Analysts at Crystal Investment and Real Estate suspect that Portugal’s property market is finally on the rebound after hitting the bottom. The argument is based on a 1.1% increase in economic growth after more than three years of negative data. Local realtors report that property prices are rising and speculators note that Portugal remains popular for tourists, retirees and people looking for good deals on real estate. Portugal’s quieter lifestyle, ancient history and historical architecture are all draws for bargain hunters from around the world. For more on this continue reading the following article from Property Wire.
The property market in Portugal is strengthening on the back of a more stable economy with prices now rising after reaching their bottom last year, it is claimed.
With the economy recording an expansion of 1.1% in the second quarter of 2013, the first increase since 2010, the property market is set to benefit as overseas buyers see prices are good for buying investment properties, according to Luke Smith, managing director of Crystal Investment and Real Estate.
‘The Portuguese property market is undoubtedly in recovery having bottomed out 12 months ago. Prices are rising steadily, but are still a long way from their 2007 peak. However, that indicates it is a good time to invest in property,’ he said.
‘Despite the real estate slow down, Portugal remains highly attractive to tourists and retirees alike with its castles, wines, ancient ruins, and cobblestoned streets. It prides itself on having a quieter, more civilized pace of life than its neighbour, Spain,’ he added.
He also pointed out that the cost of living is relatively affordable and overall costs are lower than in other parts of Western Europe. He advises would be buyers to hunt around for deals. For example there are one bedroom apart-hotel properties in Portimao on the Algarve 500 metres from the beach on offer for €58,000 to €73,000.
Meanwhile, Algarve property portal Meravista is reporting strong growth after its first eight months in business and now has more than 14,000 properties listed on its website with a third of local Algarve property agents.
The property search portal includes detailed information on regions in the Algarve ranging from types of properties to local food, festivals and lifestyles. Site visitors can search for houses, apartments, land or commercial properties to buy or rent. The blog and information sections provide visitors with tips on buying property abroad and on what to expect from a move to Portugal.
Meravista is also set to launch a Portuguese language version of the website, with four further European languages, French, Dutch, German and Spanish, to follow.
Meravista founder, Anita van Huson, says that the Algarve has a vibrant expat community and is popular among British buyers both for holiday homes and as a retirement destination.
This article was republished with permission from Property Wire.