Both regions have been consistently attracting attention for their natural beauty, but also for their strategic location, which means that the respective real estate markets are “booming” and with great potential for growth, according to Michael Vincent, CEO of Berkshire Hathaway Home Services | Portugal Property.
“The islands are a privileged market for real estate investment. Berkshire Hathaway HomeServices | Portugal Property is present in Madeira and is about to open its first office in the Azores.
“The opportunity to obtain a Golden Visa, combined with the possibility of acquiring real estate at competitive prices, provide the ideal environment for investing, whether on a personal or commercial basis”, says Michael Vincent.
According to the head of Berkshire Hathaway HomeServices | Portugal Property “Currently, most of our clients - more than 35 percent - come from the USA, followed by Great Britain, with more than 25 percent. There are more and more eyes on the archipelagos of Madeira and the Azores, which offer many advantages for those looking to live a peaceful retirement or to spend at least 6 months of the year surrounded by sun, fresh air, and nature. The NHR scheme in place is also very attractive for those who want to spend more time in these regions.”
In terms of age groups and socio-professional profiles, Michael Vincent shares that “most of our buyers are between 40 and 60 years old; they are people who want to spend their retirement here or families who want to bring their children to have a better life.”
Yes, the investors are taking care of their own interests in complete disregard for the local people, bringing in the Americans, Brits, Germans, French and others like these who are well off, or much better off than the Portuguese at least, practically "invading" the islands and the country in general, buying our houses so they can relax in the Sun, enjoy their golden years or if they haven't reached the golden age yet they are enjoying their work from home anywhere or their early retirement with well lined pockets in a much cheaper way than they would in their own countries ( of course, it has to be cheap, so they can live REALLY well!). Of course, these people aren't coming here to work in the same conditions and with the same wages as the Portuguese and other migrants who also come here in surch of a better life. The well off are coming here only to reap benefits and that is being done at the expense of the Portuguese people and the poor migrants who are caring for our children and elderly, picking our fruit and plowing our fields. The Portuguese people, who are in THEIR OWN COUNTRY and these migrants deserve a dignified house to live in. Meanwhile, they can't compete with these foreigners' purchase power and are being left in a disgraceful stituation, without being able to afford to buy or rent a place to live in. Everybody is welcome to visit us, but please don't buy our houses if you are not a resident in the full meaning of the word. This is having devastating consequences for the Portuguese people, for our youth and those who, not being Portuguese, contribute everyday with their hard work to the country. Portugal should do what Canada did!
By Cris from Açores on 19 Jan 2023, 16:07
@cris, another bitter posting that is based on ignorance and bigotry. Foreigners are not responsible for the Azoreans personal misfortunes, or their inability to afford to buy or rent. When foreigners buy property, they are contributing to the local economy by hiring tradespeople and buying goods and services locally. So they are making the locals better off, not worst off.
Chris, if you're so concerned about their welfare, why don't you donate all your savings to help people for a deposit on a house? Of course, you have no solution, and can only denigrate people for their success and the opportunities that it brings them.
By Billy Bissett from Porto on 20 Jan 2023, 11:48
These foreign investors are paying your taxes, buying your goods, buying your services, spending their money, and contributing to your economy. Thats what a free market system is like. Without that you can always go back to raising sheep and fishing as a means of economic support.
By Tony B from USA on 20 Jan 2023, 14:53
@Billy As a Portuguese from the Azores ( and proud of it) and having lived most of my life on the islands, I assure you I know and experienced what it was like before NON RESIDENT foreigners started buying properties and after. We are talking about the last 10 years more or less, the islands were practically unknown to foreigners before that. I can also assure you that, although we weren't the richest people in the world we weren't lying in a ditch either. We were living simple lives, yes, maybe humble, according to some people's standards, but I believe we were happy living surrounded by Nature in a peacefull and quiet environment. That was our success! For some people, success is to have a high social status, accumulate a whole lot of money and use it to buy whatever your heart desires. Sometimes, we can get whatever we want, other times, what we want can have a terrible impact on others. In those times, one should reflect and maybe make decisions that take that into consideration. It's called empathy, social and environmental responsibility. Although the non resident foreigners buying houses here helps the economy, it is, definitely, causing a lot of harm than good on the long run. The non resident foreigners buying houses here ARE indeed one of the causes that the locals can't afford a house. Not the only cause, but one of them. Everybody can see that, except for the non resident foreigners themselves. I understand. It puts the finger on the wound and nobody likes that. There's a middle way to be found, come and visit for a few weeks, RENT a place, return next year if you wish, you're still contributing, and in return, enjoying your time. Is it really necessary to own a house that is empty most of the year?
