Ever since the financial crisis of 2008 came around, lots of previously unaffordable locations have since opened up to new markets with more and more investors taking a fresh look at amazing properties to buy. Portugal is one such destination that still has impossibly beautiful and exotically designed houses for sale. Whereas the market here is still tiered into different sections (mid-range, luxury and such), the prices have since come down to a reasonable rate.
Of course, reasonable will totally depend on your financial capabilities. But if you look at it this way: a two-bedroomed apartment in Vilamoura used to cost about £255,000 almost ten years ago and now costs about £153,000. Then you would see that the prices have since come down to Earth. This is mostly thanks to great steps taken by the Government to make it easier for expatriates and other investors to spend on the Portuguese property market. From reducing tax for expatriates, to completely abolishing it for retirees and even offering Golden Visas for those who spend above £425,000 on their property market.
With all these incentives, it is also natural that serious investors would want to start looking at Portugal as the next property market into which they should buy. Here are 3 of the top Places to Invest in Portugal.
Highly popular with European investors, The Algarve offers everything you would want in an Oceanfront location. Beautiful sunbathing spots, exciting watersports and yachting opportunities. All that and it has reasonably designed houses too! You can find amazing deals in Tavira, a breath-taking city on the Eastern side of Algarve. Here you will find new apartments just minutes from the beach going for unbelievable prices like £153,000.
Lisbon and the areas around it
Lisbon, Cascais and Estoril have seen an influx of wealthy European and Asian investors looking to own property and gain European Visas through purchasing high valued properties in Portugal. What this has done is that it has driven the prices of many houses here up towards the £425,000 mark. For an investor, this is wonderful news. All you have to do is find off-market properties, renovate them and you are all but guaranteed a good price on the house from foreign investors.
About an hour north of Lisbon, this location is well known for its wonderful surfing and watersport opportunities. It is also mainly a fishing area and as such has quite a bit of tradition and an exotic feel to it. You can find wonderfully priced two-bedroomed apartments in the main town of Nazaré. Your fish will be cheap, your food organic and the locals are absolutely wonderful. All things that point to a great location for property purchase.
Other locations include The Tróia Peninsula, Alentejo coastline and Inner Alentejo. As a country, Portugal has done alot to make sure that its property market remains highly attractive and competitive in the Global market. For an investor, the financing opportunities, as well as tax reductions, make this one of the best Oceanfront places in which you can successfully invest.
If you re seriously considering foreign investments, be sure you assemble a team of trusted solicitors and lenders in the country you wish to invest. It’s important to know what you can and can’t do to avoid any legal problems and penalties. I discussed this topic more thoroughly here: http://mobileb2b.co.uk/what-you-need-to-invest-in-property-remotely/
You may also check out this supplementary video from Rick Otton on how to build a property investing team.