Blue Palace, Porto
- Properties From $543,000
- Tenure: Freehold
- Estimated Rental Return: 3%
- Completion: Q4 2023
- The Financial Times placed Porto at the top of the European Cities and Regions of the Future in 2023.
- Porto has recently been hailed as the third fastest-growing European tech hub and the “best start-up friendly city of Europe”.
- The low cost of living, low violence rates, and warm climate in Porto and Northern Portugal are luring entrepreneurs, digital nomads, and investors from around the world.
- Porto is a three-time winner of the European Best Destination Award, which it obtained in 2012, 2014, and 2017.
- The city of Porto leads both in terms of rent per square meter, which was €14.9 in January 2023, and in terms of growth rate (11.9% in 3 months and 36.6% for the year).
The Property
The development comprises of 17 luxury apartments located in a refurbished Palace overlooking the River Douro in the centre of Porto. They range from studios to 2-bedroom apartments. Most of the apartments enjoy fabulous views of the historic center of Porto and the Douro river. All the apartments include air conditioning, double glazed windows, a fully equipped kitchen, and may be fully furnished. The project is comprised of 2 autonomous buildings: the renovated Palace and a new structure, separated by an internal magnificent private garden. Within the renovated Palace, most units include mezzanines, enhancing the original double height ceilings.
Aside from the unparalleled views, the Palace is located within walking distance of the main Porto attractions including the Historic Center of Porto, the traditional Port Wine Cellars, Dom Luís I Bridge, and the Sé, amongst others.
Why Portugal?
- 65 million visitors per year
- House Price Growth 13.1% (2022)
- Inward Migration 750,000 (2022)
Due to a tourism boom, demand continues to outstrip supply, leading to price increases in both the rental and sales sector. Forbes magazine recently voted Portugal the number one place to retire, due to its low cost of living, fabulous way of live and attractive tax benefits for foreign residents. 750,000 people made Portugal their new home last year. With a population of only 10.5 million, Portugal receives 65 million visitors per year. According to Portugal’s Institute of National Statistics in 2022, year on year price growth is 17.2%. Porto’s popularity as a tourist destination has been growing rapidly, attracting visitors from all over the world. The city is known for its rich history, stunning architecture, vibrant culture, and renowned Port wine production. The increase in tourism has led to a surge in demand for short-term rental properties, such as vacation rentals and Airbnb accommodations. Rental yield, on average, is among one of the highest in Europe.
Smart Investing
- Estimated Occupancy Rates: 75%
- Est. Revenue: $47,800*
- *Based on AirBnB data
Location
The Palace is located on the banks of the River Douro and within walking distance of the main attractions, including the Historic Center of Porto, the traditional Port Wine Cellars, Dom Luís I Bridge, and the Sé, amongst others. The historic city of Porto is one of the oldest cities in Europe.
This vibrant and exciting city has emerged in recent years as a top tourist destination due to its rich history, deep culture, and very unique nightlife. In 1996, the city center was declared a UNESCO World Heritage site. This region is also known worldwide for its wine, produced and stored along the banks of the Douro River.
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