The Algarve has seen a very strong start of the year with property sales, rentals and hotel occupancy all returning to very positive levels.
Property sales in the Algarve have mainly been pushed by French buyers under the 10 year tax free pension scheme.
Portugal has allowed new residents to the country to bring in their pension 10 years, tax free. This is valid for other nationalities as well, however, the French, have taken this opportunity, along with the low real estate prices caused by the recession, and have surprised many real estate agents and builders alike, in a positive way !
New buyers coming from Asia, South Africa and former Portuguese colonies under the golden visa program have boosted the luxury real estate prices in Lisbon up 54% last year due to these new ‘golden visa’ buyers. This year, this is trickling through to the Algarve and we are seeing new opportunities opening up for the Algarve. These ‘new’ buyers are creating a fresh perspective and a well needed boost to our market. We have seen new building projects being started and sold in short time spans.
Many city centers are starting to revive with new shops opening up, renovations being started, showing positive signs that the Algarve is recovering from a long and hard hit recession.
Statistics from the RICS property surveyors have shown that in the Algarve property prices have hit the bottom and are on the way up again.
If you are still looking for a property in the Algarve, we would advise to start looking seriously at purchasing this year as the market is recovering faster than expected. There are still good deals to be found, but the discount deals are quickly disappearing.
Contact us now and we will give you a call to discuss your current property criteria to find you a dream home under the sun.
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T: +351 282 353 019
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W: www.ExclusiveAlgarveVillas.com | www.BuyPropertyPortugal.com
