Working remotely has become a trend all over the world, allowing people to work from wherever they prefer, and Portugal is among the more attractive destinations for teleworking. Countries that offer an enriching experience are more likely to become a point of interest, from both digital workers’ point of view but also to investors, due to the increasing demand for co-working spaces. Below we will explore everything you need to know about this expanding trend.
Working Remotely: A Whole New Reality
Working remotely offers a multitude of benefits for professionals seeking a flexible and enriching work experience. Once you decide to telework you realise that there is a multitude of choices and benefits. Also, there are various tools and technologies that you will need, to stay productive, connected, and organized.
Besides your communications and collaboration tools, you will need cloud storage and file sharing, to manage your time, your focus, and your productivity, a Virtual Private Network (VPN), some aid on task and project handling, virtual and visual collaboration, not forgetting password management and finally remote access and screen sharing.
Ultimately, the most essential take way is where will you do your work remotely? Being ‘free’ from the office walls you can not only choose within your home country, but you can ally your job to traveling, discovering new cultures, and the search for a lifestyle that suits you better.
Co-working spaces have become a popular solution among people who chose to work remotely. In Portugal, this method allows more flexibility, affordability, and a sense of community. It offers an alternative work environment for those seeking to break away from traditional office setups, fostering collaboration, creativity, and productivity. In a nutshell, co-working spaces are where people from different companies or professions share a common workspace.
Also, the country or region that you chose will have a great impact on your work. Countries like Portugal are among the most-wanted places to work remotely. According to Nomad List, 6 locations in Portugal are in the Top 10 most chosen destinations in Europe. This modern work arrangement, which allows people to work independently or collaboratively in a shared environment, is becoming more and more popular in Portugal. While working remotely from Portugal you will experience a fulfilling and enriching reality, that blends culture, great weather, and lifestyle – making it an attractive destination for remote workers.
What makes Portugal have more followers
Choosing Portugal as a destination to work remotely offers several compelling advantages. The country's historical background, vibrant arts scene, and warm hospitality create a welcoming and inspiring environment for remote workers from all around the world.
Portugal's mild climate, with abundant sunshine and stunning coastlines, provides the perfect backdrop for work-life balance and outdoor activities. Also, there is a range of co-spaces that you can choose from. North to South, Portugal represents the perfect scenario for working remotely.
The affordable cost of living, high-quality infrastructure, and strong digital connectivity make it conducive for remote work. Additionally, Portuguese culture emphasizes work-life harmony, encouraging individuals to savour the moments outside of work and indulge in the country's delicious cuisine and renowned wines. So, whether you're seeking a stimulating workspace, exploring historical sites, or enjoying leisurely moments by the beach, Portugal is your destination.
Going deeply into the matter, Portugal consistently ranks high in global quality of life indexes. The OECD Better Life Index 2020 ranks Portugal above the average in categories such as health, safety, work-life balance, and social connections. Furthermore, Portugal offers an affordable cost of living compared to other European countries, making it an attractive option for remote workers. According to Numbeo's Cost of Living Index 2021, Portugal ranks lower in terms of cost of living compared to countries like the United Kingdom, Germany, and France.
All these factors launch Portugal into the most-wanted list of countries to work remotely. And with the growing demand for spaces to working remotely comes the need for investment, through the creation of new co-working offices all over the country. Portugal’s trail of success cases is the generation of a reputation that precedes it: a land of possibilities.
From Start-ups to Unicorns: The Role of Remote Work
Backing up Portugal’s status on the matter, it is important to highlight the fact that the country embraced easily remote work – this made way for business to thrive in a digital age. Due to its supportive ecosystem, a talented group of entrepreneurs, and a forward-thinking mindset, the country has also emerged as a fertile ground for start-ups, that have the potential to become the next unicorns.
Remote work eliminated geographical barriers, allowing start-ups in Portugal to tap into a global talent race. Also, it allowed cost advantages by excluding the need for large offices and various related expenses. Virtual meetings, co-spaces, and digital project management tools facilitate communication and collaboration, granting teams the tools to work efficiently. Alone, “since the end of October 2022, Portugal has already issued “about 550 visas” for digital nomads to work remotely from Portugal”, as stated by ECO.
While choosing co-working spaces to run businesses and also start-ups, benefits like flexibility and faster adaptation came along – boosting productivity, creativity, and fulfilment among remote workers. These common spaces are perfect to meet and connect with new people, encouraging the act of networking and the sharing of knowledge. In fact, remote work promoted a healthy work-life balance, attracting and retaining highly qualified talent. To sum it up, remote work allows people to enjoy Portugal, contributing to the growth of innovative start-ups.
Although the concept of ‘remote work’ sounds perfect, there is also the need to find a co-working space, a coffeeshop, a creative hub, a space that includes everything needed to get the job done effectively and without setbacks. Portugal offers a variety of spaces to work remotely. At every corner of the main cities, you can quickly find a place to set up your workstation – with good Wi-Fi, friendly and inviting ambiance, probably something to grab a bite, and many other amenities you might need.
The co-working trend is fully implemented in Portugal, making it easy to work from where you prefer. Might be by the river, near a sunny beach, in the centre of historic monuments, in beautiful gardens and parks, in Portugal, you will find the perfect setting to do your remote work.
As mentioned, with the rise of the country’s popularity, the increase in demand for co-spaces has reached a point where there is an urge for investment. By each day, Portugal is attracting more and more foreign people, looking for an idyllic place to work remotely. This presents an investment opportunity.
High Demand for Co-spaces: An Opportunity for Investment
The co-working industry has experienced significant growth in recent years, driven by the rise of remote work, freelancing, and flexible work arrangements. According to ECO, “with regard to billing, the network of flexible workspaces anticipates an increase of around 20%, to around six million euros”. Investing in co-working spaces allows investors to thrive in a market with potential for expansion and further evolution.
From the investor’s perspective, co-working spaces represent a diversified revenue stream, the potential to expand, and adaptability to market trends. Overall, investing in co-working spaces is an opportunity to enter a dynamic and evolving industry.
It can provide both remote workers and investors with numerous amount of benefits aforementioned, from flexibility, community, productivity, cost savings, diversification of revenue, scalability, and adaptability to market trends.
In the evolving market of workspaces, co-working has established itself as a powerful force, revolutionizing the way professionals approach their careers. Portugal, with its thriving entrepreneurial spirit and range of co-working spaces, stands out.
As an investor, the opportunity to capitalize on this growing trend is enormous, with the potential for substantial returns and the chance to be part of an ever-expanding community. Portugal Homes also plays its part in this venture, investing in the rehabilitation of buildings and turning them into co-spaces – like Mária. This co-space is located in Lisbon, in the heart of the country’s capital.
Being the location of the building a crucial part of the success of a co-working space, Portugal Homes makes sure that this detail is taken into account – making sure that every property has good accessibility, proximity to public transportation, and amenities.
In conclusion, Portugal represents a good opportunity for investors to make their move into the real estate market, investing in co-spaces, and also the perfect landscape for people that work remotely, and are looking for a country that offers one of the best lifestyle environments.