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Portugal is attracting many high-net-worth individuals (HNWIs), especially from Ireland, due to its luxury lifestyle, beautiful scenery, great food, and sunny climate. Henley & Partners predicts Portugal will be the ninth most popular destination for millionaires relocating in 2024, with Lisbon hosting over 22,000 millionaires. The Algarve region is also popular for luxury living. Real estate firms like The Agency showcase exclusive properties, including a €27 million villa with a private island. The Algarve's Quinta do Lago offers prime land plots for custom estates. Portugal appeals due to safety, lifestyle, and tax benefits, drawing wealthy buyers and young families. A Moving to Portugal Show in Dublin will share more details about these opportunities.
Portugal has become a magnet for high-net-worth individuals (HNWIs) from Ireland and beyond, attracting them with its luxurious properties, relaxed lifestyle, exceptional cuisine, stunning natural scenery, and abundant sunshine. Advertisement
Henley & Partners projected last year that Portugal would rank as the ninth most sought-after destination globally for millionaire relocation in 2024, anticipating a net influx of 800 HNWIs with liquid investable wealth exceeding USD 1 million. Recently, the firm reported that Lisbon alone is now home to 22,200 millionaires, 45 centi-millionaires, and four billionaires, while the Algarve region has become a hotspot for 55 centi-millionaires.
According to Christina Hippisley, General Manager of the Portuguese Chamber of Commerce, the opportunities for high-net-worth individuals in Portugal are exceptional. She indicated that Portugal's appeal lies in its luxury resort living and advantageous tax incentives, drawing those seeking an ultra-high-end lifestyle, contributing to a significant influx of millionaires.
For those eyeing opulent residences bathed in sunshine, The Agency, a prominent real estate advisory featured in a Netflix series, is set to showcase its prime properties at the Moving to Portugal Show and Seminars in Dublin later this month. The firm is renowned for exclusive properties like an eight-bedroom villa in Lagos, Algarve, complete with a private island. Fully refurbished to blend historic charm with modern comforts, the property is listed for EUR 27M, offering a luxurious retreat for affluent buyers.
Alternatively, those with substantial budgets are exploring land plots in prime locations, such as North Grove in the prestigious Quinta do Lago resort. North Grove comprises 13 plots within the Algarve's Golden Triangle, known for its luxury living and top-tier amenities. With breathtaking golf-front and pine grove vistas, each plot provides an ideal setting for custom-built estates, combining tranquillity with easy access to the resort's upscale facilities.
Marian Purcell, Team Leader and Luxury Real Estate Advisor at The Agency, noted that Portugal continues to draw global interest due to its safety, lifestyle, climate, and investor-friendly policies. She observed that the Algarve remains a focal point for affluent buyers seeking secure, appreciating investments. Purcell also highlighted a notable shift in demographics, with more young families now seeking to relocate or invest, drawn by Portugal's high quality of life, international schools, and secure, outdoor-centric environment.
For those eager to learn more about Portugal's emerging status as a premier destination for affluent investors, the Moving to Portugal Show is set to take place later this month at the Herbert Park Hotel in Dublin. The event is free to attend, but prior registration is required online at https://Dublin-MTP.eventbrite.co.uk.
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