With a rich history and stunning UNESCO World Heritage Sites, the northern region of Portugal is home to a plethora of cultural, culinary and architectural affluence. The city of Porto, famous for its wine, hillsides, welcoming locals and endless leisure activities, is considered the second-largest business capital of Portugal and has recently become one of the most sought after tourist destinations in Europe.
As of late, Porto has faced significant change with regards to architectural improvements and thus has witnessed an influx of visitors from far and wide. The city offers a lot of investment opportunities because it has numerous historic buildings waiting for investors to revamp them. Here are 5 reasons we recommend you do so!
1- Strategic Position
Portugal holds a very strategic position on the map: it is at the gateway to Europe and, at the same time, is close to Africa and South America. Portugal had 15 million foreign visitors in 2018, and received 24 million tourists in 2019.
Porto, more specifically, has great air traffic and is well-connected via land and sea, thus facilitating the entry and exit of many tourists. In 2018, Portugal received 15 million visitors from foreign nations.
2- Tourism Boom
After being voted “The Best European Destination” in 2012, 2014 and 2017, Porto has received a significant increase in visitors from across the globe. With the increasing demand for short term rental properties, many buildings have been renovated to include more Airbnb’s, and better transportation and entertainment spots have popped up. As a result, the thriving city has become a prime example of a great business opportunity.
3- Numerous Entertainment Options
Porto hosts a vast array of entertainment options to suit people of all ages, backgrounds and budgets! As the city is young, and since it houses one of the most important universities in the country, many popular cafés, restaurants, and bars are available!
4- Affordable Prices
Compared to the rest of Western Europe, Portugal is still one of the most economical countries to visit and reside, especially considering all that it has to offer! The cheap accommodation, gastronomy and affordable access to historic sites attracts many visitors throughout the year.
The real estate market offers more accessible prices than the capital city; Lisbon. Porto continues to present average prices more affordable than its counterpart. The average price in the Porto region is currently around €1612/ m2. In fact, statistics show that Campanhã is the cheapest parish in Porto with an average price of €1025 / m2.
In contrast, the average price per square meter in Lisbon is currently around €3010/ m2 (some regions exceed €4000/ m2), with the cheapest parish being Santa Clara with around €1969 / m2.
For those who are interested in real estate development; apartments and buildings dating back to 1951 and older, several attractive incentives are provided by the Portuguese government.
The public transportation network is impressive and well-connected both within the city itself and with all nearby areas. Porto is home to two of the most important train stations in the north of the country, Campanhã and São Bento, which offer national and international train connections. Porto’s International Airport is considered one of the best in Europe and the hotels in the area offer fantastic lodging and services.
With that being said, it’s clear that Porto is certainly worth investing in and we are here to help you maximise on all it has to offer! With 79 short term rental properties currently under our management in this city, we are adept at ensuring our owners receive a 40% increase on their previously earned revenues. If you would like to learn more about this unique opportunity and what we have to offer; get in touch with us now!
Edited and Translated by: Ismat Ara Khan