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 recent economic crisis. The property sector was perhaps affected most of all, with a steep decline in real estate deals completed between 2012 and 2015. However, there are positive signs that the real estate market in the Algarve is making a recovery, with great interest being generated by the Golden Residence Permit programme.
The Golden Residence Permit programme is 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.
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?
Real estate agents on the ground in the Algarve have reported a significant increase in enquiries in recent years. 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: to mark the Queens Jubilee, they gave buyers a diamond ring. 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.
If you know exactly what you're looking for, but just need some help finding it, then Seven Quintas Property Search could be the answer. They specialize in matching people to properties, so if you're searching for a home that will stand out from the crowd, get in touch with the experienced and friendly team at Seven Quintas.
If you're looking for a holiday home or permanent residence, or a commercial property on the Algarve's stunning west coast, the team at Abacoz Properties in Lagos can help to find the right property for you. They can also assist with project management for new builds or for renovations and have a group of trusted suppliers with whom they work.
If you are considering purchasing property in Portugal, making Portugal your permanent residence, or starting a business here, All Finance Matters can assist with everything from mortgages to starting up your business and tax benefits.