A Place in the Sun homebuyer emotional over Algarve property
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Portugal has been named by experts as a hotspot for UK expats looking to move abroad. Two new reports have highlighted the nation both for its low cost of living and the lifestyle it provides people.
Numbeo’s 2021 mid-year update ranked Portugal as the 20th global nation for the quality of life on offer to those who live there.
It beat the UK by three places, which ranked 23rd.
What’s more, Portugal was also cited as providing a far cheaper lifestyle than the UK.
The UK ranked as the 21st most expensive country in the world, meanwhile, Portugal sat at a more cost-effective 37th place.
For those who are keen to relocate to Portugal, but not sure where to relocate, further findings suggest the Algarve could be the “cheapest”.
According to the Post Office Holiday Money Report 2021, Portugal’s Algarve region is repeatedly the cheapest holiday destination in the Eurozone.
The Algarve is also cited as being the “cheapest holiday destination in the world”.
The annual report, which looks at items ranging from dinner for two with wine to sun cream, noted a 16.5 percent drop in costs since the previous results.
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Experts from Kronos Homes, the developer behind key-ready properties in the Amendoeria Golf Resort, point to the area as providing low-cost properties too.
“Between Portugal’s superior quality of life, its value as a holiday destination, the short flight from the UK and the facilities on offer at Amendoeira, I think families will be hard-pressed to find a more appealing second home destination,” said Alda Filipe, sales and marketing director of Kronos Homes.
A spokesperson from AB properties added: “With property priced at €1,185 per square metre, Portugal’s homes are also cheaper than pretty much all of western Europe.”
Previously, experts also pointed to Portugal as a cheaper option than Spain for Britons looking to relocate overseas.
A spokesperson from ExpatNetwork suggests this is particularly true since Brexit.
Prior to Brexit, Britons could move to either nation with ease thanks to the freedom of movement offered under European Union (EU) membership.
Since January 1, 2021, new post-Brexit rules means Britons must apply for visas when moving to either nation.
The cost of these vary, which experts from ExpatNetwork suggest makes Portugal a more favourable option when it comes to ease of applying and the associated costs, particularly for retirees.
A spokesperson for the ExpatNetwork explained: “The NLV allows you to take up residence in Spain, provided you have sufficient funds to support yourself and you do not need to work there.
“It is this requirement that is causing problems for many Britons.
“You have to demonstrate an income of €33,893 (approximately £29,388) a year for a couple and €47,451 (£41,144) for a family of four.
“This requirement will rule out the option of retiring to Spain for many.
“Those who are retiring on a basic UK State pension, £9,339 in 2021, will not qualify.”
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