Portugal: best investment destination in 2022. Why buy in Portugal?
Buying a second home in Portugal has been an option for many foreigners for several years now, whether :
- to live there for part of the year,
- for vacations,
- to do business with long or short-term rentals.
Buying in Portugal is the wish of more and more foreigners, both within and outside the EU. In recent years, instability has unfortunately taken hold in many countries around the world. For this reason, one of the main reasons given is the desire to live in a peaceful environment, free from political, social and economic instability.
Portugal seems an excellent option. A sort of “El Dorado”, since the country offers a climate of peace, security and freedom. A kind of escape from the growing political and economic instability of certain countries, whether in relation to elections, lack of respect for freedom, wars, violence..
Ina recent “Compare the Market Australia” study of 34OECD countries, Portugal was voted the best destination to buy a second home in 2022, with a score of 7.27/10. Part of this study is shown below, with the 10 best countries in which to buy a second home in 2022.
Compare the Market Australia” study
What are the main nationalities buying in Portugal?
There are several nationalities making the decision to buy in Portugal. Both EU and non-EU nationalities. These include :
USA : there is strong demand from North Americans. This began in 2021 and was confirmed in 2022. North Americans, especially Californians, are looking for a lifestyle similar to their own, with the sea, the beach and surf, but in a “safer” environment. Buying in Portugal appears to be an ideal option for North Americans.
Brazil : a big wave of Brazilian investment in Portugal was also felt in 2022. It began shortly before the Brazilian elections and intensified after the second round. Due to the devaluation of the real, these buyers were looking to invest in a second home in another country. Portugal, with its many direct airlines to Brazil and its common language, Portuguese, was the country of choice.
Eastern Europe : against a backdrop of war between Russia and Ukraine, Portugal is a country that, thanks to its geographical position far removed from the conflict and its stable political and social structure, is very popular. Nationalities such as Danes, Swedes, Russians and Ukrainians see Portugal as a “safe haven”.
United Kingdom: the British have always invested heavily in Portugal, but this craze has become even more active since the Brexit.
This “strong dynamic” in the purchase of a second home in Portugal is also felt by the French, Germans, Chinese, Turks..
Lisbon – Portugal
What factors encourage foreigners to buy in Portugal?
The recent “Compare the Market Australia” study highlights various factors that make Portugal the ideal country to invest in real estate, such as the cost of living, rising property values, the number of restaurants… Let’s take a closer look at some of these criteria:
Average cost of living: €550/month per person(2022 data)
Safety: Portugal is considered the 6th safest country in the world by the Global Peace Index. As we have already seen, this is a decisive factor for those looking to invest in a second home. Portugal is a stable, non-violent country: no racial tensions, no religious or political conflicts or extremism… Below, a table with the 20 “safest” countries in 2022.
Quality of life : good value for money compared with other European and world countries. Bear in mind, however, that Portuguese salaries are very low compared with the rest of Europe. In 2022, the minimum wage in Portugal was €822 gross for a 40-hour week paid over 14 months (source: Eurostat). This makes the quality of life very attractive, especially if you work for a foreign company and earn a foreign salary while living in Portugal.
SMIC EU 2022 (source: Eurostat)
Value-for-money homes to buy: despite the enormous price rises of recent years – a 60% increase in 10 years for house purchases and a 20% increase for rents – Portugal, compared to other major international capitals, continues to offer lower prices per square meter than neighboring cities such as Madrid and Barcelona.
Ideal climate : Portugal’s year-round mild temperatures are priceless!
Beach quality: Portugal is a long country with a long Atlantic coastline. Lisbon is the only European capital with beaches just 15 minutes from the city center.
A diverse heritage: there are numerous natural, historical, architectural and cultural sites from north to south in Portugal. So there’s never a dull moment.
Quality gastronomy: I won’t go into too much detail on the subject, as you’ll find plenty of my articles on gastronomy in Portugal on the blog , including this one, but gastronomy in Portugal is delicious and inexpensive.
Costa da caparica beach – Portugal
Buying in Portugal: what are the 5 most popular cities in 2022?
In 2022, according to a study by idealista, the cities of Lisbon, Loulé and Albufeira (Algarve), Cascais (a seaside resort close to Lisbon) and Porto are the 5 most sought-after cities for foreigners to buy in Portugal.
- Lisbon: this is the city that most attracts foreigners looking to buy in Portugal. Considered one of Europe’s least expensive capitals, it attracts many investors and expatriates. As a result, the property market in Lisbon has risen dramatically. But there are still some attractive options around the capital. Villa Feria, which works in partnership with all the local agencies, regularly offers you these in the Lisbon area.
- Porto: the “little Lisbon” as I like to call it. Many North Americans and Brazilians prefer Porto to Lisbon, mainly for its authenticity and the fact that the real estate market is showing promising growth.
- Cascais: the upmarket seaside resort 30 minutes from Lisbon. This coastal town also attracts people wishing to buy in Portugal, but prices remain very high and flirt with those in central Lisbon.
- Loulé and Albufeira in the Algarve: these are also popular destinations for buying in Portugal. The majority of buyers are French, British, German… The Algarve has always been a very popular tourist destination, and it’s a seaside resort that’s also popular for buying second homes, which account for almost 40% of the homes in the region.
Finally, “lesser-known” regions such as theAlentejo, between Lisbon and the Algarve, and the Silver Coast, just above Lisbon and including the towns of Tomar, Peniche, Obidos and Nazaré, have also seen a sharp rise in the number of second-home purchases by foreigners in recent years.
Algarve – Portugal
In conclusion
Portugal’s many assets make it a prime destination for buying a home, and the number of people investing in and moving to Portugal in recent years is a clear reflection of this popularity. What about you? Ready to buy in Portugal? Contact us, we’ll be with you every step of the way.
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