Portuguese real estate has been conquering families and investors in various parts of the world and, at this moment, North Americans are the ones who most seek to invest in Portugal. To satisfy the interest of all potential clients, Christie's International Real Estate will once again be present in a reference event in the luxury segment. This meeting will take place at Rockefeller Center, in New York, already on March 3rd. LUXIMOS Christie's International Real Estate, the Portuguese affiliate of Christie's which operates in two of the most desirable regions of the country - Algarve, Porto and North of Portugal - will be present at this event with specialists in the internationalization of the Portuguese real estate market. With our Private Brokers will be Portuguese lawyers to advise on the various stages of the property acquisition process and provide clarification on the foreigners' residency regime and inherent tax benefits. The meeting will bring together North American clients from Christie's portfolio, as well as investors and LUXIMOS clients resident in the USA.
Historically, these events within the Christie's network are the celebration of moments when some of the best deals of the year are closed. But this year is different, because never before have North Americans been so attentive to the potential of Portuguese real estate. For Ricardo Costa, economist and CEO of LUXIMOS Christie's International Real Estate, this interest is surprising because it didn't occur earlier. After all, he explains, "Portugal has some natural characteristics, such as security, climate and the warmth of the Portuguese people", which have put the country on the world's lips. Added to these intrinsic qualities are tax advantages and unbeatable geographical positioning. "We're the gateway to Europe. When we look to the other side, to the other side of the sea, we are their neighbouring country. "There are many factors of competitiveness that have made Portugal the most recent discovery of the North Americans. This will help explain, makes Ricardo Costa, who founded and runs the company that in 2014 won the world's best office award, that 90% of its high-end Algarve buyer clients are foreigners - LUXIMOS has offices in the middle of the Golden Triangle, between Vilamoura and Vale do Lobo, and recently opened a second, luxurious space in Lagos.
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If for a long time, the Portuguese quality of life, tax system, hospitality and climate might have seemed like a kind of fable to people living on the other side, on a continent where everything is so different, from politics to the scale of the territory, now the reports of North Americans who chose to buy a house in Portugal leave no room for doubt: Portugal is the new eldorado for those pursuing life's most basic goal: to be happy. And you can't be happy without good health. It is in this field that the most convincing testimonies are accumulating, as you can read here: these are people who guarantee that they would have died in the USA if they had had the health problems they had to face in Portugal, where they received exemplary treatment (the National Health Service is perhaps not emphasised as much as it is in publications dedicated to Tourism or Business, but it is a case of excellence on a world level) - at zero cost.
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The subject has dominated the North American press, which has several times taken Portugal to the front pages of its newspapers. The climate, security, economic and social stability, but also gastronomy, the cultural offer, nature and the price-quality ratio of the properties are the common denominator of all the reports. By way of example, here are the numbers registered a year ago: in the first quarter of 2022, North Americans were the foreign buyers who invested the most in property in Portugal, totalling 25.1 million euros, a figure three times higher than that registered in the same period of 2021. According to the Foreigners and Borders Service (SEF), the number of US citizens residing in Portugal was around 7,000 by the end of 2021, three times as many as a decade ago.
There is still no data for 2023, but all signs point to a growth in the trend seen in recent years. In other words, Portuguese real estate transactions will increasingly have the name of a North American in the property register.
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