Portugal is the best country to buy a second home – why?

Buying a second home is the option of many foreigners, either to live, to spend holidays, or even to do business with renting 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 the houses and the cost of living.
This is why Portugal is considered the best country to buy a second home, among 34 countries in 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 bordering 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 rent in 34 OECD countries, 'Compare the Market Australia' concluded that Portugal is the best country to buy a second home in 2022. 
factors make Portugal the best country to buy a second home?
Looking at 34 OECD countries - an organization that has a total of 38 States -, 'Compare the Market Australia' concluded that Portugal is the best country to buy a second home, having achieved a classification of 7.27 points out of a total of 10 Thus, the national territory was ahead of countries like Hungary, Turkey, Czech Republic and Estonia, which make up the top 5 of the best destinations to buy a second home. Already at the bottom of the list were Israel (2.03 points), Switzerland (2.77) and Norway (2.77), having been classified as the worst countries to buy a second home.

But what are the other factors that make Portugal an ideal country to buy a second home, in addition to political and social stability? According to the same study, our country scores “particularly high” for the ratio of restaurants, with 349 per 100,000 inhabitants. In addition, Portugal also scores well for its average cost of living, at US$549.28 per month per person (about €532/month, taking into account the current exchange rate), according to the document published in September this year. With regard to the price of houses to buy, the same study states that values ​​in Portugal have risen by 67% in ten years.

Asked by idealista/news about the reasons that make our country a special place to buy a home, real estate market players point to the following factors that make Portugal an ideal country to live in, as well as visit:
• Security: Portugal was considered the sixth safest country in the world by the Global Peace Index, from the Institute of Economy and Peace. And this is a “determining factor for anyone looking to spend their holidays in Portugal, invest in a second home or decide to live in our country”.
• Quality of life: good value for money compared to other European countries and the world. “With the implementation of remote work, a citizen with a salary from a richer country, such as the Americans, lives incomparably better here than in their country of origin”
• It is for this reason that Portugal is in the crosshairs of digital nomads;
• Houses to buy with an “excellent” quality-price ratio, despite the rise in prices in recent years: “Compared with the major international capitals, Lisbon continues to offer a high quality of architecture and construction at prices per m2 lower than those of other cities. neighboring Madrid or Barcelona”;
• Tax regimes for foreigners: with the regime for non-habitual residents, visas for digital nomads and the golden visa program - even though the Government is studying the end of residence permits for investment;
• “Ideal” climate: Portugal has “a warm temperature for most of the year”.
• Quality and accessibility of the beaches: “Lisbon, for example, is the only European capital that has a beach 15 minutes away from the city center”.
• Diversity of natural, historical, architectural and cultural heritage;
• Hospitality: “Portugal has a welcoming capacity known throughout the world, where we welcome people with open arms”.
• Quality gastronomic offer;
• Quality education and health.
As there are “more motivations” to acquire a second home in Portugal, the Portuguese residential market today has “more buyers and more purchase locations".
“We are no longer just a holiday destination: we are also a solid investment destination, a work destination and for large multinational companies, a teaching destination. And that brings people and families, national and international, in the most diverse stages of life, to buy a second home”.

On the other hand, since the beginning of October, Portugal has had a new Law on foreigners, which, among other measures, provides for several points that may continue to encourage the real estate market:
• facilitate the issuance of visas for CPLP citizens;
• create a job search visa;
• ending the quota regime for immigration;
• facilitate the obtaining of a residence visa for foreign students who attend higher education in Portugal;
• issue a residence or temporary stay visa to digital nomads.