Portugal is attracting an increasing amount of attention from British investors looking to put their pounds into property. This is perhaps unsurprising given that the Deloitte Property Index Report has just revealed it to be one of the most affordable residential markets in Europe, joining Germany and Denmark as the top three top destinations.
The latest RICS/Ci market report has provided yet more positive news for Portugal, indicating strong signs of stabilisation within the property sector for the first time in four years. The report shows that prices of new homes across Portugal are rising, while resale values are also up in some areas, such as the southernmost Algarve region.
Blessed with 300 days of sunshine per year, the Algarve has long been one of Europe’s most popular holiday destinations – affordable accommodation, stunning beaches and delicious local cuisine combine to ensure that millions of passengers pass through the region’s Faro Airport during both the summer and shoulder seasons.
The attractions of the Algarve are such that many towns see their populations quadruple during the summer months. Holiday accommodation is much in demand, particularly in areas such as Quinta de Lago and Vale do Lobo, close to some of the Algarve’s most challenging and visually appealing golf courses.
Ci Spokesman, Ricardo Guimaraes, noted the importance of these seasonal fluctuations in relation to the RICS/Ci May report’s figures, “The challenge for the market is to consolidate the potential stabilisation which is now being observed by Agents. They report an increasing demand from potential buyers, especially in markets that benefit from seasonal activity, such as the Algarve.”
Property in the Algarve region of Portugal is on average 32% cheaper than it is in the UK, according to listings website Meravista, which, combined with the benefits of the exchange rate, makes investing in Portuguese property an extremely tempting prospect, be it for personal usage as a holiday home or for investment purpose, or a combination of the two.
Philip Button, Managing Director of property investment company, Brookes & Co, explains why they too are turning their thoughts towards Portuguese shores, “With the property market stabilising in Portugal and prices currently marking it out as one of the cheapest markets in Europe, the time is ripe for investors looking to benefit from Portuguese residential property. This is where Brookes & Co springs into action.
Having kept a close eye on the Portuguese market over recent years, we are pleased to see all the factors coming together to make it ideal for investment. As such, we have worked hard to develop an excellent opportunity for our British clients, for which we are in the final stages of planning and due diligence. Those interested in putting their pounds to good use are encouraged to watch this space for further updates on our upcoming Portuguese offering.”
With low prices that are beginning to show steady increases, now is the time to look to Portugal as Europe’s top property investment hotspot.
For more information, contact Brookes & Co on 01621 875 925