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The government not so long ago added Portugal to their green list of countries England citizens are now allowed to visit abroad. As a result, we saw English football fans travel to attend the UEFA Champions League final. At the first opportunity, Brits were keen to get back to the Portuguese sun. With Portugal beginning to open up to tourists across the globe, as soon as British property investors are able, Portugal is looking to be a promising investment opportunity.
Due to the appeal and history of Brits visiting on holiday or purchasing second properties, investors should seriously take notice of the many benefits available to them. After the year we have endured, some of us may want that well-earned break without needing to quarantine on our return.
The Appeal of Virtual Viewings
Nowadays, it is so easy to find your ideal home. Just searching up an area in Portugal will lead you to that perfect location. Virtual viewings allow us back in the UK to find a suitable property without the need to visit there in the first place. It seems that the convenience of virtual viewings now far outweighs spending time physically viewing potential investments.
Tapping into this change as made apparent by the pandemic, investors can broaden the pool of their potential tenants. They can even use the technique to search for a property they deem worthy of investing in. Not only is it beneficial for the consumer, but it is also easier for the supplier.
Virtual viewings are the very first step for us all to consider when it comes to overseas property.
Property Prices are Growing
According to reports, Portuguese residential property prices grew by 17.4% in the first quarter of this year compared to the same period last year. This is despite the pandemic, which has had a financial impact on the country as a whole. The number of properties on the market grew by 87.8% in that time, suggesting a return to some form of normality.
Despite these rises, investors should be glad to know that these properties are still cheaper than that of the UK or neighbouring countries. Those looking to stay over will have all the more reason to do so as they will be better off financially – as well as mentally!
Changes as of Next Year
The Portuguese Golden Visa Scheme became available to Brits from January 1, 2021, due to Brexit. To encourage investment in interior, low-density areas of Portugal, the rules are set to change from January 1, 2022. It means Porto, Lisbon, and specific coastal regions of the Algarve and Sintra will be a no-go for investors. But it does open doors for other opportunities.
Although it may be bad news for those looking to invest in high-density areas, it is good news to know that there is scope for capital gains. Other EU countries will be restrictive, and since Portugal is opening back up, there is no better time to get stuck in and ahead of the curve.
Tourism: Continuing where it left off
As previously mentioned, Portugal is a magnet for Brits to visit on holiday or longer. The recent pandemic will surely have no real impact on the tourism industry whatsoever. In fact, it may even amplify it further. Those who have been forced to holiday within the boundaries of the UK will be itching to get out and visit someplace abroad. And Portugal will be an ideal destination.
Investors can take advantage of this want for change. During the entirety of summer, they should expect high occupancy rates as opposed to any other time of year. The better weather is the apparent drawing factor, and other possibilities could be included too, such as remote working. There are a million different reasons why investors should invest now. They just have to take them all into consideration and decide from there.
Source: https://www.propertyforum.com/ by Nicholas Wallwork