Berkshire Hathaway HomeServices, a company owned by US billionaire Warren Buffett, recently released its European Summer Market Report, where it explored the market dynamics, geopolitical events, global financing conditions and investment opportunities in Greece, Italy, Portugal, Spain and the UK.
On Portugal, the report states that it has long been an attractive destination for travelers looking to sunbathe, given our weather, cost of living, and the country’s natural beauty. However, it is currently even more sought after for second homes.
“The best time to invest in the Portuguese real estate market is now,” said the CEO of Berkshire Hathaway HomeServices Portugal Property, Michael Vincent.
When detailing the various positive points of the country, the responsible began by referring to the fact that we are the sixth safest place in the world according to the Global Peace Index 2022 and the particularity of having an average of 300 days of sunshine per year. “It is clear that external demand for Portugal is not going to slow down any time soon.”
However, the responsible person warns that the conditions that are affecting Europe and the rest of the world, “rising construction costs, sanctions on Russia and the pandemic – have led to an increase in housing costs”, which, despite everything, has not hurt demand.
And why are buyers so interested in Portugal? Joe Pyke, managing director of Berkshire Hathaway HomeServices Portugal Property explains.
“We’re seeing buyers from all over Europe and particularly from the UK, especially as the English language is so widely spoken,” he adds.
In conclusion, the analysis also mentions the low interest rates, compared to other countries, and the fact that Portugal is also becoming an important technological hub for various startups.
Source: Sapo
