What about Setúbal, Portugal real estate
Setúbal, location is superb. Located between the outstanding Arrabida natural part, the Sado River facing the Troia Peninsula, Setúbal is becoming a hotspot for real estate investment in recent years. While major cities like Lisbon and Porto have received much attention, secondary cities such as Setubal should not be overlooked: Setúbal,. Located only 50 km south of Lisbon and surrounded by world-class beaches, Setubal offers a unique blend of affordability and growth potential. Setubal is surrounded by natural beauty, but its industrial nature has been a deal breaker for many investors. Let's see why Setubal should be considered investors looking for buying opportunities in Portugal.
Why is Setubal Portugal Real Estate still affordable for investors?
Let's start with a few negatives, if not deal breakers. It is hard to understand why such a beautiful spot has been turned into an industrial city. Setúbal is the 4th Port of Portugal. The city is cornered by two massive factories. On the east side of the city, you can see the chimney of the Navigator Paper plant. On the west side, you will find the cement factory from Secil Group. Near the city center, you will see the port terminal infrastructures. There is the car export terminal needed to ship all the Volkswagen produced in the Autoreuropa factory located nearby. In addition, to the Car terminal, you have Sado Port and its container terminal and the giant cranes. Are you still reading?
If we look at the big picture, if you can overcome quite a few visual challenges, Setúbal is a winner. The old center part of the city and its harmonious building is being rehabilitated with the support of the municipality of Setúbal. Investors engaging in building rehabilitation can even enjoy some tax incentives. In addition to that plan, the local authorities of Setúbal have a larger urban rehabilitation plan.
The town hall of Setubal has started an urban rehabilitation plan to update and upgrade part of the city. At this stage, there is no question of getting rid of the industrial landscape. The municipality is keen to
Setúbal, Portugal real estate, toward a bright future?
Since 2017, the municipality has been developing a vast and long-term rehabilitation program. As a result, Setúbal, Portugal real estate is going up and up. The ambition is to redesign Setúbal and update and upgrade its urbanism. One of the aims is to balance and reconcile the industrial nature of the city with its outstanding beauty. The urbanism plan will positively transform the city into a modern industrial center that also has a strong touristic vocation. The project is a blend of the preservation of the old parts of the city and the reintegration of disused or misused urban space.
The list of improvements is long, but for those familiar with Setúbal, Here are a few parts of the city that will change very soon:
• Rehabilitations of Albarquel Fort (done)
• Rehabilitation of the Marina of Setúbal
• New futuristic design of the intermodal platform
• Destruction of Fontainhas viaduct
To give you an idea of the current ambition of the city: Setubal is planning to have the capacity for 600 boats and Superyacht up to 50 meters. The city has been experiencing a steady increase in population, which is expected to continue in the coming years. This population growth, coupled with the city's strategic location near Lisbon and its beautiful coastline, makes Setubal an attractive destination for both locals and tourists alike.
Moreover, the government has been investing in infrastructure development, including improved transportation links and the revitalization of the city center. The municipality estimates that 30% of the properties in the city center are not fit for housing purposes. For that reason, it offers technical help and tax incentives for private or corporate investors wanted to engage in renovation projects.
These efforts are expected to further boost the city's appeal and attract more investment in the real estate sector.
The municipality of Setúbal is engaging in urban rehabilitation policies to prevent the deterioration of the old center. The old center is now part of Áreas de Reabilitação Urbana (ARU). The incentives can range from local tax breaks to capital gain.
Three examples of the Price of Real estate in Setúbal,
The central part close to the river (Zona Ribeirinha) starts at around 2000 euros per sq m for flats in good condition.
In the historic center that is part of the (ARU), the prices, you can find a very pretty home for as little as 1600 euros per sq m. You can source renovation projects for just under 1000 euros per sq m.
Conclusion:
The city is surrounded by stunning landscapes, including the Arrábida Natural Park and the Sado Estuary Nature Reserve. These natural attractions not only make Setubal a desirable place to invest, to live but also a popular tourist destination. With its beautiful beaches, hiking trails, and wildlife, Setúbal, offers a unique lifestyle that appeals to both locals and foreigners looking for a tranquil and picturesque location to invest in real estate.
As the real estate market in Portugal continues to grow, Setúbal, presents a promising opportunity for investors. Today the is still an industrial, but it is blessed with natural beauty. This can maybe explain why In the first part of 2023, tourism went up by 60%, according to the municipality.
Its affordability, growth potential, and natural beauty make it an attractive option for those looking to capitalize on the country's flourishing market. With its strategic location near Lisbon and its investment in infrastructure development, Setúbal, is poised to become a rising star in the real estate market. So, if you are an investor searching for buying opportunities in Portugal, Setúbal, should be on your radar. Also, as a cherry on the cake, the new Lisbon airport may be located only 30 minutes away from Setúbal in the next decade.
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