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Algarve Tourism on The Rise

Algarve Tourism on The Rise

Considering Portugal for something a little more committed than a two week holiday?

Portugal booked over $17 billion in tourism revenue last year, according to data from the World Tourism Organisation which shows the country overtook Greece ($14.6 billion) for the first time. A growth that has the Portuguese government, national airline TAP and the tourism sector all in agreement that the construction of a second airport for the capital is vital now, due to popular demand.

 

In 2017, Lisbon airport saw 26.7 million passengers, a 66% increase over 4 years while 4.5 million tourists passed through Lisbon airport. Air traffic was also up by 11% in the first 8 months of 2018. All increases pointing to Portugal's popularity as a leading location to visit, but also a hotspot for investment for second homes, retirement and rental properties.

 

‘We’ve seen a significant increase in second home buyers investing for the purpose of rental income. It's the best of both worlds; a holiday home and a passive income source when not in use,’ recently noted by Chris White, CEO, Ideal Homes.

 

With incentives for residency, tax and a mature rental licensing system, internteral recogniation as a top tourism destination, plus the added bonus of mortgage rates as low as 1.75% - it's no surprise Portugal and the Algarve keeps growing in popularity.

 

Ready to learn how to navigate and leverage the advantages of Portugal’s rising tourism? Contact the Ideal Homes team of professionals who can assist with every aspect of purchase through to renting your home or property investment.  

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