algarve might offer stable property market
News Posted On: 06 August 2009
People looking to buy property in Europe could find that the Algarve is an attractive destination because the market has been relatively free from problems, it has been claimed.
According to the Independent, the region has not experienced the dramatic declines in property prices as seen in other countries in western Europe.
It asserted that government measures to prevent overdevelopment and oversupply have helped keep the market stable.
Connie Vitto of Quadrant Overseas Property told the publication that the eastern Algarve might offer particularly good deals for investors.
She noted that prices are competitive and that land is more affordable, which might be welcome news for those looking to renovate a property abroad.
The expert highlighted property around the town of Tavira as an example of the low prices available, claiming that for less than £90,000 buyers could acquire a one-bedroom apartment.
Those with more than £220,000 might be able to splash out on a villa in the region, she added.
Her praise was echoed by resort sales manager Mario Condeco, who said: "The eastern Algarve still has much potential and cash-rich buyers who already own or have sold up in the western Algarve are gravitating here, looking for locations that are still attractive and less developed."
This comes after figures from Nationwide revealed that last week the pound made gains on the euro, which might be welcome news for investors from the UK looking to buy property in Portugal.
Written by Les Calvert.
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