LUXIMOS Christie's International Real Estate has just opened a new office in the Algarve, more specifically in Lagos. The office is centrally located in Avenida dos Descobrimentos, the city's most emblematic avenue, next to the sea. The bet on the expansion of LUXIMOS Christie's, a real estate company specialized in luxury real estate mediation, which has been operating in the country for a decade, results from the accelerated growth of foreign investors, namely British, German, French, Dutch, Scandinavian and more and more North Americans and Canadians, who are looking to buy a house in Portugal. The new space confirms and reinforces the company's positioning in the prime market segment.
"The opening of a new space in the heart of the Western Algarve is the result of international interest in the Algarve luxury market. This increase has led us to form a new team of consultants, highly prepared to meet the demands of clients in this segment," says Ricardo Costa, CEO of LUXIMOS Christie's, a group that also has a consolidated presence in Porto and Northern Portugal. In the South, after the agency in Vilamoura, which covers the Golden Triangle area, from Quinta do Lago to Vale do Lobo, the "natural choice" fell on Lagos, in the district of Faro, as that is where "a large slice" of foreign clients, both buyers and sellers, of LUXIMOS Christie's, the Portuguese arm of the international luxury real estate company Christie's, which belongs to the auction house with the same name, is concentrated.
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As has happened in recent years, LUXIMOS Christie's is currently marketing several developments in Lagos. The city has just over 30 thousand inhabitants and it is clients from the other side of the Atlantic Ocean who are most interested in these deals. And Ricardo Costa explains why: "The devaluation of the euro against the American and Canadian dollar makes this an excellent time for North Americans and Canadians to invest in the property market in Portugal, because it allows them to buy luxury properties at a very attractive price". But the financial benefit would not be enough if Portugal was not globally considered one of the most attractive countries in the world to invest and live in.
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Apart from the good climate, the cost of living is relatively low and security is high. Portugal has led, for several years, the ranking of the safest countries in the world. Then, it benefits from a privileged location in the Atlas and the Portuguese State still offers financial incentives to foreign investors, such as the tax regime for non-habitual residents. Recently, younger families have also begun to arrive, determined to work remotely, as the Government's incentives are now extended to digital nomads. Suffice it to say that in two months, more than 200 visas have been issued. According to newspaper "Público", citizens from the United States, United Kingdom and Brazil lead the list of nationalities with this temporary stay visa and residence permit for remote workers. At the same time, Portugal continues to be the favourite destination for retired people, who aim to enjoy the restful phase of life in the sun and with comfort, in many cases with golf and beach nearby.
Portugal's attractiveness, as well as the unusual resilience of the property market, is demonstrated by the general increase in the resident foreign population: in 2022 it increased again. It is the seventh consecutive year that this has happened. Currently there are 757,252 foreigners who have chosen to make Portugal their fixed address. According to data from the Foreigners and Borders Service (SEF) provided to the weekly newspaper "Expresso", Brazilian citizens are the largest resident community in the country, with a total of 233,138 people, 13% more than in 2021. They are followed by citizens from the United Kingdom (36,639), Cape Verde (35,744), India (34,232), Italy (33,707), Angola (30,417), France (27,614), Ukraine (26,898), Romania (23,967) and Nepal (23,441).
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