129
129

Will the Americans Be Portugal’s Next Investors?

28 May 2018

A new trend in foreign investment in Portugal’s real estate market is beginning to gather strength. It is arriving from the other side of the Atlantic, specifically from the United States of America. The improvement in Portugal’s image and reputation is attracting greater and greater numbers of tourists and investors. The low real estate prices together with the quality of life, compared to that country, are some of the other factors that are appealing to Americans.

“The flow of American tourists has been growing significantly and is becoming important for the economy. I do not doubt that the next big wave of investment in Portugal will come from the United States, not just in real estate but also in business. We understand that the potential exists. There wasn’t this kind of focus on Portugal even two years ago. This isn’t an unimportant detail, it’s going to be extremely important,” Miguel Poisson, CEO of real estate Sotheby’s in Portugal, stated in an interview with Dinheiro Vivo.

The election of Trump as president in the US has also caused many foreigners living in the US and US-based international investors to “look for safe alternatives for investing in real estate abroad, as is the case in Portugal,” according to APEMIP’s president, Luís Lima.

Portugal is cheap and has a high quality of life, the Washington Post wrote

Just last week, the Washington Post published an article urging Americans to invest in buying a home in Portugal, specifically highlighting Cascais. “Buying a home outside the country is not just for the rich. In some cases, living abroad is cheaper than living in the United States,” the newspaper opined, noting that “real estate prices in Portugal are among the lowest in Europe.”

The Washington Post’s selection (in the article “Ten attractive cities that prove that you can change countries and live comfortably”) does not evaluate the cheapest cities to live in, but rather those that “offer good value,” or a good quality of life versus cost. The article was based on information from International Living, which compiled a study of visits to each of the cities.

Cascais is considered as being “cosmopolitan but relaxed” and as having grown from a fishing village to a place frequented by high society after D. Luis chose it as his summer retreat. From that point, luxury houses and mansions began to be built.

Among the best countries in the world for expatriates

Many of the Americans who have already decided to move to Portugal come looking for sun, gastronomy, hospitality and an opportunity to begin life anew, Público reported a few weeks ago, relating specific cases to explain why Portugal is considered the best country in Europe and the fifth best country in the world for expatriates, according to a survey by InterNations.

The profile of the Americans who are arriving in Portugal, looking for a home, is quite varied, creating opportunities in the Portuguese real estate market.

In addition to so-called golden visas – where the Portuguese government grants residency permit in exchange for a minimum investment of 500,000 euros in real estate, some often come looking to rent. Karen Nipps, a retired American decided to leave Boston at the age of 61, and rent an apartment in Porto, he told the Portuguese daily.

Original Story: Idealista

Photo: Getty Images / iStockphoto

Translation: Richard Turner