Holiday Homes, Part 2 – Portugal
Portugal has a lot to offer: On the one hand, the Atlantic coast beckons with its turquoise blue sea, gentle beaches and impressive cliffs. On the other hand, cities like Porto, Lisbon, Sintra, Coimbra or Faro attract visitors with unique sights – after all, Portugal, one of the oldest nation states in Europe, looks back on a glorious past as a seafaring nation and colonial power, of which churches, palaces and much more bear witness.
Of course, entertainment and shopping pleasures are not neglected. But the hinterland also promises unforgettable experiences: Picturesque villages, olive and orange groves, vineyards and cork oaks can be found there as well as alpine mountain landscapes, for example in the Serra da Estrela Nature Park. In this context, the Portuguese island world with the Azores or the flower island Madeira must not be forgotten.
Culinary hotspot
Portugal is also a fixed point on the culinary map: While fish and seafood tend to be served on the coasts, meat is more likely to be on the plate in the interior – often as a stew, by the way. Those with a sweet tooth will also find what they are looking for: there are many desserts in Portugal – and they live up to their name. By the way, people like to drink (red) wine with their food, for example from regions such as Douro, Alentejo, Dão and Bairrada. Unique to Portugal is the “Vinho Verde” (“Green Wine”), which comes from the production area of the same name in the northwest of the country. After port, it is the second most exported Portuguese wine. As an aperitif, digestif or just in between, liqueurs and fortified wines such as port are also enjoyed.
But the country in the west of Europe has another advantage: Its temperate Mediterranean climate with warm, but not too hot summers and mild winters, makes it more than interesting as a second home destination for summer and winter. Vanessa Moreira, Managing Partner of Engel & Völkers Lisbon, reveals the current state of the real estate market in Portugal.
Portugal has been a popular destination for second homes for decades – but that’s not just due to its mild climate. What other reasons are there for buying a home here?
There are three main reasons for the high demand for real estate in Portugal:
The Mediterranean climate with year-round summer-warm temperatures, the high security of the
country as well as the moderate cost of living compared to other European
countries.
What are currently the most sought-after areas in Portugal?
Lisbon and the surrounding cities such as Oeiras, Cascais and Estoril are still part of the
the most sought-after areas. Also the coastal regions, especially the Algarve and
Comporta, are popular with buyers and investors alike. The high demand is also due to
attributable to the tax advantages offered by the country. These include, among others, the
so-called Golden Visa, the D7 Visa or the Visa for Digital Nomads. These programs
enable highly qualified workers, start-ups, entrepreneurs and investors from the
whole world to live and work in the country.
Away from this, are there regions where real estate developments for premium second homes (e.g., in conjunction with golf courses) can be expected?
North of Lisbon and especially on the coast, demand is rising continuously. Be it for
Golf courses in the area of Óbidos or for surfing in the area of Ericeira, Nazaré
and Peniche. The entire Portuguese coast is changing and holds more and more offers
ready to meet national and international demand.
We often hear about a structural shortage of supply that spans the entire real estate sector. What about the offer of premium
second homes out?
It is true that there is also a shortage of supply in the premium segment. Nevertheless observe
we that, despite rising construction costs and delays in approvals, new projects will be
arise. Especially in regions with high demand, such as Comporta, the Algarve, Lisbon
or even in the north of the country.
Have there been any noticeable changes in recent years – for example, in the countries of origin of interested parties, in the properties sought, or in the regions?
In recent years, there have been some changes that have had an impact on the Portuguese
Real estate market had. When the Golden Visa was introduced, increased investors
from China and Russia are interested in Portugal. After the NHR (non-habitual
resident) regulation was put into effect, many Europeans, including
especially French, to invest in Portugal. Recently, we have also seen an increased
Interest from American and Brazilian investors registered. Depending on the region, search customers are interested in different types of property, but all of them share a
Garden, a terrace or a courtyard very important.
Which properties are currently most sought after by premium clients?
Buyers in the premium segment are often interested in penthouses or large apartments that are
are located in the immediate vicinity of the center and a variety of shopping facilities. In the coastal town of Cacais, clients prefer luxury villas or apartments with sea views. Country estates or farms are in high demand in the southern Alentejo region and the Douro Valley. Although vacation properties are popular throughout the country, the greatest demand is in the Algarve and the Alentejo region.
How have prices developed in recent years?
Real estate prices have risen constantly in recent years. Currently, the prices have
stabilized, especially where demand is higher than supply.
Is there actually criticism of second homes in Portugal, as in some other countries or regions, given the housing shortage? Are there any construction stops or anything like that?
In Portugal, there is basically no criticism of second homes. Construction also comes to a halt
not. The criticism refers to the lack of affordable housing for Portuguese, which is in
prevails in many cities. The price increase leads many locals to consider buying a
cannot afford real estate, so they live in rented accommodation or move to more distant areas with
have to draw more moderate prices.
Can you name five places in Portugal that you should have seen?
In any case, there is Lisbon and Sintra. In addition, the beaches of Comporta and the surf spot Nazaré, with its waves up to 30 meters high. The old city of Porto and the breathtaking Douro wine region, the Peneda-Gerês National Park and the Algarve coast.
Are you interested in vacation properties abroad?
premiumliving.findmyhome.at/holiday-properties
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