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Click here for a list of our Algarve, Portugal Property >>
Why Invest in Property in the Algarve?
THE PORTUGAL PROPERTY MARKET
The Portuguese economy has grown rapidly in recent years and the price of property has matched that growth. However, it is now possible to find some beautiful properties at reasonable prices. There are no restrictions on foreign ownership of real property if the property is for personal use. However, approval from the Portuguese Institute of Foreign Trade is needed if the purchase is for purposes of investment or business.
Property is one of the strongest sectors of the Portuguese economy and a source of income for the Portuguese Inland Revenue. Areas such as the Algarve and around Lisbon remain popular with foreign buyers, many other areas are only now being explored and it is still possible to obtain better bargains in these lesser known areas. The cost of land with planning approval in Portugal varies considerably depending on the area, e.g. from around €30 to €100 per m2 for a rural location, from €150 to €200 per m2 for a rural location in easy reach of the coast and from €500 to €1500 per m2 for a prime coastal plot in the Algarve where there’s currently a shortage of land and housing units.
Portugal property purchases are extremely popular with the Irish and offer many opportunities to purchase that holiday home that everyone desires. Besides being a very popular destination for a second home it also can be a very good investment as there are many opportunities for buy-to-let purchases.
The Algarve is probably one of the better-known locations for Irish buyers and holidaymakers. The Algarve is divided into the Western and Eastern Algarve, which vary substantially in property values. The Eastern Algarve, which stretches from Faro east up to the Spanish border tends to be much cheaper than areas in the west, for example Villamoura.
Villamoura is very well known by golfers and has several high quality courses, which suit all class of player. Besides golf, Villamoura has a beautiful marina that attracts many tourists. Albufeira also offers many attractions and is well known for a vibrant nightlife.
The Portuguese property market is a developing market that offers overseas property buyers the opportunity to purchase overseas property that will potentially appreciate at 5%-10% per annum (in main tourist locations) and possible gross rental yields of approximately 5-6%.
Another factor that makes property purchases in Portugal very attractive, besides the weather and accessibility is the fact that developers only require 20% deposit on the purchase and 80% on completion. Many property purchasers feel more secure with this type of arrangement as not all the funds are paid up-front for a property that is only a concept.
ABOUT PORTUGAL
• Named best place to buy abroad by Channel 4 programme “ A Place in the Sun”
• Approximately the size of Austria, population 10.3 million (Capital Lisbon)
• All year round climate & fantastic beaches
• All year round rental market – Golfers & Tourists
• Superb sporting facilities: golf, water-sports, skiing
• Low cost of living
• Portugal has one of the highest life expectancy rates in the EU.
• Very good infrastructure trains, buses, taxis.
• Huge producer of wine and port.
• Hosted UEFA football championships in 2004.
• Host of various prestigious golf championships.
• A proposed new theme park, which will be the largest investment ever seen in Portugal, some 500 hectares in size, with movie cinemas, concert halls, which will undoubtedly bring a huge boost to tourism, and also property prices in the area
Portugal is a democratic republic located on the west and southwest parts of the Iberian Peninsula in south-western Europe. Portugal is bordered on the north and east by Spain and by the Atlantic Ocean to the west and south. It can be reached by direct flights from the UK and Ireland to Faro International Airport or Lisbon Airport (flight time approx. 2 hours).
Portugal is famous for its history and cultural richness, and is perfect for a holiday of excursions, sun, sea, and sports. The southern coastal Algarve with its light, soft sandy beaches is the country's most popular holiday destination. The Algarve is renowned for its excellent golf courses.
FACTS
• It has one of the highest life expectancy rates in the EU
• Joined the EU in 1986 – Joined the Euro in 2002
• Popular towns include Albufeira, Vilamoura, Vale do Lobo, Quinta do Lago, Tavira, Lagos & Faro
• Huge producer of wine & port
• Over 8 million visitors per year
• Hosted the UEFA football championships in 2004
• Foreign nationals are allowed to buy property in Portugal
• 92,000 sq km in size equal to that of Austria
• Same time as GMT
• 2hrs drive from the east to the west of the Algarve
THE ALGARVE
Situated in the extreme South of Portugal the Algarve is Portugal's most popular tourist region, with beautiful beaches and gorgeous coves and the most unpolluted climate in the European continent. In addition to this the region offers superb golf courses, water-sports, golden sands and splendid food.
• 300 days of sunshine - 32 degrees in summer, 10-15 degrees in winter
• Over 100 beaches & 20 blue flagged
• Amazing night life, Exquisite restaurants offering some of the finest sea food, fresh from the Ocean
• Shoppers paradise – thousands of designer shops
• 5 star hotel resorts, casinos, long vibrant promenades, Playground for the rich and famous
• Pleasure harbors, Yacht clubs and marinas
• Ancient historic sites, museums, castles etc
• 30 top-class 18-hole golf courses.
• 2 ½ hours from Ireland by direct flight.
• Stunning beaches, scuba diving, waterskiing, sailing, tennis centres, equestrian centres, casinos, Michelin star restaurants, marinas.
• Good health care, private clinics.
• Most Portuguese speak English.
• New motorway linking the whole of the Algarve to the capital, Lisbon.
• Brand new marina in Albufeira
LIVING IN THE ALGARVE
• Strong English community
• Main airport serving The Algarve is Faro International Airport
• Very good infrastructure motorways etc.
• Transport services in place trains, buses, taxis
• Very low cost of living
• Michelin–star restaurants
• French, Mexican, Chinese, Thai, Italian cuisine - basically all cuisines
• Multilingual doctors, dentists, 24hr pharmacy,
• Modern hospitals, private specialist clinics, with bilingual doctors
USEFUL INFORMATION
USEFUL INFORMATION
Algarve Tourist Information Offices
Albufeira
Alcoutim
Aljezur
Alvor
Armação de Pêra
Carvoeiro
Castro Marim
Faro
Lagos
Loulé
Monchique
Monte Gordo
Olhão
Ponte Inter. Guardiana
Portimão
Praia da Rocha
Quarteira
Sagres
S. Brás de Alportel
Silves
Tavira
V.R St. António
Faro International Airport
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Click here for a list of our Algarve, Portugal Property >>
Albufeira Property
Alcoutim Property
Aljezur Property
Alvor Property
Armação de Pêra Property
Carvoeiro Property
Castro Marim Property
Faro Property
Lagos Property
Loulé Property
Monchique Property
Monte Gordo Property
Olhão Property
Portimão Property
Praia da Rocha Property
Quarteira Property
Quinta do Lago Property
Sagres Property
S. Brás de Alportel Property
Silves Property
Tavira Property
Vale do Lobo Property
Vilamoura Property
V.R St. António Property
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