Portugal is a cosmopolitan country, the home of Henry the Navigator and Vasco da Gama, with a rich sea fairing heritage and has for centuries witnessed all nationalities embarking and disembarking from great voyages of discovery. Portuguese, have through the centuries become accustomed to traditional visitors from both the “Old World” and exotic visitors from the “New World”. The Portuguese are a friendly and peaceful nation that welcomes all nations, languages and creeds with open arms. Portuguese tend to be multilingual a skill learned in finding the routes of discovery to the Far East and the Americas. Portugal receives visitors with “Beijinhos e Abraços” (kisses and hugs), “Bem Vindo a Portugal” (welcome to Portugal).
ESTABLISHED DEMOCRACYPortugal has been a stable democracy since 1974. Portugal has no internal political strife and religion is practised freely with no radical elements operating on the fringe of society. Portugal also shares a positive and peaceful relationship with its neighbours and former colonies, i.e. Brazil, Angola etc.
EXTREMELY SAFE INVESTMENT LOCATION
As a location, Portugal meets all the criteria for a low risk investment. It has been a member of the European Union since 1986, part of the single currency since its inception in 2002. Portugal has a stable government and enjoys steady economic growth. Portuguese by their nature are conservative therefore Portugal has not experienced the peaks and troughs of fellow European Union member states. Both economic and population growth has been steady and the proof of this continued success is that Portugal is considered one of the safest countries in Europe to live in.
MASSIVE EU INVESTMENT IN INFRASTRUCTUREThe European Union has between 2000 and 2006, invested €25 billion in Portugal to massively improve the country’s infrastructure. Roads and transport links have been significantly upgraded and soon, construction will begin on a high-speed TGV rail line, which will cut the 10-hour journey from Lisbon to Madrid to less than 3. The European Union pledged a further €22.5 billion over the next six years to improving the infrastructure. Motorways cross the country connecting all the major Portuguese centres including neighbouring Spanish cities; Madrid, Seville etc. The government is also promoting building of a new Lisbon International airport and a new bridge across the river Tejo, to be funded by the EU. Medical, Education, Electricity, Telephone and clean water are available to all its citizens providing a good standard of living for all. Portugal has entered the electronic age as a leader, citizens are able to communicate via the Internet and attend to: banking, bill payments, administrative issues from anywhere in the world. The equation is simple – when infrastructure improves, property prices go up.
HIGH LIVING STANDARDS BUT LOW COST OF LIVINGAs part of the EU, Portugal enjoys high living standards including excellent healthcare and education systems, yet it remains one of the least expensive countries in Western Europe. Daily items such as food and wine are of excellent quality and the cost of a meal for a family of four is only around €35 per head.
PLANNING LAWS TO STOP OVERDEVELOPMENTIn 1993 planning laws were introduced, following a rash of over-development in Spain. Portugal has one of the strictest planning laws in Europe, it has been instrumental in preventing Portuguese ‘hotspots’ on the
Silver Coast, Blue Coast,
Lisbon Coast and
Algarve from suffering the same fate as the overdeveloped Spanish Costa’s, allowing the country to maintain its traditional feel and atmosphere. It has restricted the number of new-builds, which has and will continue to push property prices higher.
PRIME TOURISM DESTINATIONPortugal remains a massive destination for tourists. The World Travel and Tourism Council estimates that tourism contributes over €30 billion to the Portuguese economy and is forecasted to grow to €53.5 billion by 2016. Tourism to the country remains rock-solid, which means strong demand for quality accommodation and in turn, higher occupancy rates for investors. Portuguese have learned from the success of resort towns such as Vilamoura, Val da Lobo, Quinta da Lago, Albufeira and
Tavira in the Algarve and the revitalization on cosmopolitan centres such as Lisbon, Estoril and
Cascais on the
Lisbon Coast and applied these valuable lesson in hot spots such as
Nazaré,
São Martinho do Porto and
Obidos on the
Silver Coast.
YEAR ROUND RENTAL RETURNSWith its mild winter climate, cheap daily flights from all over Europe and an average of 300 days of sunshine per year, Portugal is a hugely popular year-round destination. Its attractions create a strong tourist demand, which ensures investors can make solid rental returns from holidaymakers throughout the year.
AVAILABILITY OF MORTGAGESPortugal benefits from a mature banking system unlike some of the emerging Eastern European markets, Portuguese mortgages are readily available to overseas investors. All mortgages are based on status, with proof of income and outgoings required and the mortgage secured on the property in Portugal. The global banking crisis has not affected the Portuguese banks as much as their European counterparts; Portuguese banks tend to be more conservative in boom times and therefore only have to adjust their policies marginally in the lean times. Prestige Portugal benefits from an exclusive protocol with Portugal’s largest private bank, which includes, 72-hour mortgage pre-approval, reduced spreads, 80% LTV and more on villas, townhouses, land or apartments. This means a smaller initial outlay from investors and better overall returns for your investment
Why Portugal? . . . . . . . . . Why not?
by Davide Patricio Labels: Airport, Algarve, Apartments, Cascais, Investment, Land., Lisbon, Mortgages, Nazare, Obidos, Portugal, Property, Sao Martinho Do Porto, Silver Coast, Tavira, Townhouses, Vilamoura, Villas
