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Good News for Portugal’s Economy Equals the Return of Overseas Investors - 10 June 2010
Portugal has always been shadowed in the overseas property market by hot spot superstars Spain, France, Italy and Turkey. Experts are saying that now, however, could be Portugal’s time to shine.
While some economists feared that Portugal’s financial woes could reach that of Greece’s recent debt catastrophe, figures from the first quarter of this year show that Portugal has had the highest percentage growth in all of Europe, and was the first country to come out of the recession. It is also predicted to have a three-percent growth each year until 2017.
Real estate experts have noted that investors started snatching up homes last year when the property market offered good deals in a rough economy. But with the recent news of the Portugal’s strong recovery—the country welcomed 11 million tourists last year—serious investors are back and putting money down on properties, according to agents and developers.
Some of the more popular destinations are along the Silver Coast, where apartments begin at £40,000, and nine-story homes are going for £160,000. Others are heading to the countryside and buying existing developments. Rural northern and central areas, which are far away from tourist spots, are most in demand, possibly signaling that the new wave of investors that are more interested in peace than a loud, celebratory city.
Another easy draw is Portugal’s year-round sun. Brits seem especially interested in a prolonged summer, as 38,000 British expats live in the country.
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*Subject to a written positive RealtyCheck, Onpulse property offer to fully refund the client any initial conveyance fee to our Partner Live Overseas should they not wish to proceed with the purchase based upon any legal matter raised by Live Overseas relating to the property title that did not form part of the RealtyCheck Report. This refund is up to a maximum of £1500 per client.