Buying property in Portugal
Buy your dreamhouse under the sun of Portugal
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Why buy property in Portugal?
Choosing Portugal means choosing an excellent quality of life
Portugal has emerged from the global financial crisis as the best European learning child. Even though Portugal did not really have to deal with a real estate crisis, from 2008 onwards, due to the reduced income and employment opportunities, many Portuguese people struggled to pay off their loans. People wanted to get rid of their house (or had to relinquish it to the bank) and this caused an oversupply of real estate with the resulting falling prices.
Portugal has responded very well to this. For example, the then government decided to attract investments from abroad through a number of tax advantages and was the first of all European countries to launch a Golden Visa scheme, which allows residency against investments in real estate or businesses. Individuals looking for a home under the sun as well as companies can enjoy these advantages until today when they invest in Portuguese real estate, employment or sustainable business.
For example, Portugal has signed a treaty with most European (and many non-European) countries, which should avoid double valuation of your income. In this way, for example, you do not pay tax on your income in your home country if you stay in Portugal for more than 6 months per year.
The golden visa applies to non-EU nationals. If you, as a non-EU citizen, invest in Portuguese real estate, employment or sustainable enterprises, you will receive a golden visa which gives you access to all Schengen countries and a permanent residence permit after 5 years.
The market has therefore quickly regained itself. Real estate prices are almost as high as before the crisis and continue to rise at this moment due to a sub-supply of new construction. After all, the properties in Portugal released by the crisis earlier have already been sold. Prices are expected to climb less quickly and even stabilize in the future, but there is no question of a price drop generated by a new recession. Due to the initiatives and reforms that the Portuguese government is still closely following, the growth of the Portuguese real estate sector is very sustainable.
Real estate transaction costs are very low in Portugal.
The banks have also begun to borrow money again. For example, foreign investors can easily borrow a mortgage of between 60 and 80% of the property to be purchased. The interest rate is currently as low as never. A variable foot in Portugal can already be calculated from 1.3%. This combined with very low crime rates, delicious, healthy and cheap food, a friendly and very peaceful population as well as the excellent climate with about 300 sunny days a year, give Portugal a unique investment climate that other countries around the Mediterranean can not match.