The last couple of years have presented a strong return for the property market in Portugal and Algarve was no exception. With 300 days of sunshine, stunning coastal scenery, a reasonable price of living and a vibrant local culture, the area remains a popular spot for both permanent expats and investors.
One of the main conclusions of 2019 was the desire for investors to acquire properties in areas that they identified as safe and that had a healthy lifestyle. Given a growing concern globally, safety and health are two factors that affect every corner of our world today. Fortunately, the real estate market in Portugal and housing in the Algarve consistently respond to this need, providing buyers with a safe and financially stable lifestyle.
We have seen several large resort projects flourish in the past two years as wealthy investors recognise the potential of the property market in Portugal and see how favourably the price of living compares to similar European hotspots.
The impact of the Golden Visa (introduced in 2012) and the NHR (introduced in 2009) should not be underestimated. The former gives non-EU nationals residential status in return for investment and continues to attract buyers from Asia and the Middle East, while the tax benefits from the NHR are seeing more European buyers choose the property market Portugal. Both are expected to remain in place in the foreseeable future, bolstering an already strong market.
Of course, 2017 was the year when ‘Brexit’ was top of minds across Europe. While the ongoing negotiations have left UK buyers less certain about investing, this has led to growth from other European countries. We continue to see high interest in luxury property in the Algarve from Scandinavia, Italy and particularly Germany and France. In short, while Brexit uncertainty continues, we don’t expect it to impinge on the property market in Portugal in the forthcoming years
Despite a fragile 2017, the following two years saw promising growth in the Algarve real estate market. The beginning of the year 2020 seemed to present a dark future for the real estate industry across the country, but the market proved to be stronger than we all expected, in the months that followed.
We may be in an unstable period, but the ONE Select properties team is focused on being able to promote your property in the Algarve or find your second home in Portugal. We follow the local and global market closely so as to always offer the best service possible, but more importantly, find the deal that meets your expectations.
Whether you are looking for an exclusive property in Portugal, want to enjoy the benefits of your existing home or make the most of the real estate market in Portugal, contact us