May 18, 2024

Illuzzi Letter

Envisioning And Creating Your Dream Home

The Property Market in Portugal

Portugal property

Is without doubt one of the future development areas of Europe more and more investors are looking to cash in on the cheap property still available in many areas. Real estate is being developed at pace in the coastal and more especially in the Silver coast region, although property in the Algarve still remains the favorite with overseas investors. There is little doubt that the emphasis is shifting on to the Silver coast and rural areas especially in the Central Portugal region.

In the rural areas, property in Portugal has become more sought after with plenty of value left in the market. Property investors are taking a very keen interest not only in the buy to let holiday home market, but in second homes for future investment and retirement. With the temperate climate and increasingly good infrastructure the Portugal property market is looking to make more and more sense.

Investment Property in Portugal

Particularly along the coastal regions of Portugal especially, many overseas investors are looking not only at residential property but also they are getting involved in the bigger property developments; resorts, shopping centers, commercial property, industrial units and leisure facilities.

Real Estate in Portugal.

Without doubt there is an increase in demand for not only the buy to let and investment property aspects of real estate, but also for people who are making the move permanent. The people are friendly and although the red tape can be a bit of a drag there is plenty of help on hand from the real estate professionals.

The real estate professionals in Portugal are called Imobiliaria and must have an AMI number. It is very important to use these companies as they are insured against any complications in any transaction and are responsible for searching problems concerning the property you choose to buy.

The more traditional high end market in the Algarve and golf resorts have been the fast sellers and that is still correct today in those regions, however, if you look in Portugal there are houses for sale throughout the spectrum and whatever your budget there is something for you.

Apartments are becoming far more sought after in the cities and resort areas partly because it’s an easier and often cheaper way to live. If you want a holiday home or a convenient place to stay on a business trip an apartment can offer the ideal solution.

It is interesting to note that there is a position in Portugal where if you put down a deposit and the seller pulls out then he is obliged to pay you back double the deposit paid making gazumping a most unlikely option.

Holiday Accommodation in Portugal

Of course the Coastal areas of Portugal have been coveted in similar style to that of the French Riviera but now with the upturn in demand for rural tourism people are looking to invest in property inland especially when they are close to one of the rivers or various golf courses that are springing up in the central Portugal region.