Portuguese holidaymakers again have fallen in love with the Algarve, but prefer renting apartments and villas rather than staying in hotels.
Albufeira is the most popular municipality, followed by Loulé, Portimão, Tavira and Vila Real de Santo António but those booking their holidays are unaware or unconcerned that the accommodation selected is neither registered nor compliant with the laws of the land.
In the first 6 months of 2015 the Algarve was the country’s most searched area in ERA Portugal agencies, for the purchase of houses by foreign customers. 60 percent of these buyers, mostly French and English, chose to buy a villa and invested, on average, 250 thousand euros, generally paid in cash.
As the Algarve puts itself up for sale, local award-winning agent Ideal Homes Portugal reveals top selling tips
The just-released June 2015 RICS/Ci Portuguese Housing Market Survey (PHMS) has shown that the Algarve is leading the country in terms of putting its property on the market.
No-one can truly predict what the future holds, but for those in the international property sector it is certainly possible to make informed projections based on their experience of the market and their knowledge of key influencing factors.
You grow up, get married, buy a house and have 2.4 children. At least that's how things used to work. These days an increasing number of young (and indeed not so young) couples are having to make a choice between their dream wedding day and their dream of owning their own home.
Despite the European Grexit saga – or maybe because of it – it seems that investors are sensing the chances of bargain-priced properties - and they would be correct. As Knight Frank put it when examining demand for island property, there is likely to be a Greek “fire sale”. At the same time, Greek agents admit that some prime property prices have halved over the last few years.
The soft sands and warm waters of the Mediterranean are known around the world, accounting for one of every three international tourist arrivals globally, according to the UN World Tourism Organisation (UNWTO).
Insurance tops the list of items forgotten by those buying second homes overseas, boutique real estate agency Ideal Homes Portugal, has revealed. Founding Director Chris White explains,
"Buying a property overseas is a wonderful venture, but is also a process with a lot to remember. Dealing with a foreign country's paperwork can seem daunting and there are exchange rates and language barriers to throw into the mix as well. It's an exciting process, but our experience has shown that buyers often forget things that they would undertake as standard in the UK. Purchasing insurance is top of that list."
