Monday, 18 September 2017
Right now there has been a whole lot of publicity about the international property market over the last 18 months and much of it has focused on the oversupply in certain areas, notably Spain and low demand that has caused prices to drop dramatically. But what about areas like the Algarve that did not over speculate in the feus years?
The Portuguese property market has gone through a correction in recent times but unlike Spain, when the sun was shining it's local authorities still maintained a very strict control on new development. Builders in Portugal are well known for their conservative attitude towards speculation and the federal government have very careful guidelines in location to maintain the character and appearance of urban and rural areas. This control means that new property is carefully and responsibly built with more emphasis on quality and how it works with and impacts the surrounding area.
So like the UK, supply and demand have stable quite quickly with the Algarve registering a 2% price increase in Q209 compared with a one. 01% rise for the whole of Portugal and the average price for each m2 is now an attractive 1, 429 EUR (source: Global Property Guide). This upswing popular is being seen along the complete Algarve and buyers have become picking up some great bargains.
This is good news for cautious algarve property for sale purchasers. Whether considering an abroad property purchase for lifestyle or financial reasons, England offers the sort of real estate market that can offer a steady return on your investment in the medium - long term. Buyers know they are going to get good year round weather for lifestyle and reliable rental and capital appreciation in the permanent because supply and demand are definitely more carefully taken care of than other destinations.
Typically the Algarve does not need to be introduced and is the jewel of Portugal's crown. Because the the southern part of most region, its southern facing shores and seashores are bathed in sun light and the airport terminal of Faro boasts among the best year round connections to all major European airports.
This is between the most popular destinations in upper Europe and can correctly claim to have some of the most attractive beaches, services, towns and golfing facilities in the world. An component of elitism has been seen in the Algarve second homeowner and tourism neighborhoods - it is broadly felt the area have not imported as many problems, much more refined and has an altogether more critical atmosphere than many alternatives.
The Algarve property market has been stable since the first holiday homeowners came in the 1971s and since then the Government has taken a measured and strategic approach to developing it as one of the most famous travel and leisure centres in Europe. Far less volatile than Spain, property purchases have still slowed as they have everywhere and prices have fallen. As the global economy recovers from economical turmoil, now is certainly the time to look at the Portuguese Algarve for another home or investment property purchase. You will sleep more soundly at night buying here.