We all know about buying property on the Algarve for that lovely summer break or for those wishing to move permanently to sunnier climes. However, with its well earned popularity comes the inevitable rise in property prices.
Article written by The Overseas Guides Company
But help may be at hand. Have you considered the lovely city of Porto, or Oporto as it is sometimes called? With its long, colourful history and thanks to a relatively new government initiative, the city is set to transform its rather shabby and down at heel appearance as historical buildings, new infrastructures and modern developments undergo a long overdue renovation and restoration.
Recently City Hall created Porto Vivo, the Society of Urban Rehabilitation. Its aims are to ‘renovate, repopulate and rejuvenate inner-city Porto’ and this they are able to do after changes in rental legislation which include revised rental values, compensation and conditions whereby the landlord may terminate leases.
Owners are now able to sell or to finance necessary renovations and this has led to a number of redevelopment projects. Tax incentives have also been implemented to encourage private investors in the central urban regeneration areas while EU funds have been made available by the government to promote restoration for lettings.
Porto is a working port, situated on the banks of the lovely Douro River. It has been awarded UNESCO World Heritage status, recognising and protecting centuries of history that are reflected in its medieval cobbled streets, baroque churches and neoclassical architecture. In property terms, the waterside district (‘zona ribeirinha’) is probably the most popular quarter, with properties in Porto generally cheaper than Lisbon. And if it’s fun in the sun you’re after it’s on offer at many quality beaches nearby, some bearing the prestigious Blue Flag.
As for accessibility, it’s almost as easy to get to Porto from the UK as it is to Lisbon, with several low-cost flights available. Porto has good rail and road connections with the rest of the country (it’s linked to Lisbon by the A1 motorway) and an international airport.
Taking all this into account, many are saying that Porto represents a rare property investment opportunity as market prices do not yet reflect its true value in the medium and long term.
A simple way to save money when buying property in Portugal and other foreign destinations is to use a currency exchange specialist when transferring your pounds into euros or other currency. For more information on this, download Smart Currency Exchange’s free report or visit the Currency Zone.
For more information on buying property successfully in Portugal download the Overseas Guides Company’s free Portugal Buying Guide – and start receiving free news updates by email. Or to see property for sale all over Portugal, visit Rightmove’s Portugal listings.
