Property for Investment in Portugal

Portugal offers the foreign investor a country with friendly, hospitable people, a moderate climate, a comfortable living environment, and one of Europe's lowest crime rates. A country with a rich historical and cultural background; not only does Portugal boast modern, cosmopolitan cities, but quaint fishing villages, beautiful beaches and resorts too.

Most people who live in cold wet climates dream of owning a property in the sun and more seem to be turning to the southern coast of Portugal. An unspoilt natural beauty, the inland enjoys the blossoms of sweet smelling orange groves or the sharper perfume of the Pine and Eucalyptus trees. There is a large choice of property from luxury villas to more modest apartments and townhouses. Many people have chosen to build beautiful homes with swimming pools and often look inland and the mountains where land is a little cheaper, but construction costs can be higher and winters misty and cold.

At a time when the property market in some of the European countries is slowing, the Algarve seems to be very much on the up. Prices have risen and are set to continue rising, meaning that investment opportunities are good. Portugal is an exceptionally pleasant place to live and certainly lures back scores of holidaymakers, year after year.

Location
The Portuguese Republic is a democratic republic located on the west and southwest parts of the Iberian Peninsula in southwestern Europe, and is the westernmost country in continental Europe.

Portugal including the Azores and Madeira islands extends over an area of 92,391 square kilometres and is bordered by Spain to the north and the east with the Atlantic Ocean to the south and west.

Population
Portugal is divided into 18 regions. The two Portuguese islands are independent entities. Portugal has a population of 10.3 million, mainly ethnic Portuguese and some 100,000 residents of African origin.

Population Density
Population density is 108 per square meter compared with an average of 116 in the EU. The population is comparatively young with 16% of the population being above the age of 65.

Government
Portugal has a democratically-elected parliamentary government, whose investment policies are pro-business and pro-foreign. The government assures the repatriation of profits and capital invested in Portugal. It also grants foreign investors equal access to all the country's economic sectors.

The European Union
Having been a full member of the European Union since 1986, Portugal is now one of the 15 full-fledged members of the European Monetary Union (EMU).

Moreover, as an EU member, it is also a full partner in the world's largest economic market. Portugal was a founding member of the European Free Trade Association (EFTA).

Currency
The unit of currency is the Euro.

Religion
From the aspect of religion, there are approximately 97% Catholic and about 2% are Protestants.

Language
Portuguese is predominantly spoken in Portugal. English, is an important second language in Portugal, and is widely used in business and industry.

Local Time
Standard Time = GMT+0
Summer Time = GMT+1

Main Cities
Lisbon is the capital city of Portugal has a population of approximately 609,000. The main cities of Portugal are Oporto, Amadora, Setubal, Coimbra and Faro.

Weather
Portugal has a maritime temperate climate that varies according to elevation and proximity to the ocean. The heaviest precipitation occurs in northern Portugal. In southern Portugal summers are long and hot and winters are moderate. In the northwest summers are shorter and wetter, while winter temperatures are generally mild and moderated by maritime influences. In the northeast summers can be scorching and winters are typically long, cold, and snowy.

Economy
While the Portuguese economy has undergone remarkable changes since the 1970s, Portugal remains among the least developed nations in Western Europe. Two events in the late 20th century profoundly affected Portugal's economic development?the 1974 revolution and Portugal's entry into the European Community (EC), a predecessor of the European Union (EU), in 1986.

Workforce
Portugal boasts Europe's most cost-efficient workforce. In addition, it has one of the youngest populations in Europe. Productivity in industry and services is high and, as new technologies and management skills are introduced into the economy, that's steadily increasing. Highly educated, versatile, and skilled, the Portuguese workforce is also an internationally competitive one. Furthermore, Portugal enjoys a low private-sector strike rate.

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