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Portugal Property Pushing All The Right Buttons
October 28, 2009Article by Ray Withers
A new report from Savills has highlighted property in Portugal as being among the most popular with the new wave of British buyer that is currently returning to the market.
Charles Weston-Baker, managing director of global development at Savills International only regurgitated what has been said several times in recent weeks: British buyers are shunning the high yielding emerging markets in favour of destinations that they have a long history with, namely southern Spain and Portugal. The difference being he said it from the elevated position of an article in the New York Times.
“Ultimately, they are looking for locations that are close to home with good infrastructure, including transport links,” he said.
The NYT article also quoted a Ben May of Capital Economics, who explained that buyers will always tend to favour markets closer to home in difficult economic times. This is likely because it makes them feel more secure in their decision to buy, according to Ray Withers director of Property Frontiers, who are also noting increased demand for Portugal property.
“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,” he said, adding: “many are buying because of the low interest rates on offer at the banks, and buying property in Portugal because they are getting a bargain, which makes them feel more secure that they are doing the right thing.”
Property Frontiers are currently marketing several high quality properties for sale in Portugal. The Forto de Vale development offers studio apartments on the Algarve at the 20% discounted price of £155k. 1 and 2 bedroom apartments are also available priced at £203k and £236k respectively. The prices are discounted, and include a free furniture pack. The apartments are part of a managed hotel offering 8% yields hassle free.
Next up is the Academy villa and apartment complex also on the Algarve and also at a 20% discount. Academy offers 1 bedroom apartments alongside 2 and 3 bedroom villas located on the championship Vale de Pinta golf course at prices starting from £200,000. 100% finance is available.Property Frontiers also have a completed development on the Algarve. The Condominio development offers 2 and 3 bedroom newly built apartments priced from £242k.