‘lifestylers’ flocking to portugal

Property investors continue to be attracted by Portugal’s superb quality of life…

Portugal has always been a popular destination for Britons wishing to purchase a holiday home abroad or to buy a place in the sun for their retirement.

Pure investment purposes have also been behind such foreign property transactions, but according to one expert, it is the quality of life that is making Portuguese property investment such a lucrative option.

Rhiannon Williamson of ShelterOffshore.com suggested "lifestyle buyers" are flocking to the country, lured away from the UK – or other property investment destinations – in search of improved quality of life.

"Portugal is more popular with those seeking a home, second home or retirement property abroad rather than those simply looking for real estate assets for investment purposes," Ms Williamson claimed.

Strong level of demand

Citing the recent survey by NatWest International Personal Banking (NatWest IPB) and the Centre for Future Studies thinktank, Ms Williamson noted that Portugal is among the top three most attractive countries in terms of quality of life.

She noted that what expats are looking for is a way of life that is more affordable and of a higher quality than what they would have in the UK.

"Naturally, this means there is a strong level of demand for homes for sale in Portugal," she added.

At the start of 2008, Vanessa Bird of Baydonhill financial services firm predicted Portugal's property market will remain popular during this year.

"There has been considerable nervousness over the economy recently, but we believe that the majority of the established markets will remain robust over the next 12 months," she predicted.

Huge variety

Portugal is one of the countries Ms Bird believes will enjoy a "constant supply of purchasers", thanks to a "huge variety" in terms of the type of buyer, their financial circumstances and their purchasing motivation.

The motivation to achieve improved quality of life was the main driver for 37 per cent of expats surveyed by NatWest IPB and the Centre for Future Studies who have made the move abroad.

Of those questioned, nearly nine in ten said their new life in a foreign country was even better than they had anticipated it would be.

Ms Williamson commented that this is indeed the case in Portugal. Citing comments on expat forums, the spokesperson said other reasons include the country's favourable climate, wildlife, cuisine, low crime rates and terrorism threat, economic stability, landscape and the locals.

Finally, she said that the property factor remains a consideration, as Britons have the opportunity in Portugal to buy "sizeable and well-priced real estate once you step back from the Coast".