Portugal’s New Prosperity – Part 2

In a country where the minimum wage is 580€ per month, the price seems to be the biggest obstacle when it comes to renting or buying a property. Although banks are lending again, they are considerably more cautious than they were before the recession.

Due to the current tourism boom, more and more property owners are changing from long to short term rentals, especially in the most popular areas, making it more and more difficult to find a place to live for those who cannot afford to buy. At the same time, a diminishing number of long term rental properties is causing an increase of the rent. Continue reading

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Portugal’s New Prosperity – Part 1

Portugal is fashion. As described in my blog post Portugal’s New Popularity, 2017 was a record year in both property sales and tourist arrivals, contributing to the fastest economic growth in this century, quicker than the European Union average. An estimate by Statistics Portugal (INE) revealed that Portugal’s gross domestic product (GDP) increased from 1.5% in 2016 to 2.7% last year. Continue reading