'A cool destination to just start over': Burned-out millennials are flocking to Portugal. (via CNBCMakeIt)
As the pandemic and remote work transform the way we live and work, people are moving and changing careers based on what fulfills them most.Portuguese Immigration and Borders Service
What many foreigners say draws them to Portugal is its low cost of living and high quality of life. If a basket of goods and services cost $1 in the U.S., it would cost 57 cents in Portugal, according toThe reason Portugal is cheaper than many Western countries is because the country "is poorer," says Portuguese economist Ricardo Reis, a professor of economics at the London School of Economics and Political Science. "A lot of the costs of the services that you buy are labor costs.
There's natural beauty, but also culture. Expats tell me they haven't struggled to assimilate. Much of the Portuguese population speaks English because they learn it in school from an early age and they're generally welcoming to foreigners.Global Peace Index, "I used to almost fear requesting vacation. And here, my office is shut in August," Hayden says. "Especially in a lot of big cities in the States, there's a real focus on the grind, and kind of getting ahead and rising up the ladder. I think here, there's definitely a much more balanced approach. Family is huge. Spending time with friends is huge."
Despite the laid-back culture, a lot of young workers aren't moving to Portugal to slack off. It's somewhere many expats feel capable of taking a risk and starting a new venture. According to the report, a third of founders who established startups in Portugal between 2015 and 2020 were not Portuguese.As more people come to start anew and build their dreams, Portugal as a country is also undergoing a dramatic transformation. I saw lots of cranes and construction in Lisbon, bringing to life the infrastructure necessary to serve the city's new inhabitants and visitors.
Longtime Lisbon resident Luisa Pilo shows me what used to be a traditional Portuguese jewelry shop from the 1920s, that closed because it couldn't keep up with the rising cost of rent.But not all this change is positive. Many locals and small businesses have been priced out of the city center due to rising rents. Furthermore, many apartments have been taken off the market and converted into short-term vacation rentals.
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