Portugal property outlook

There are tremendous opportunities to be found in Portugal - not least because it is one of the quieter holiday home investment destinations and hence, remains, even today, partly undiscovered. You can be sure the level of interest in Portugal property is rising strongly, and the opportunity to buy beautiful property at reasonable prices with great investment potential won't last for ever

Generally, there are no restrictions on foreign ownership of real property if the property is for personal use. However, approval from the Portuguese Institute of Foreign Trade is needed if the purchase is for purposes of investment or business. Portugal has long been a prime destination for foreign second-home buyers. It is one of the strongest sectors of the Portuguese economy and a source of income for the Portuguese Inland Revenue. This law provides for a complete overhaul of all property taxes in Portugal with far-reaching effects for both existing and future property owners - residents and non-residents alike. The aim of the Portuguese authorities is to reduce rates of tax, make taxable values realistic and enforce anti-avoidance measures, ensuring that the burden of tax is distributed equitably.

With the Government producing a Bill for the overhaul of all property taxes in Portugal, existing and future property owners can be rest assured that this will have a far reaching effect on the Portuguese property market. With potential opportunities growing in areas such as Almancil, Loue, Carvoeiro and Tavira, Portugal will be recognised as an area providing secure investment and high resale value.

The market in eastern and southern Portugal remains very strong, despite recent changes in the global economic climate and current world events. More and more people are looking to migrate in search of value for their money and Portugal has much to offer. So at a time when property markets in other countries are stagnating, Portugal seems to be very much on the up. Prices have risen and are set to continue rising leading to greater investment opportunities. On a practical level, Portugal is an exceptionally pleasant place to live and certainly lures back scores of holidaymakers, year after year.

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