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Algarve property prices rise for first time since 2008

Algarve property prices rise for first time since 2008

Algarve property prices have risen for the first time since 2008, drawing more buyers back to Portugal’s sunny coast.

According to Knight Frank’s Inside View Portugal 2016 report, the Algarve recorded its first annual increase in prime prices in seven years in 2015.

The country’s recovery is enjoying gradually growing momentum, with prices and demand both steadily rebounding. Buyers have been enticed back to the Algarve, in particular, by a combination of its ongoing infrastructure improvements (the main A22 motorway, which runs the length of the Algarve, and the €32m expansion of Faro Airport) and its plentiful tourist attractions (stunning weather, 37 pristine golf courses and well over 100 fabulous beaches – 88 of them with Blue Flags).

For lifestyle buyers, tourism continues to be a demonstration of the area’s appeal: nearly 50 airlines now serve Faro Airport, with passenger numbers jumping by 35 per cent in the decade to 2015. The area is traditionally popular with British, Irish and German buyers.

The pool of those interested in buying property in the Algarve, though, has been widening for several years. Data from Knight Frank shows an increase from buyers of 128 nationalities searching for Algarve property in 2012, to buyers of 147 nationalities searching in 2015.

Ideal Homes Portugal has also observed an increase in those looking for investment property in the Algarve recently, with rising prices adding to the attraction of owning a rental property there. One two-bedroom ground floor apartment in Lagos, advertised by the agency, is close to the beach and enjoys its own private garden with built in barbecue as well as a high spec kitchen, Jacuzzi bath, built in sound system and central vacuum. On the market for €255,000, the property comes with an “excellent rental history” thanks to its superior features, condition and location.

 

Source: http://www.themovechannel.com/magazine/stories/portuguese-prices-set-to-keep-on-climbing-645/

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