The dream of moving overseas in pursuit of a better quality of life is not new however the UK’s cost-of-living crisis has done much to emphasise the appeal of a life in the sunshine.
For those who commit to making those dreams come true, Portugal is a popular destination. Known for its high quality of life, stunning natural environment, welcoming community and abundance of outdoor pursuits, Portugal recently ranked seventh out of 53 countries in InterNations’ 2023 Expat Insider survey. Safety and security, environment and climate, leisure options and culture and welcome were some of Portugal’s top-ranked attributes by those who have already made the move.
Portugal also provides a welcoming fiscal environment, with a range of visa options and tax incentives designed to attract newcomers to the country. Discovering the financial elements of life there is high on the agenda for many of those who have registered for the upcoming Moving to Portugal Show on 19th October 2023, as it was for those who attended the previous Moving to Portugal Show in London in March 2023. 59% of those who attended the show were interested in finding out about residency visas, 45% about taxation, 38% about investment opportunities and 30% about pensions.
Many Moving to Portugal attendees were also keen to find out about house prices (49%) and mortgages for Portuguese properties (21%). The most popular areas of interest were the Algarve, which 54% of buyers were interested in, the Greater Lisbon Area (52%) and Porto and northern Portugal (30%).
Portugal’s property market has showcased its strength in recent years, with prices rising steadily. Eurostat figures for Q1 2023 show that Portugal’s property prices achieved the sixth largest year-on-year increase in the EU. The future is looking positive too, with the Economic Experts Survey from the IFO Institut and Germany’s University of Munich projecting Portuguese property price rises of more than 8% per year over the next decade.
According to Ana Penisga Amorim, Director and Partner at Cerro Novo Real Estate, one of the exhibitors at the upcoming Moving to Portugal Show in October, foreign buyers play a key role in that future, particularly in traditionally popular holiday destinations such as the Algarve. She comments:
“The British market has always been the most predominant in the Algarve and is where most of our buyers come from. In normal years, the age group of our customers is pre-retired or retired, i.e. 50/60 years old or more, but with the pandemic this situation has changed. We still have many clients in this age group, but we also have younger clients, in their 30s and 40s. These are people who still work and can do so remotely.
“Nowadays, although the British market is still very strong, we have been receiving clients from other nationalities, including Americans, Canadians, Germans and Dutch, among others… the reasons given are the climate, safety, cheapness, the friendliness of the Portuguese people, the beauty of the country and the gastronomy.”
While city living is growing in demand due to a younger population looking to move to Portugal, property buyers looking for a home close to the coast in Portugal are often drawn to the Algarve. The Portuguese Chamber of Commerce in the UK recently identified British movers’ preferences as part of its Algarve Property Survey.
It found that 93% of those surveyed were seeking a property with outdoor space, while 68% would prefer a detached home. Good views, preferably overlooking nature or the sea, were important to 90% of movers and 82% were looking to live in locations with an established community with year-round residents. In terms of location, 43% of movers wanted to be within five minutes’ drive of facilities such as supermarkets and restaurants, while 44% were happy to be within ten minutes’ drive.
“British buyers in the Algarve – and in other areas of Portugal – are keen to enjoy the country’s climate, relaxed pace of life and beautiful natural environment. Requests for Portuguese citizenship jumped by 37% in 2022 and it’s easy to see why, given the quality of life and low cost of living that the country offers. It’s a very popular location with Britons looking to move overseas, who make up Portugal’s second largest expat community,” said, Christina Hippisley, General Manager of the Portuguese Chamber of Commerce in the UK
Those interested in making the move to Portugal can find out everything they need to know at the next Moving to Portugal Show, which will take place in London on 19th October 2023. Running from 10.30 am to 7.30 pm, the free-to-attend show will host a range of seminars and discussions, with experts on hand to discuss all aspects of moving to Portugal and living there. Tickets must be booked in advance at www.movingtoportugal.org.uk.