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Portugal Property Is No1 With Current Wave Of Risk-Averse Buyers
October 27, 2009Article by Ray Withers
Portugal property is the most popular with the current wave of overseas property buyers, according to international property investment consultancy Property Frontiers.
Director Ray Withers said:
“Today’s buyers are favouring established markets closer to home because there is less risk associated with such purchases, especially in areas that are currently offering property at discounted or reduced prices. The Algarve is offering some good discounts, and has always been a British favourite. And of course Portugal is getting a lot of the people who would normally have gone for Spain, because Portugal’s economy and property market are currently in much better shape than in Spain.
“We are currently seeing a lot of activity, mainly from older buyers who are paying for most or all of the purchase in cash. There is the odd young buyer in secure employment or well off parents acting as deposit providing guarantors.”
Withers also went onto explain a popular motivation among today’s buyer: “many are buying because of the low interest rates on offer at the banks, and buying Portugal property because they are getting a bargain, which makes them feel more secure that they are doing the right thing.”
According to Ben Jeffries, the firm’s sourcing manager most of the demand is centred on the Algarve, which is the most established market, and is seen as offering the lowest risk.
Property Frontiers are currently marketing several high quality properties for sale in Portugal. At the lower end of the price scale is the Forto de Vale development offering 20% discounted studio, 1 and 2 bedroom off plan apartments on the Algarve at prices starting from £155k. This apart-hotel style product comes with a free furniture pack, six weeks free usage and 8% expected yields.
The Academy development offers apartments and villas on a championship golf course at Vale Da Pinta on the Algarve with a 20% discount on 2007. Prices start from £200k and membership to the golf course, and another championship course in the area are part of the package.
Finally the Condominio development is completed and fully operational. Condominio offers 2 and 3 bedroom apartments, finished to 6* standards at the 20% discounted price of £242k and £306k respectively.
For more information contact Property Frontiers on +44 (0) 1865 202700.