it can vary significantly depending on the city and the lifestyle of the individual. In Portugal, this is lower than in many other European countries, but it can still be expensive in some of the larger cosmopolitan cities, such as Lisbon and Porto.
The cost of housing, food, and transportation in Lisbon is higher than other cities in Portugal. However, the city offers a high quality of life and a wide range of cultural and recreational activities. In Porto, the second-largest city in Portugal, the cost of living is lower than in Lisbon, but it is still higher than in some other cities in the country.
Even though both cities have a higher cost of living, they are also considered as the most lucrative places for putting up properties for rent.
Buying and investing in Portugal can be overwhelming if you are not aware of the local legislations. At Krypton Global Investments we provide tailor-made packages suitable for you!
We also help identify good real estate options, business transactions, conduct applications, and give access to relevant legal and tax professionals to mention in the least.We have a lot more to tell you!
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