Fresh on the heels of a surge in holiday bookings, thanks to Portugal being on the UK government’s green list for foreign travel, Ideal Homes Mortgages has reported significant interest in people looking for more than just a fortnight in the sun.
Part of Ideal Homes International, Europe’s largest privately owned real estate agency, the company points to the impressive deals available to non-residents looking to buy homes in Portugal. Loans of up to 80% are available at just 0.5 percent interest for up to 40 years.
For those considering moving away from the UK, or simply buying a holiday home in Portugal, it’s yet another tick for the Iberian country. Portugal already provides an impressively low cost of living, long, hot summers, mild winters, superb food and wine, plentiful outdoor activities, stunning coastline, vibrant cities… it’s a country with a huge amount to offer.
“Our buyers have a wide range of reasons for wanting to own property in Portugal, demonstrating the breadth of the country’s appeal. Whether they’re buying a main residence, second home or investment property, Portugal has some excellent mortgage deals available.”
Chris White, Chairman & Founder, Ideal Homes International
For buyers who find the 20% deposit a stumbling block, bank repossessions offer the potential for 90% mortgages, though at a slightly higher, 1% interest rate. In either case, the rates are more favourable than those in the UK – at the time of writing, the lowest rate available for any mortgage deal on Money Saving Expert is 1.19%.
Property prices in Portugal have risen steadily over the past several years, with the Instituto Nacional de Estatistica reporting a rise of 6.32% in the year to November 2020. And while the Portuguese economy contracted by 8.1% in 2020 thanks to the pandemic, Banco de Portugal projects that it will grow by 3.9% in 2021 and by a further 4.5% in 2022.
“With no restrictions on foreign property ownership in Portugal, low mortgage rates, the golden visa scheme available to those buying homes worth €500,000 or more, we’re expecting something of a bumper summer this year. The pent-up demand resulting from travel restrictions during the pandemic is also likely to contribute to this significantly. It’s an exciting time to buy property in Portugal.”
Chris White, Chairman & Founder, Ideal Homes International
For more information, please visit www.idealhomesinternational.com, email enquiries@idealhomesinternational.com or call 0800 133 7644.
