Do you have a property for sale in the Algarve, Portugal? The Algarve in Portugal is one of the most popular overseas property destinations in the world. It is also one of the most visited places in Europe post pandemic.
Millions of tourists visit the Algarve every year. There are dozens of low cost airlines from the UK and other countries that have flights to the Algarve’s only international airport, the Faro Airport.
There is a lot of interest in the Algarve, as a result of which the demand for second homes here have really shot up. There are a number of foreign investors who are looking to buy property in the Algarve, Portugal online this year.
Everything points out to the fact that the property market in the Algarve is set for a major boost over this year and beyond. Consider low cost airlines such as Ryan Air and Jet2, for example. Their flights to the Algarve are always packed with tourists. This indicates that the Algarve is growing as a tourism destination.
Generally, when a place becomes popular with foreign tourists, it also does well as an overseas property destination. After all, when tourists fall in love with a place, they will want to live there on a more permanent basis, and buying a holiday home there is the logical way forward.
It’s no surprise then that the Algarve is so popular with overseas property hunters. There is a real rush to buy properties here, from buyers from the UK, France, Germany and Scandinavian countries. Many wealthy buyers from China and Hong Kong have shown a great deal of interest in properties here.
The Algarve has been quick to come out of the economic crisis that hit Portugal in the aftermath of the 2008 recession. But even amid the economic crisis, this entire region was popular with foreign investors and holiday makers. In fact, the years from 2009 to 2013saw a major new infrastructure overhaul worth €12 billion done in the Algarve. That has completely transformed this place.
The recent pandemic and economic crisis was actually a blessing in disguise to the property market here in the Algarve. It introduced a semblance of sanity in the pricing structure, when there were fears that there was a housing bubble in the making.
The Algarve has been relentlessly marketed by the Portuguese government and by the real estate developers here as one of the best luxury property destinations in Europe, similar to Ibiza and Marbella in Spain. So when the economic recession hit Portugal, the average size and price of the properties here came down immediately after that.
That was a good thing, as the drop in real estate prices made the Algarve more attractive from the investment point of view. Now, savvy investors who bought holiday villas in the Algarve during the 2009-2014 period, find themselves sitting on a nice little profit as property prices have shot up by quite a lot since then.
So, if you are looking to sell your villa in the Algarve, Portugal fast, yes, this could be the right time for cash in on the rise in property prices here. Just be sure to hire the right overseas property specialist to facilitate the sale.