With 3,000 hours of sunshine every year and 850 kilometers of magnificent Atlantic beaches, Portugal enjoys perfect seasons, picturesque scenery, and a mild climate that creates an unforgettable romantic atmosphere.
Last month, Portugal's tourism industry once again took center stage on the world stage! It received 37 accolades, including Europe's Leading Destination, Europe's Leading Official Tourism Organization, and Europe's Leading Cruise Port at the 2017 World Travel Awards. Meanwhile, Lonely Planet has listed Portugal among the top ten travel destinations in the world for 2018.
How popular is tourism in Portugal?
According to statistics from the Bank of Portugal, the use of non-local bank cards within the country surged in the summer of 2017, reaching record-breaking amounts, with a peak between July and September. Between July and September 2017, there were approximately 23.5 million transactions made with foreign cards, reaching a record high, with a total transaction value exceeding 1.586 billion euros over the three months!
The Influence of Portugal's Tourism
Tourism already accounts for 7% of the GDP and 18% of total exports, yet with its abundant tourism resources, there is still significant room for development. The booming tourism industry provides a vital driving force for Portugal's hotel accommodation, real estate, and wine industries. In 2016, accommodation establishments across Portugal hosted 21.3 million tourists. The tourist occupancy rate increased by 11.6%, totaling approximately 59.4 million stays. Portugal's tourism indicators continued to rise in 2017, with China becoming a driving force for growth in the Portuguese tourism market in the second half of the year.
Tourism Boosts Real Estate
As of October 31, the total capital attracted by the Portuguese Golden Residence Permit reached 3.3 billion euros, with real estate investment alone exceeding the 3 billion euro mark. The latest report shows that as of October this year, the transaction value of commercial real estate in Portugal exceeded 1.5 billion euros, an increase of 15% compared to the 1.3 billion euros in total transactions for the entire year of 2016. Among the completed transactions, foreign capital accounted for more than 80%.
International investors' interest in Portuguese real estate has strengthened, which is related to the fact that Portugal's assets offer "good value for money." According to immigration experts, the momentum of Portuguese tourism did not stop in 2017, and the demand for employees in major hotel and tourism-related industries is in a stage of continuous growth. The tourism industry has created a new trend of employment in Portugal, reversing the trend of employment difficulties in recent years.
More and more foreign buyers are optimistic about the Portuguese real estate investment market. The demand for real estate in major cities continues to grow, and the rental market also maintains a trend of continuous and rapid growth. Now, for many overseas investors, a 500,000 euro investment in Portuguese real estate allows them to obtain European immigration status for three generations of their family, enjoy numerous benefits, and achieve both investment and immigration goals.
Currently, to cope with the booming trend of immigration to Portugal, the country has added 12 new immigration offices. This is major positive news for investors who want to apply for immigration to Portugal. It not only means that the approval speed for the Portuguese Golden Residence Permit will be greatly improved, but it also means that more families can benefit in a shorter period of time, with one person applying and the whole family gaining, allowing them to enjoy high European welfare benefits.
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