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Portugal To Top The Charts In 2010
March 16, 2010Article by Ray Withers
Portugal property has been tipped to be in the top 3 most popular with foreign buyers of overseas property in 2010, in a new survey ran by Savills and Home Away. The official PDF report of the survey’s findings, which was the largest ever gauge of foreign homeowners’ opinions, featured the following statement:
“The bulk of sales in 2010 are likely to be in traditional, established, hotspots including selected areas of France, Portugal and Spain (mostly the Balearics). These will typically be locations that appeal to high-income buyers and the market will continue to comprise core, lifestyle, end-user buyers as opposed to investors. It is unlikely to be a year for speculative or off-plan buying.”
This was expanded on in the sneak-preview of the report, covered for the Telegraph by Graham Norwood, who quoted a Jo Everett from Savills as saying that says three “classic” European destinations may see high demand and possible price rises this year:
France, especially the Dordogne and the south and south-west
The Algarve region of southern Portugal
The Spanish islands, especially Majorca – but not the Spanish mainland
“They’re quality holiday destinations with excellent residential stock, great infrastructure and ease of access, as well as having trusted legal systems and — at the moment — attractive prices,” she said.
The official report also stated that Portugal property was one of the top sellers in 2009. It said:
Based on the few transactions made in 2009, European countries have remained the preferred option. In Savills International experience, it has been southern France, Spain (the Balearics) and Portugal’s Algarve region that have been the most popular destinations to invest in 2009.
This confirms what Property Frontiers has been saying for some time. In November the firm’s director Ray Withers said:
“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. 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 some excellent properties for sale in Portugal, including the Silver Coast Heights development in Lisbon, which offers luxury 3 bedroom villas in a top location from £428,000.