Find out what’s happening in the property investment arena both in the UK and internationally
Portugal Popularity Grows
April 15, 2010Article by Ray Withers
Portugal property has been one of the biggest benefactors in the 60% increase in searches recorded by the UK’s largest property portal Rightmove. According to the report, destinations in Portugal saw a 6.3% increase in searches compared to the previous month, fuelled by particularly by a 106% spike for Costa Verde, as well as 16% rises for Lisbon and the Silver Coast.
“Portugal has surged past Australia and reclaimed its fourth place in our chart as the seasonal peak in emigration interest fades,” said Rightmove’s head of overseas, Robing Wilson.
The portal said that Italy, Turkey and Cyprus had also seen significant growth in the number of searches compared to last year. This is also joined by reports of significantly increased foreign sales in some Spanish markets, including the 150% increase in sales recorded by a developer in Marbella.
According to international property investment consultancy Property Frontiers, it is no coincidence that the growth in popularity of Portugal property and that of other European destinations, at a time when Sterling is having a good run against the euro is no coincidence. Director of the firm David Cox said:
“In recent weeks we have seen the pound go from the previous ceiling of 1.10 euros, to find a new ceiling of 1.15 euros — this of course up from the all time low of 1.05 recorded earlier this year. This is because of the debt problems faced by Greece, and the bailout etc.”
“This makes property in Portugal and across the eurozone 5% cheaper to British buyers than it was at the 1.10 ceiling, and a significant 10% cheaper than it was earlier in the year. Add to the mix, the fact that the UK election could end the pound’s run at any time, and you can see why people are keen to act now, and why more of the pent-up demand for quality eurozone property at bargain prices is being released now.”
Property Frontiers are currently marketing several top quality properties for sale in Portugal, including the Silver Coast Heights development near Lisbon on the Silver Coast. The development offers 3 bedroom luxury villas from £428,000. Buyers pay just a 5% deposit to reserve with nothing more to pay until completion. The deposit earns 6% interest whilst being held by the developer, who pays the mortgage during construction. The development is located close to the historic town of Lourinhã, and less than 45 minutes from Lisbon.