However, according to Knight Frank’s European Lifestyle Report, it was one of the regions whose residential property prices increased the most in percentage terms after the pandemic. Conversely, London is the most expensive destination, even for millionaires.
“Europe is at the top of the world rankings in terms of countries with the greatest diversity of property owners in terms of nationality, with Portugal in seventh place out of 10 destinations”, states the press release from the real estate agency, a partner in Portugal of Quintela + Penalva since 2022.
France comes in first place, followed by Spain (in 2nd), Italy, the United Kingdom, Greece and Switzerland (respectively). Croatia is in 8th, Ireland in 9th, and Germany in 10th place.
“Portugal is among the countries that offer the most tax benefits to new residents, whether on passive income and capital gains or on pensions and/or income from work, along with countries such as France, Austria and Spain”, it reads.
For Kate Everett-Allen, Head of Europe Residential Research at Knight Frank, “changes in market conditions, tax incentives, visa options, and lifestyle improvements can also influence the decisions of the wealthiest to move to another country”.
“The pandemic, new hybrid work models, and the increase in early retirement or semi-retirement among people in their fifties have contributed to this trend of increased mobility”, she highlights.
The international study also reveals that millionaires prioritise security and privacy “over tax benefits when it comes to moving or buying a second home, due to geopolitical concerns”.
Paris, Berlin, Barcelona, Vienna, and Madrid are among the European cities most desired by the wealthiest who are thinking of moving to Western Europe. Lisbon is in the top 5 choices of cities to live in for its quality of life and is chosen in fourth place for environmental quality.