Portugal - The Place To Be in 2017?
As we head into 2017, there’s no end of good news for those looking to invest in Portugal.
For visitors too, Portugal is tipped to be one of the hottest destinations in Europe; with even the Spanish Media citing Portugal as “the coolest country in the world” and “an example to be followed”!
Frankly, we’re not surprised that the world’s ‘best kept secret’ is becoming better known across the Globe! Beautiful beaches, enchanting architecture, fascinating history and a lifestyle that combines mediterranean benefits with inexpensive prices - no wonder people are falling in love with this wonderful, welcoming country.
Here in the Algarve, it’s obvious that confidence is returning to Large Commercial Projects and to Local Authorities who’ve been holding back investment for almost ten years. Faro Airport is increasing in size to reflect demand and the Region’s Ports are being refurbished to accept larger vessels. Cities such as Faro, Albufeira and Loulé have some of the most ambitious investment plans seen for years and Vilamoura continues to attract overseas money to further expand it’s world-class facilities.
In 2016, Portugal became the first country to be green energy self-sufficient, with homes, shops, offices and factories all powered via renewable energy for over three days. This Governmental commitment to the green economy has lead to great interest in Portugal from this emerging sector, with Tesla looking likely to invest in both the Algarve and northern Portugal in 2017 - bringing quality jobs and further infrastructural investment.
Across Europe, Portugal Property is still classified as being an ‘A’ Standard Investment, which in short means that property is fairly priced, reasonably taxed and offers a good prospective rate of return for investors. From experience, we know that many of our Clients wish to buy property for the long term, and we believe that taking a 5 -20 year view on any overseas property investment is a good practice.
For those Clients looking for a mixed-use or ‘home and let’ type property, our Rentals and Management Sister Company continues to report increased bookings for many properties for 2017. Interestingly, properties suitable for year-round occupation are also becoming more popular with rental Clients. With the international press focusing on Portugal being a safe, friendly, welcoming and great value holiday destination for many types of traveller, rental rates are strong in the Algarve and we can work with you to find a perfect property for your holidays and one which provides a good rate of return when you’re not using it.
Finally, all prospective purchasers should remember that the popular ‘Non Habitual (tax) Residency’ Regime continues for 2017. This amazing regime aims to provide low or zero rate taxation for those Clients looking to invest in Portugal and stay for over 183 days per annum. For retirees, professionals and those with specific skills and talents, NHR is well worth investigating. Why not read our web page for more information?
As a team, we’re looking positively at 2017, and as we enter our 36th year of trading, we’re sure that whilst it won’t be plain sailing, but the winds are currently in the right direction and we look forward to welcoming you to the Algarve.
With best wishes for the New Year.
Robert and Ana.