A growing amount of French nationals are becoming very fond of the Portuguese real estate market, according to a French source.
Many people are deciding to invest in Portugal’s properties as the prices are going up and their economy is growing in strength.
Claude Berda sold French broadcaster AB Groupe earlier this year and he is one of those people. He says he began searching the Portuguese real estate market soon after he visited the country two years ago.
Since then he has purchased ten buildings in Lisbon, a resort in southern Algarve and 350 hectares of land in Comporta. He has intentions of investing 450 million euros in developing these properties before selling them on. During the process, Berda is planning to use the help from the bank to finance some of his projects, a valuable resource at his fingertips.
He said: “Portugal is definitely my next big project.
“I’ve spent some time with real estate brokers and they’re looking for properties to sell. They don’t have enough products. The market is very good and strong.”
The Portuguese real estate market is attracting interest from all over the world, but especially from the French right now. According to the Portuguese Real Estate Professionals and Brokers Association, last year the French interest overtook British interest, France’s national people became the biggest foreign property buyers in the country.
Portugal is offering residence permits to non-Europeans who invest more than €500,000 in the Portuguese real estate market. As well as that, foreign pensioners who decide to move to the country may have their pension income exempt from taxes, providing it’s paid from a foreign source. These two advantages are big pulls for foreign buyers and that includes the French buyers seeking lower taxes. Not only that but the Chinese population have their eye on Portugal too – many people are seeking a home in Europe where the economy is strong and on the up.
The Portuguese real estate investment market in Portugal is set to go up to a record 2 billion euros this year fro 1.3 billion in 2016. Home prices are increasing, according to Confidencial Imobilario, which might make it hard for locals to live in the city centre. However, Berda said that Lisbon is still relatively cheap when comparing it to other European cities.
Berda continued: “You would have to give me money to live in London.
“It’s the end of a story and the beginning of another one.
Berda says that he knows the Portuguese real estate market quite well and moving there “is a possibility”.
And no wonder why, with such a strong housing economy and an abundance of investment opportunities, it seems like the ideal settlement for any eager investor.
Written by Gemma Smith