The colourful houses, the dazzling views of the blue of the Ocean and the history that one breathes anywhere in the city are some of the reasons why Porto has just been elected as the "most Instagrammable destination of 2019". The title assigned by Kayak travel platform, which distinguishes the most inspiring and appealing city in the world for photo sharing on social Instagram, corroborates a prize awarded to Invicta further back: Porto is the destination of choice for people who want to live in Portugal. And this is reflected in the fact that more and more foreigners are buying house in Porto.
Paradise for photography lovers, the city bathed by the Douro River - and the seaside towns that form an alliance with it in the North, such as Vila Nova de Gaia, Matosinhos, Leça da Palmeira or Vila do Conde - has also affirmed itself as a prime destination for those looking for security, hospitality, quality of life, and who simultaneously enjoy culture, cuisine and heritage. The justifications are pointed out by almost all foreign investors in the many studies that have been published.
The price of real estate combined with tax benefits, including all accessibility provided by the Golden Visa, are also a powerful attraction factor. The French, who are still at the top of the list of foreigners that invest the most in Portuguese real estate, but now closely followed by Brazilians, but also the British, the Americans and the Swiss are the nationalities that most seek to buy houses and luxury apartments (T2, T3 and T4 among the most desired types) in the new private condominiums of Downtown and villas with garden and swimming pool in the first sea line, at Foz do Douro.
The price difference per square metre compared to any other European city is huge, and that is a critical factor when it comes to deciding. In the very centre of Porto, for example, there are magnificent houses for sale - new, modern, with design and quality finishings - for a third of the price of what is happening in Paris or London. Unlike other European cities, real estate in Porto continues to grow. The rehabilitation of buildings in the Historic Centre carried out in recent years, accompanied by a series of luxurious properties build from scratch, has contributed to this appreciation.
The figures are clear: last year, 7.7% of the real estate properties traded in Portugal were sold to foreigners. And the number of properties purchased with a value equal to or greater than 500 thousand euros hasn’t stopped increasing since 2013, year in which the Gold Visa was established, which is basically the shortest path to obtain a residence permit and/or nationality of a Member State of the European Union.
Furthermore, according to surveys carried out by several consultants, Porto also enjoys a package of rare qualities, which are decisive when contacting a real estate agent to acquire a plot area or a real estate property: security (it is the second city of Portugal, considered the third safest country in the world); reception (it concerns hospitality but also the fact that most Portuguese speak other languages well) and logistics quality, such as international schools, cultural wealth, services, labour market and, of course, the proximity of Porto International Airport.
LUXIMOS Christie's International Real Estate, also distinguished by its quality and professionalism of its service, has been operating in this market for several years. Contact the company to get to know the benefits of investing in Porto.
