new flights to boost faro property market
News Posted On: 22 April 2009
Now may be the time to add the Algarve to the list of destinations worthy of consideration for property investment, as it has been revealed that Faro airport in the Algarve region of Portugal is set to receive flights from three more British airports. Low-cost airline Easyjet will run flights from Glasgow, Liverpool and the East Midlands airports, alongside the existing flights from Dublin, Stansted and Shannon.
Liam Bailey, chief market analyst of upcoming overseas property portal Property Abroad, gave his views on how the new flights could affect the property market:
"Obviously anything that boosts tourism in a region -- especially a top tourism destination like the Algarve -- is going to be good news for the property market, as we have seen so many times before. Increased tourism means increases in the usage of rental properties; this will put an almost instant increase on the value of Algarve properties in popular tourism areas -- especially Faro. "
"But it is likely to have an even bigger impact on the Algarve property market," continued Bailey, "because of the amount of people that -- fed up with package holidays -- are currently arranging their own holiday accommodation, and taking advantage of budget flights. As this wave increases rental yields on Faro and Algarve property, as well as boosting the local economy, Algarve, and especially Faro property prices are set to see an above average rise of 10%-15% per year over the next 5-10 years."
Surprisingly, Algarve property, especially in Faro, can still be purchased relatively cheaply, given that the Algarve is one of Europe's foremost holiday destinations.
Property Abroad has almost 3000 properties in the Algarve from as little as £44,000. Les Calvert Property Abroad's director picked out his best property for those on a limited budget and his favourite property for those putting the ultimate in luxury before price.
"For those making an investment or buying a holiday property in Portugal on a tight budget, we currently have an absolutely gorgeous 1 bedroom apartment priced at £44,722, and not far from the airport in the Algarve's Faro. The 70sqm apartment has a balcony, comes with a fully equipped kitchen and is in a new building with an elevator. We also have another bargain apartment in Faro, and to roughly the same specs just a little bit more expensive at £44,891, because it has excellent ocean views."
"For those with a little bit more to spend on their ultimate luxury property," Les continued. "We have an absolutely mind-blowing 3 bedroom villa in Faro's Tavira. The size of the balcony is almost as breathtaking as the ocean views stretching as far as the horizon, from where seems like almost directly below it. Such an incredible villa will set you back, £220,220, but given that similar properties are going for over £1million in more established parts of the Algarve, this property has real money making potential as the new flights give Faro's tourism a new lease of life."
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