The Algarve has seen a very strong start of the year with property sales returning to a very positive levels, as well as rentals and hotel occupancy.
After more than three years of house prices decreasing due to the state of the economy, Portugal’s property market is now improving and prices are beginning to escalate.
According to Statistics Portugal (INE) property prices have increased in the first quarter of 2014 and this trend is set to continue over the next 5 years.
The Organisation for Economic Co-operation and Development (OECD) have also confirmed this fact as highlighted in a recent article in the British newspaper, The Telegraph. The OECD in their latest study, they highlighted that property markets in Australia and France are overpriced yet Portugal’s properties are undervalued.
New buyers under the golden visa program have boosted the luxury real estate prices. These “new” buyers are creating a fresh perspective and a well needed boost to our market. We have seen many new shops opening up, renovations being done, new building projects being started and sold in a very short time, showing positive signs that the Algarve is recovering.
Anyone looking to buy property in Portugal should act sooner rather than later to take advantage of the improving state of the property market.
If you are still looking for a property in the Algarve, we should advise to start looking seriously at purchasing this year as the market is recovering faster than expected. There are still good deals to be found, but the discount deals are quickly disappearing.
If you have any queries on our properties , please contact one of our Property Advisors such as Teodora Aquino, Georgina, Sofia, James Hobson.
Contact us now to discuss your current property criteria to find you a dream home under the sun.
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