For the wave of executives who have gone from epidemic to digital migration, there is nothing more convenient than this. Lisbon.
This is according to a study by real estate broker Savills Plc, which ranked 15 major residential markets through their application to long-term remote employees. The sunny climate and low cost of living in the Portuguese capital has led to the arrival of residents who are now able to log in to work from anywhere.
“The epidemic has been a catalyst for officials to jump out of office life,” Paul Tostavin, director of global research at Savils, said in a phone interview. “Lisbon offers accommodation in the city and accommodation in the European Union.”
Seville says fast broadband is one of the reasons remote workers are attracted to the city, which has become a magnet for international property investors. According to Portugal’s National Statistics Institute, foreigners are willing to pay more than twice as much for a home in Lisbon as domestic buyers.
Foreign buyers paid an average price of 4,283 euros ($ 4,576) per square meter of Lisbon property in the three months to December, compared to 1,858 euros for locals, the company said in a report released last week. Rising demand has pushed real estate prices up 11.4% in the city over the same period, which means something Domestic buyers are being forced to look elsewhere for a home.
Digital migration is also gaining ground in the southern Algarve region of Portugal. Already popular with holidaymakers, the area’s climate, beaches, and easy connectivity to the rest of Europe are encouraging foreign buyers to buy homes to use all year round.
“People are making their vacation homes more permanent,” said James Robinson, sales director of QP Savils, Algarve’s brokerage firm. “Clients are looking for office space, which was never on the agenda before, and the high-speed Internet that we have here.”
Hot Miami on the Hill of Lisbon, which ranks second on the Seville index. The combination of tax incentives, low interest rates and remote work policies has made Florida a popular destination for buyers relocating from the northeastern United States. Dubai, which is a well-established expatriate hub, has scored high along with Barbados, Barcelona and Dubrovnik. No Asian city was included in the ranking.
In Lisbon, Ricardo Garcia, the city’s resident director of the Seville, said he hopes the city will continue to arrive as its status as a technology hub grows.
“Companies are moving their headquarters to Portugal,” Mr Garcia said. “The area is becoming more international and I don’t see Lisbon or Portugal slowing down anytime soon.” – Bloomberg