Why now is the time to invest in Porto21 June
Since it was named a UNESCO World Heritage Site over a decade ago, the coastal town of Porto has seen a sharp rise in both local and foreign investment. Porto is shaking off its nickname of ‘Lisbon’s little sibling’ and is emerging as a major hub for economic growth with health, biotech, real estate and tourism leading the way. Alongside the capital, Porto has proven itself as an important city in Portugal for startups, winning the award for best start-up friendly city in 2018 at the World Excellence Awards.
Winner of the Best European destination twice in the past five years, Porto is a popular destination for tourists thanks to its charming historic centre, beautiful landscape and friendly locals. According to the city council, the city saw a 4.3% annual increase in guests staying in Porto in 2018.
Next year there are plans in place to boost Sá Carneiro Airport’s capacity from 20 flights per hour to 32, which will increase the number of people travelling through Porto and translate into even more visitors staying in the city.
What's the investment potential?
With prices in some districts resembling Lisbon five years ago, Porto is gaining serious attention from not only buyers with a love of the city but also those who are buying for investment purposes. Porto currently presents a rare property investment opportunity as market prices do not yet reflect the city’s true value. As Porto continues to develop, the demand for property is set to rise which means this city should be on every serious investor’s list.
In addition, Porto’s public transport systems are getting a major overhaul. It was announced earlier this year that a massive €800m will be invested into the metro and bus services to better connect the metropolitan area. This improvement will increase the value of homes in the metropolitan area and expand the demand for properties in Porto.
A golden opportunity
In addition, those who invest at least €500,000 in Portuguese real estate, are eligible for the Portuguese Golden Visa programme. This grants you and your family residency, giving you the right to work in Portugal as well as easy travel to countries in the Schengen area. The Portuguese Golden Visa is one of the best programmes out there as, unlike many other programmes, you only need to reside in the country seven days a year to take advantage of Portuguese residency. After five years, you can apply for Portuguese citizenship and a Portuguese passport.
Introducing Palacete Cedofeita
Located in the historic heart of Porto, Palacete Cedofeita is one of the most exciting renovation projects in the city. This period building was once the residence of a famous viscount and is located on one of the city’s oldest and most noble addresses: Rua de Cedofeita.
The 18th-century mansion is being converted into an intimate collection of five apartments and eight new-build townhouses will be constructed in the property’s sprawling urban garden. Offering the perfect mix of historic charm and modern comfort, this is a rare and unique opportunity to invest in one of Porto’s most popular districts.
To find out more about this exciting opportunity, click here.