Competitive property sector
And if you need any more reasons for making the decision to live in Portugal, you should know that the range of property available in Portugal is very attractive and competitive.
Portugal is recognized internationally for the high quality of the work done by its architects.
Over the course of the last 20 years, Portuguese real estate has experienced major development, both due to the fact that construction quality is becoming increasingly more sustainable, and due to the evolution of spending power, which reached its highest point at the beginning of the noughties.
However, even so, the Portuguese real estate market did not suffer the exaggerated growth seen in other European countries. There was no excessive construction in Portugal and the figures are not misleading – the national housing stock only grew by 16% between 2001 and 2011.
In economic terms, over a 7 year period Portugal experienced a nominal variation in prices in the order of 18%, which is practically irrelevant when compared to other countries and corresponds to a percentage much lower than recorded inflation. As a result, the figures are well below those seen in other countries.
Therefore, Portuguese real estate is a safe haven for domestic and foreign investment, and none of the data available suggest the existence of a property bubble in Portugal. This fact in itself is proof that there are competitive conditions for investment in the sector.
In a comparison of median property prices in major European cities (properties with an area of around 120m2) Portugal comes 26th out of a total of 38 places, showing that the prices charged in Portugal are much lower than those charged in the rest of Western Europe.
Portugal is also ranked among the best countries in the world for doing business: in 2012, Forbes business magazine ranked Portugal in 24th place, on a list made up of 141 countries. Aspects such as property rights, innovation and technology, individual, commercial and monetary freedom and investor protection were all taken into account for this evaluation.