Buying a second home is the option for many foreigners, whether to live, to spend holidays, or even to do business with rentals or Local Accommodation. And when choosing a destination to make this type of investment, the quality of life, security and peace that a country offers are factors that weigh, in addition to the quality-price ratio of houses and the cost of living.
This is why Portugal is considered the best country to buy a second home, among 34 countries of the Organization for Economic Cooperation and Development (OECD). And market agents confirm that more and more foreigners are arriving in our country to buy a second home. These are families that arrive, above all, from territories where political, economic and social instability is installed, as is the case of the USA, Brazil, the United Kingdom. Or also from countries that border Russia or Ukraine, where there is currently an armed conflict.
Combing through the cost of living, leisure activities and the increase in the value of homes to buy and to rent from 34 OECD countries, 'Compare the Market Australia' concluded that Portugal is the best country to buy a second home in 2022. Contacted by idealista/news, several real estate experts analyze these results and explain what ultimately makes Portugal the target of foreign families to buy a second home and better position itself compared to other destinations.
“The purchase of a second home in Portugal is, today, a major trend for foreign customers,” says Patrícia Barão, Head of Residential at JLL, in statements to idealista/news. And behind this trend are several reasons, which are not only related to the quality of life, gastronomy, beaches and the mild climate that Portugal offers. Many foreigners also seek to live in a peaceful environment, taking refuge from the political, social and economic instability that has taken hold in several countries around the world.
"For these people, arriving in Portugal means starting a new life in a climate of peace, security and freedom", David Moura-George, general director of Athena Advisers Portugal
This is exactly what Rafael Ascenso, CEO of Porta da Frente Christie’s confirms: “The residential market has experienced very strong dynamism and growth in recent years, largely due to foreign investment. We are a stable and non-violent country, where there are no racial tensions or any kind of religious, political or extremism conflict, which are problems that affect a large part of the countries that have come to us such as the North Americans, French and Swedes”, he stresses.
This premise is reinforced by David Moura-George, general director of Athena Advisers Portugal, explaining that the “growing instability and insecurity that is registered in countries like the USA or Brazil, usually resulting from electoral acts or disrespect for freedom, makes the North -Americans and Brazilians of the most active nationalities in the purchase of a house in the Portuguese market. For these people, arriving in Portugal means starting a new life in a climate of peace, security and freedom”, he believes.