The Moving to Portugal Show and Seminars, due to take place in London on 19th October 2023, is highlighting the price disparity between the UK and Portuguese property markets.
Many attendees at the free event will be keen to benefit from the expert presenters’ advice and guidance on just how much more they can get for their money when it comes to property in Portugal. With real estate agents including Chave Nova, Cerro Novo, Futuro Real Estate, Goldcrest Properties, Fine & Country and developers Pestana Algarve, DDM all attending the Moving to Portugal Show, there will be plenty of expertise on hand when it comes to property.
The average UK house now costs around nine times the average UK earnings, according to analysis by Schroders. The firm has examined data from the past 175 years, calculating that the last time house prices were so high relative to earnings was in 1876.
A couple of hours’ flight away, in sunny Portugal, the situation is very different. The price of the average London home – £533,986 according to HM Land Registry figures for June 2023 – is sufficient to buy a four-bedroom/three-bathroom apartment in Loulé in the Algarve, just moments from the town’s historic zone and famous market. Available through Chave Nova, the brand-new apartment, priced at €620,000, is a 12-minute drive from the popular Vale do Lobo Resort and the stunning beaches of Loulé Velho and Garrão Nascente.
“Many of the property buyers we talk with are pleasantly surprised by just how much more they can get for their money in Portugal. Given the cost of living in Portugal is also lower, there’s a significant financial case to be made for starting a new life in the sun,” said,Christina Hippisley, General Manager of the Portuguese Chamber of Commerce in the UK
The latest figures from Numbeo show that it’s not just buying property in Portugal that is cheaper. The overall cost of living in Portugal is 26.8% lower. That means family budgets can stretch significantly further.
For those with young children, the cost savings in Portugal quickly stack up. Numbeo’s data show that the average monthly cost of preschool in the UK is £1,108.37 – an eye-watering sum that adds to the financial burden on working parents enormously. In Portugal, however, a comparable establishment costs just €356.91 (£310.14) per month on average. That’s a saving just shy of £800 per preschool child per month.
The weather in Portugal also means that those who move there can do more with less. While rainy autumnal weekends in the UK tend to see families pouring money into their local shopping centres, the abundant sunshine in regions such as Portugal’s Algarve means cost-effective days out at the beach or exploring a local nature reserve are usually an option.
“The Portuguese lifestyle presents plenty of opportunities for spending time outdoors and connecting with nature. It’s a lifestyle that can be positive for mental and physical wellbeing, as well as your wallet.”
Christina Hippisley, General Manager of the Portuguese Chamber of Commerce in the UK
Families interested in making the move to Portugal are invited to attend the upcoming Moving to Portugal Show and Seminars on 19th October 2023 at London’s Pestana Chelsea Bridge Hotel. The free-to-attend show runs from 10.30 am to 7.30 pm, with live presentations, seminars and expert exhibitors providing a wealth of information on the practicalities of moving from the UK to Portugal. Free tickets can be booked online at www.movingtoportugal.org.uk.
For more information, please contact the Portuguese Chamber of Commerce in the UK: www.portuguese-chamber.org.uk or www.movingtoportugal.org.uk, tel 00 44 207 201 6638 / 00 44 7463 689666.
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