Find out what’s happening in the property investment arena both in the UK and internationally
Portugal Property Hauled Out Of Recession
September 7, 2009Article by Ray Withers
British investors are shunning traditional second home destinations like France, Spain and Florida for the peace and prosperity of Portugal property.The recession has caused a big rethink for investors with more than half of the £58 billion UK investors have tied up in overseas property split among the big three and just 3% putting their cash in to Portugal.
Now, Portugal is one of the few nations with a housing market out of recession – just 0.4% down on the year while the USA, UK and Spain languish in the throes of repossession and financial difficulties.“This is reflected in the number of inquiries we receive,” said Ray Withers, director of Oxford based international property consultancy Property Frontiers. “Portugal is becoming more and more popular as investors see how the economy has weathered the recession in comparison to other pre downturn hot spots.”
Now the tranquil beauty of the Algarve, world-class golf, stable economy and resilient Algarve property prices are a magnet for investors and second homers.Just a couple of hours flying time to the hub airport at Faro, served by scheduled and budget airlines A typical Algarve, Portugal property handled by Property Frontiers is the Condominio Panorama with picturesque views overlooking the city of Lagos and the sea beyond.
The apartments are built high on suburban hills overlooking Lagos and with impressive views over the city and out to sea.The newly released development is low risk for expats looking to retire or second homers as the flats are already completed and ready to move in, so there is no ‘off plan’ risk of the project halting.
Prices start at £242,000, are 20% below market value and the developer will give the purchaser 7% cash back to cover purchase taxes for two-bedroom apartments. Other larger properties include three-bed apartments, duplexes and penthouse suites.Lagos is one most popular Algarve areas with a variety of activities and attractions for all age groups.
Another great attraction is escape from the wet and miserable British weather – The Algarve has had an average temperature of 72 degrees Fahrenheit this year – with a low of 60 in January and a high of 82 in July.
The sunshine makes the Algarve ideal for outside activities like golfing, lounging on the beach or walking.
Of course, if you prefer more leisurely pursuits, the region abounds with quaint bars; restaurants and cafes where you can sit and relax in the warmth of the day while watching the world go by.