Portugal - A Good Place For Property Investment?
July 27th 2008 09:48 am By Web Development in India
Is it? Isn’t it? Since Portugal was awarded the 21 billion euro (£14.2bn) EU grant to help the country develop, a fair proportion has been allocated to improve tourist areas like the Algarve. Past developments have seen the Algarve region become a favourite for British and Irish holidaymakers and property investors. Both are attracted by the climate, which is sunny and warm for most of the year, as well as by the ease with which they can get to the region. Regular and low cost flights now fly to Faro from airports all over the UK, and the region’s attractions are only a short drive from the airport.
Just 20 minutes from Faro Airport there are championship golf courses as well as a host of luxurious and affordable accommodation. The prospect of future development is likely to excite tourists and investors even further.
Portugal is still new in the overseas property market. The quality of build is high, property prices have grown a steady 10-15% per annum since 2000, and there is a wide choice of property across all price ranges. Depending on what you are looking for the Algarve has its established areas with mature resorts and alternatively brand new investment opportunity areas such as the East, each appealing to a different type of person and budget.
It has long been accepted that property over the longer term offers a safer alternative to the stock market and property in Portugal is a great example of this. In fact, property in Portugal has been growing in popularity at such a pace that over the medium term property prices in Portugal have been moving steadily up.
Portugal is also a popular retirement destination for people from all around the world. The mild climate, gorgeous coastline and plentiful sunny beaches combined with excellent food and inexpensive fine wine have made it a haven for retirees.
The Algarve is one of the areas that have experienced an influx of foreign retirees and therefore real estate investment in recent years. Property prices and the cost of living in Portugal are still low enough to attract many retired Europeans in particular. The Algarve is cheaper that the Costa del Sol or the French Riviera and has even more beautiful beaches.
Another reason Portugal is viewed as a desirable place to retire is the friendliness of its inhabitants. The Portuguese are a generally kind and hospitable people and welcome foreign visitors with warmth and compassion.
Trevor Norman is the Marketing Director of Premier Algarve Rentals, a company specialising in the property and rental management of holiday apartments in the Algarve region of Portugal.
