cheaper portuguese properties attracting more investors
News Posted On: 16 January 2012
The Portuguese property market is undergoing something of a winter boom, as cheap properties are attracting both amateur and experienced landlords.
Estate agency Infinito Real saw bookings to view properties in November increase to 3 times the amount viewed in November 2010, while December viewings increased by 10 times this amount. This increase would be unusual in any month but is all the more astonishing for taking place over the traditionally quiet Christmas period.
Some reports suggested the percentage of tourists visiting Portugal during the summer rose by 45% last year compared to summer 2010, but in spite of these encouraging figures the current interest in property hadn't been predicted due to the economic climate.
Most of the enquiries are coming from investors because of the potential rental yields that can be achieved through purchasing cheap property in the country. Apparently properties which are attracting the most attention are in the £100,000-£160,000 range, whereas in previous years the most attention would have been garnered by properties costing in excess of £200,000.
Estate agents have also seen a number of exceptionally cheap bank repossessions which have been offered with 90% mortgages. Not surprisingly these have been bought within a matter of hours, by investors interested more in its rental potential than location.
Banks are also doing their best to try to attract investors as some are offering high interest savings accounts to those taking out mortgages. The deals, which offer up to 5% gross interest per year on savings of up to £50,000 per person, are proving highly attractive.
View property for sale in Portugal
Written by Les Calvert
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