An earthquake measuring 4.5 on the Richter scale was recorded at 3pm today with an epicentre located about 190 kilometers south-southwest of Cape St. Vincent.
The tremor was reported by concerned citizens in Portimão, Quarteira and Loulé.
Mortgage approvals jumped 40% in September, making it the highest monthly level since the critical slump in 2009.
By the end of the month, nearly 43,000 loans for house purchases were made, according to the British Bankers Association.
The Algarve Tourism Association is launching a well-targeted promotional campaign in the UK, Ireland, Germany, Holland, Belgium, France and Scandinavia as ‘Destiny Algarve’ hits online and offline media.
These markets rightly are considered "strategic for the region" and all have flights to Faro, according to the Algarve Tourism Association whose two goals are 'to mitigate the effect of seasonality in the region and to promote awareness of the existing routes to Faro airport.'
A house in Italy owned by British expats has been seized by the authorities there because it was built illegally on agricultural land.
Moreover, the couple has been charged with owning an illegal property, an offence which incurs a sentence of two years in jail or a €50,000 fine.
Germany is increasingly concerned about a possible property price boom after foreign investment has pushed prices up.
The strong economy has lured foreign investors, who are now being blamed for prices in major cities becoming overvalued by as much as 20%.
The Finance Minister, Maria Luis Albuquerque, said today that there are no conditions for lower taxes next year, but she hopes that this will be possible in 2015.
"We have not had the conditions to lower the tax burden in 2014, we hope that in the 2015 budget there can be a little more slack to reduce the tax burden that affects workers," said Albuquerque this morning.
Portugal's public debt reached 131.3% of GDP in the second quarter of this year, the third largest in Europe, according to data released today by Eurostat.
This is a quarterly rise of 3.8% compared to the first quarter of this year and 13.1% higher than at the same time last year, so much for austerity measures, this is concerning on an internal and international level and Portugal may be lucky to maintain its already poor but seemingly stable credit ratings.
The figures are through for fuel sales for last year and it is no surprise that the downward trend has continued. On top of declining sales figures over the last five years the sector suffered a further drop of over 10% compared to 2011.
A D&B study forecasts further sales erosion in Portugal, the prediction for 2013 is for a drop of 7.5% compared to 2012.
In Spain the decline between 2011 and 2012 was held at 6.5%, with a forecast for a 2013 decline of 4.8 % over last year.
