According to BBC Travel, Lisbon is in the world’s TOP 5 cities where one can live better for less money. In addition, the Weatherwise Magazine says that Lisbon is the 6th city in the world with the best climate. These two arguments alone would be enough for us to move and settle in the Portuguese capital, but there are many other factors that make our city and our country one of the most attractive to live in. I will just mention 3 of them – health, education and infrastructures – since these are highlighted by the World Economic Forum. Based on these sectors, Portugal was considered the 36th most competitive country in the world.
All of these are unique qualities for those wishing to invest in real estate in Portugal, alongside with extremely competitive prices when compared to other European cities. Whether for living, holiday residence or for investment Portugal is increasingly sought by international investors looking to purchase a house.
This growing interest for residential real estate is being met by an increasingly sophisticated offer that is changing city centres, namely Lisbon. What we are seeing today is a real revolution in the most central spots of the Portuguese capital, including the historical centre and other prestigious areas of the city. Where once there were rundown buildings, today we see refurbished buildings or buildings undergoing rehabilitation, rising as apartments of excellent quality and, quite often, of a high historical and architectural value. To better understand this dynamism, urban development represented about 34% of the buildings concluded in Portugal in 2014.
Tourism has also had a strong impact on the residential market. Lisbon and Porto are in the spotlight of world tourism, which is excellent news for those that make purchases with the intention of securing a return on their real estate assets. The most common model is placing the asset in the short-term rental market (tourist apartments) and/or rent it as serviced apartment, two types of accommodation that are becoming increasingly popular around the world.
If in addition to the intrinsic qualities of our country, we include the quality and competitiveness of our residential real estate, as well as the incentive programmes for foreign investment, we can truly say that we are witnessing a new momentum in residential real estate that we have to take advantage of.