Sweeping beaches, year-round sun, the best golf courses in Europe. It’s no wonder that Portugal’s Algarve scores highly among overseas buyers looking for a second home.
The long-established Central Algarve with its top-hole tourism has overtaken the over-marketed newcomers in the Silver and Blue Coasts around Lisbon.
Property in the less-developed western Algarve might have suffered price drops of 30 per cent, but holiday homes in the so-called Golden Triangle have lost none of their lustre.
Par for the course: Buyers can relax by their pool after a day’s golfing at Vale do Lobo
Prices in the tranche of coast between the two high-end golf resorts of Vale do Lobo and Quinta do Lago, with the town of Almancil at its apex, remain high.
‘There’s been little downward movement because most owners don’t have to sell,’ says Georgina Richards, of Knight Frank.
The key to the area’s success is its track record. It’s survived a downturn before and has the right ingredients to tempt buyers – beaches that don’t get overcrowded, a 20-minute transfer from Faro airport, and first class resorts.
The lifestyle buyers with a long-term plan are buying, while investors and budget buyers have disappeared. Apartments in Spain are cheaper than Portugal.
Sales in this part of the Algarve have outperformed the rest of Europe, says Joanna Leverett of Savills. ‘In all our other main markets – South of France, the Balearics and Spain – transactions have slowed dramatically in the past 18 months, but not here in the Algarve.’
An article in British daily newspaper the Daily Mail has highlighted the positive aspects of investment in the country, with good weather, attractive beaches and “the best golf courses in Europe” contributing towards its appeal.
Despite the current economic climate, high-end resorts have seen “little downward movement”, property company Knight Frank told the paper.
“The key to the area’s success is its track record. It’s survived a downturn before and has the right ingredients to tempt buyers – beaches that don’t get overcrowded, a 20-minute transfer from Faro airport and first-class resorts
Furthermore, earlier this year investment consultancy Property Frontiers claimed that the Portuguese property market was a safer option than neighbouring Spain.
It stated that currently buyers tended to be adverse from taking risks and as such were moving from the Spanish market to take advantage of rising prices and the growing economy.
To see FDI Overseas Property Recommendation for the Algarve visit www.fdi-algarveproperty.com
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