By Cris from Açores on 21 Jan 2023, 17:24
@Tony, these investors, the real estate companies, do all that, but foremost they want to fill their bank accounts and all too often through speculation. The supposed benefits these people would be thought to bring end up in the hands of a few and there's very little equitable/fair distribution of wealth among all people. The free market system, that seems to be so close to your heart, has its benefits, but when unregulated, brings a lot of misery with it making the gap between rich and poor colossal. Just take a good and hard look at the world and at your own country (USA), Mr. Tony and, if you have a well functioning pair of eyes or an acceptable level of IQ, you'll realise what unregulated free market system has actually brought the people of the world. If that system was so fantastic there shouldn't be poverty in the world anymore, but there still is... Not to mention the disgraceful and tragic state of our planet due to so much consumerism, the "glorious " backbone of this sytem. As for foreigners looking to buy a second house, maybe they should consider a more social and environmentally friendly alternative to a purchase. Come and visit us, rent a place, be a sustainable and environmentally friendly tourist, pay the taxes tourists must pay, buy our goods and services, spend your money. You are still contributing to our economy and, hopefully, in return, having a great time. All this without causing unnecessary damage to both local communities and Nature. That's what responsability, common sense, respect and unselfishness are like. Without that we might as well go back to a time without Humans on Earth. BTW, farming is an honorable and necessary profession. Also, we have cows, not sheep.
By Cris from Açores on 21 Jan 2023, 18:28
A few more things Billy. Not that it's any of your business, but my savings are being kept to help my children get themselves a house when the time comes. They are sure going to need it! I might also have to rob a bank if things keep going on like this. So as you can see, I really am concerned about their welfare. Not only my children's welfare, but that of their friends' and school colleagues'. Unfortunately, the parents of some of these youngsters won't be able to do the same. You are right. I alone don't have the solution, that is exactly why I am hoping the authorities of my country will do whatever is necessary to solve the problem. I also couldn't help but notice that you seem to have some sort of obsession with success... And the material kind of success, seems to me.... You mention it so often, I wonder if you are trying to convince yourself of your own success or, if you are indeed successfull and just love to boast of it in order to get admiration, a feeling of superiority or spark jealousy in others... Anyway, I'm neither your shrink nor do I feel any envy of you or any other "successfull" people. If you feel you are as successfull as you hint you are, I congratulate you. I feel quite content in my life as an individual, as part of a society and a planet that are in such terrible conditions I honestly just can't feel any contentment or success. Well, when you think of it, us Humans, as a whole, have been quite successfull in destroying everything around us and in being selfish and greedy. That upsets me quite a lot, you know... No wonder I feel a bit bitter... I worry about others, about our homeplanet, but you're probably too absorbed in your own success to bother.
By Cris from Açores on 21 Jan 2023, 23:28
Also Tony B, why don't we cut the "bull****it talk", an expression often used by you American, and start to be honest? I'm very sure that, neither the professional investors nor these foreign citizens, spare a thought to their eventual "contribution" to the local communities when they decide to open a business or buy a house abroad. They just want to satisfy their own desires/wants/ambitions! Let's be honest, for once! I also want many things, that doesn't mean I can or should have them. Just to refresh your memory ( it seems you and many other forget it constantly), we live on a planet with limited resources and getting more limited by the day. This planet houses more than 8 billion people! Imagine if all the 8 billion of us would get everything they want! Yes, let's all get a huge house, a 3 car garage because the 2 cars aren't enough anymore, a swimmingpool, a chalet in the mountains, a beach house, a house abroad, a boat (why the hell not?), let's change our wardrobes every sixth month and sit our rear ends in a plane a gazillion times a year ( if it's a private jet even better!) and allow ourselves a Summer, a Spring and a Winter holliday, along with the hollidays abroad, of course. Let's all have a steak for lunch or, maybe even dinner, everyday of the week and get a new phone once a year, yes let's ALL that! Up to now the citizens of the world have been kindly asked to make some sacrifices in the name of the greater good. As we can all see, people haven't been very busy at voluntarily selfregulating/sacrificing in the name of the greater good... So now, we've come to a point that it has to be mandatory. The resources are enough to satisfy people's NEEDS, NOT THEIR WANTS!
By Cris from Açores on 22 Jan 2023, 12:16
The ansure is quite easy. Take no notice of people with money. They all have one thing in common. Aregance and don't care about the common people of the world. Shameful.
By J from Lisbon on 25 Jan 2023, 16:19
I think some people upset Cris from Açores!
Of course the main cash injection is coming from older people in their 50's onwards who made a killing during the low interest period of the last 15 years. This has pushed up property prices around the world, not just Portugal, so this is not only a local issue.
Interest rates are going up and are set to stay up, so that should stop future generations from making a lot of easy money, however it does not remove cash from the present generation of property investors.
The main or only solution left, in my opinion, is to build lots and lots of social housing (like happened in UK after WW2). Local councils are sitting on a lot of land. Build apartments and then charge a reasonable rent to locals who are on minimum wage or just above. Councils will soon get their money back.
There is really no other solution as far as I can see, without tightening the rules so hard that we turn into Cuba (not that there is anything wrong with Cuba, lovely place and people, but hopefully you get my point).
By Ed from Lisbon on 26 Jan 2023, 13:19
Billy, I have read lots of your comments before and come to the conclusion you are a complete IDIOT.
By J from Lisbon on 27 Jan 2023, 09:52