When one door closes, another opens; but we often look so long and so regretfully upon the closed door that we do not see the one which has opened for us - Alexander Graham Bell
Last week's Brexit came to open cracks and create shock waves in different sectors of economic activity across Europe. The real estate market is no exception and in Portugal this is an issue that has generated some doubts and fears among operators.
The English have been home buyers in Portugal for a long time, thanks to the climate, hospitality and the mastery of the English-speaking Portuguese. This trend has been growing a little throughout the country, although the Algarve, for reasons of tourist attraction, is part of your preferences. I recall that, in 2015, Portugal attracted many foreign investors to buy houses, with the British, Chinese and French at the top of the list.
LuÃs Lima, president of AMIP - Associação de Mediação Imobiliária Portuguesa, devalued the dangers that Brexit represents for Portugal, having stated that:
Anyone who wants and can invest outside Britain will continue to do so ... From the perspective of the real estate sector, in particular Portuguese, where investment by British citizens is of great importance, I believe that the impact of 'Brexit' it won't be that significant. The eventual devaluation of the pound will not be so significant that the increase in the value of our assets could be an impediment to its purchase. Especially because Portugal is one of the countries in Europe whose price per square meter is cheaper. The will to invest abroad will remain, whoever can and wants to invest outside Britain will certainly continue to do so. And Portugal has unique conditions to receive this investment. Luis Lima
It should be added that the possible termination of agreements relating to the freedom of movement and residence of persons in the Schengen Area, with regard to the United Kingdom, could represent a window of opportunity for Portugal.
According to an independent study Our country has the best foreign residency program to attract investment ( Golden Visa ), ahead of countries like Switzerland, Monaco or Dubai. It therefore seems natural to me that, given the preference of the English for our country, with emphasis on the climate, the hospitality and the command of the English language, the property investment in England will continue to grow and even more than before, although it may suffer some temporary setback during the transition period.
In addition to all these advantages and despite the devaluation of the pound, or perhaps even because of that, the properties that Portugal has for sale have much lower and competitive prices than in other European countries.