Positive signs in the Algarve Property Market
The Golden Residence Permit programme is also giving a boost to property transactions in Portugal
Portugal and the Algarve, like most European economies have not been immune to the current economic crisis. The property sector has perhaps been affected most of all, with a steep decline in real estate deals completed in recent years. However, there are positive signs that the real estate market in the Algarve is begining to recover, with great interest being generated by the Golden Residence Permit programme.
Algarve real estate is one of the most sought after in Europe. Exceptional lifestyle quality, excellent air connections and of course, the climate, have always been major attractions. At the moment, it is a buyer’s market in Portugal, with some amazing properties to be had at value prices. But where to start your search for that dream property?
One of the best starting points is a little research. Let your fingers do the walking on the Algarve Home Finder directory. This online property portal enables you to refine your search to the type of property you want in the location you want. The directory features property from leading real estate agents all across the Algarve, displaying the best properties in one easy to navigate space, making your search much easier and less time-consuming, enabling you to refine your list of possible properties with a few computer clicks.
The Golden Residence Permit programme is also giving a boost to property transactions in Portugal. Basically, under the programme, those looking for residency rights in Europe and freedom of travel within the Schegan space, and who purchase a property of €500.000 or more, receive a resident visa for investment activity. This measure has attracted great interest from buyers in previously untapped markets, particularly Asia. These are buyers that want a foothold in Europe and Portugal offers a stable society, quality of life, quality infrastructures, healthcare and education. Resorts such as the prestigious Pine Cliffs Resort support the Golden Residence programme, offering diverse luxury real estate options and the group has reported increased interest and demand in recent weeks, with investors already moving forward with the acquisition process.
Real estate agents on the ground in the Algarve have reported a significant increase in enquiries compared to 2012. While the top end luxury market is fairly immune to economic fluctuations, the middle range of properties is once again seeing activity. Recent tax incentives for foreign buyers have also helped. East Algarve agent Lisa Lokkerbol of LWL Properties based in Tavira, has said there is renewed interest in buying, with cash buyers looking to snap up some of the excellent bargains to be had.
Specializing in the central Algarve, particularly the Boliqueime area, Diamond Properties like to give their buyers some added incentives. Last year, to mark the Queens Jubilee, they gave buyers a diamond ring. This year buyers can enjoy a sensational cruise aboard a luxury yacht along the Algarve coastline, giving them a taste of their new lifestyle in the Algarve. Buyers need to sign up with Diamond Properties and buy a property before the end of the year to avail of the offer. Working closely within their local community, the team at Diamond Properties offer a very personalized service, making each new property owner feel as at home as possible in their new location.
Another boost to the market will be provided by the Portuguese Chamber of Commerce first Portugal Property Show, to be held in cental London, 14th - 16th June. Top resorts will be represented as well as developers, bankers and lawyers and expert advice will be available on taxes, healthcare and the cost of living in Portugal. The government sponsored Living in Portugal campaign aims to attract high-end buyers and investors, who would then contribute to job creation, boosting to the construction and real estate industries. A series of roadshows will be held across Europe in the coming months to promote investment in property in Portugal.