Food and Tech writer, James Laird answers the questions, "Why Lisbon’s startup scene will hit full throttle in 2016" and is Lisbon "the next tech city?" in his recent article for The Spaces. As well as commenting on WebSummit's and SecondHome's arrival to Lisbon this year, where they will join an already buzzing start-up scene, Laird highlights Lisbon's low-cost high quality of life.
"One obvious factor is Lisbon’s low cost of living. Various figures put rent at nearly 75 percent cheaper than London, and you’d need a take-home monthly salary of more than $7,000 to enjoy the same quality of life in New York as you could for under €2,500 in Lisbon (less than $3,600), according to Numbeo’s latest data.
And it’s not just rent that’s cheap. It’s unusual to pay much more than €1 for a coffee or beer, while grocery prices are nearly 25 percent less than in another major startup hub, Berlin.
Perversely, Portugal’s tough economic climate (particularly between 2010 and 2014) stood the capital in good stead for a tech boom. Its shrinking job market helped spawn a new generation of local entrepreneurs that, ultimately, kickstarted the city’s resurgence and imbued it with new sense of self."
Indeed, this is why so many foreigner are investing in Portugal real estate market, not just because it makes good financial sense and there are profits to be made, which there are - luxury housing has seen a 23% growth in just two years. Foreign investors are also putting their money into Lisbon property, because Portugal's capital city is a great place to live with lots of good food, affordable entertainment, outdoor sports and the architecture and its natural setting make it a beautiful place to live too. "Of course, Lisbon’s magnetism for startups, investors, entrepreneurs and the wider creative community can’t be pinned to a single factor, it’s the overall package that counts."
Read the full article here.