The New York Times is looking sharply to Algarve
Every once in a while, the American media shows that it’s aware of the potential of Portugal, both a tourist destination and a real estate market for investment. The most recent evidence for this is the article published on June 6th, about “House Hunting in Portugal”.
The article starts with a magnificent description of a “villa” designed by its Dutch owners, who came from the Netherlands 10 years ago to start a “bed and breakfast” and also live in Algarve permanently. The property is valued at $1,6 million (£1,2 million), and the article underlines the fact that it is both at a 30-minute drive from Faro Airport but also in the small, cosy village of Moncarapacho.
Then, the article makes an overview of recent market evolution, demonstrating that prices have been rising since the 2011 bailout and, in some cases, have already surpassed pre-recession levels. Of course, the majority of home buyers in Algarve are foreigners. And while it is said that 70% of buyers come from the British Isles, the article states that Americans are now the second most represented nationality of foreign real estate investors in Algarve, just behind the United Kingdom.
Finally, the article remembers the fact that Portugal has a tax system quite favourable to foreign residents and also tells about the Golden Visa program for those who spent at least half million euros (£437.000) in a property.
The importance of the Times
The New York Times is among the American press usually bashed by President Trump as the “liberal media”, and he is right. The newspaper has an urban and cosmopolitan audience, often more interested in European affairs than Mr Trump’s supporters. The Times readers like to spot opportunities all around the world and be informed of what is happening from an international standpoint, and not merely a typical American one. Moreover, lots of them would be happy about getting a haven outside United States, especially in these times of upheaval that America is going through.
You can expect American curiosity about Algarve to keep rising, in the near future.