Portugal’s Golden Visa program is progressively attracting a high number of foreign buyers to invest in real estate. Comporta, located about 120 kilometers south of Lisbon, has seen the launch of a large number of new hotel and resort projects as well as the development of new private houses and apartments along the Alentejo coast. “Portugal is one of the most sought-after countries in Europe to invest in due to its advantageous taxation, the resident permit for investment activity, its pleasant climate and the high standard of living that is offered. This is why in 2020, together with the low number of coronavirus cases and its proximity to Lisbon, we saw a very strong demand for properties in Comporta,” explains Vitor Paiva, Licence Partner of Engel & Völkers Comporta.
Four- and five-star hotels, as well as full-serviced new private housing and apartment developments are being launched along the Alentejo coast. Top sale prices as much as 6,000 euros per square meter were reached this year for apartments, whereas houses and villas sold for up to 3 million euros. Buyers’ most important criteria are a peaceful location, sea or hill view, as well as a high-quality and modern interior. Around 80 percent of investors searching for real estate or hospitality opportunities in Comporta are international. They mainly come from Spain, France and Belgium, followed by Germany, Switzerland, the United Kingdom, Turkey and the USA. In 2020 there has been a significant high demand in real estate, regardless of the coronavirus pandemic, as Portugal was one of the European countries with least cases during the first wave.
Engel & Völkers expects the number of investments to grow in the next 12 months. “Many private buyers will be looking for a safe haven to enjoy a getaway from the cities. Also, given the opportunity of new project developments along the coast, we are anticipating a rise of local and international buyers as we expect that tourism will pick up again starting from the second quarter of 2021,” concludes Vitor Paiva. Investors looking into the Portuguese real estate market to obtain the Golden Visa, can have excellent prospects for capital gain in the coming years. Further new emerging areas will include Carvalhal village and the area of Melides. Here the demand is very high due to the proximity to the sea and the hills, and the availability of large farmhouses, giving a sense of rural life and privacy.