portugal property benefiting from prevalence of lifestyle buyers
News Posted On: 24 September 2009
Portugal property is benefiting from the prevalence of equity rich lifestyle buyers currently active in the market.
This is true of many of Europe's established markets, but Portugal is especially benefiting because of the damage done to Spain's reputation and the fact that Portugal provides the closest alternative.
When it comes to Portuguese property purchases by overseas buyers, the most popular locations are the Algarve (Albufeira, Lagos, Faro) and the Silver Coast, though the Azores and Madeira islands are also very popular.
In terms of current demand, the Algarve is perhaps the biggest benefactor of the increasing demand, because it is the most established market and therefore the most secure in the minds of today's risk averting property buyers. The Silver Coast is seeing rising demand as well, though it is still considered an emerging market and will likely do much better when overseas investment comes back en chic.
Portugal was recently named as the tenth most stable property market in the world, after house prices grew 1.7% in the second quarter compared to the first, as recorded by Global estate agency Knight Frank. On an annual basis Portugal was in 12th position with an annual fall of 1.9%.
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