Remote working had been on the rise before 2020, but the pandemic and the changes that came with it led to a significant increase in the number of people both working from home.
As many of those working remotely were no longer required to live within commuting distance of an office, for a lot of those working online, living and working from abroad became an interesting option.
Many countries across Europe and around the world, have started trying to attract more remote workers. Countries like Portugal, with good weather year round, established communities of digital workers and a number of lifestyle benefits, have been particularly popular with remote workers.
“It Works for You”
One of the most popular spots on the Lisbon coastline, Cascais, just launched a campaign titled “It Works For You”, aimed at attracting remote workers from across the world. Whilst Lisbon has been a popular destination for remote workers for a while now, Cascais is attracting a growing number of digital nomads.
The number of facilities for remote workers in the area, including tech hubs, co-working spaces, as well as social activities and events aimed at remote workers has also increased here in the past few years.
New Opportunities for Investment
The demand for long term rentals is always high in Portugal, and the number of remote workers looking to come over and spend longer periods of time in Portugal is growing at an unprecedented rate. The changes happening with the law in regards to local accommodation (AL) licences, may make long term renting more appealing for those looking to rent out their properties. Beyond just dealing with changes to legislation, long term renting comes with benefits such as lowered maintenance costs and more consistent income year round.
Accommodation with facilities for remote workers including office space, high speed internet, and in proximity to co-working spaces and social events are in particularly high demand from those working remotely. For those looking to rent out their properties long term, whose properties have many of the qualities desired by remote workers, the digital nomad community may be an interesting market to target.
Written by Emma Pengelly