Porto, or Oporto as its sometimes referred to, is the lesser known Portuguese city, recently voted European best destination for the 3rd time. As a property investment destination, Porto is becoming increasingly popular, offering prime property at a snip of Lisbon prices. In fact its city centre has been compared to Lisbon’s Chaido district ten years ago.
A working Port, this picturesque city is located on the banks of the Douro river, and offers some stunning waterside properties mixed amongst the cobbled streets and historical baroque architecture. The “Cidade Invicta” (unvanquished city) is rich in history, culture, gastronomy and natural beauty. Its centre, known as the Ribeira, is a Unesco world heritage site.
Interestingly, Porto used to be a rather run down area, mainly due to some very archaic and counter-productive rental laws. However, since this law changed in 2012, the city has seen a transformation following the regeneration and refurbishment of it’s historical buildings. Over 1000 redevelopment projects are underway, and the old town is buzzing; stylish new restaurants, artisan coffee shops and gin bars are part of the city now.
Perhaps the biggest draw is the affordability; Porto is much more affordable than Lisbon. You still get blue flag beaches, low cost flights around Europe, excellent infrastructure and some of the best food and wine in the country, yet you pay 30-40% less, and the rental yields are also higher.
As an alternative destination to Lisbon, Porto stands strong. International investors can purchase in Porto and benefit from the country’s beneficial tax regime, and most importantly, the Golden Visa program, which allows investors to acquire residency and EU access.
Best European destination 2017
Up to 40% more affordable than Lisbon
High rental yields
Strong capital growth potential
For more information about investing in Porto, please contact us.