With Brexit having taken full effect, we have heard from many of our UK clients who have plans to come and live in the Algarve. There has been a great deal of talk about the Golden Visa, but we at Fine & Country Algarve have long been advising our clients that it is not the best option for most people who actually want to come and live here.
The Golden Visa is ideal if you wish to carry on living and working in the UK and does offer all the benefits of normal residency. But if you plan to actually live here, the simple D7 residential visa is the solution. For the thousands of Brits who have lived here since long before Portugal joined the EU in 1986 this is no surprise. Then like now, British nationals were welcome to take up residency in Portugal and there is no need to incur the costs associated with the Golden Visa. To find out more, read this special report on the Portugal resident website.
Summing up the results of a very strange year
Whoever would have thought that the property market in the Algarve would actually have grown in 2020, in the face of Covid and the ensuing financial crises? But the Algarve and indeed Portugal as a whole is not alone. The property market also grew in the UK and elsewhere in Europe. Here in the Algarve, current estimates point to overall growth in prices of around 6%.
From our own experience across our three offices in Carvoeiro, Almancil and Tavira, we have seen no signs of prices dropping and demand from international buyers seems to be at an all-time high. In December our volume of direct enquiries from buyers was 73% higher than in December 2019, following the trend of growth we have seen since the start of the pandemic. Last year, we received enquiries from buyers in no less than 42 different countries. Of course, things are quiet here on the ground at the moment, but dependent on travel restrictions being lifted, we are looking forward to a very busy year ahead.
Central & West Algarve (Praia do carvoeiro): 282 354 140
Central Algarve & Golden Triangle (Almancil): 289 396 096
East Algarve (Tavira): 281 023 263