- Portuguese market upturn began in Q1 2014 (INE)
- Property sales now rising at fastest pace for 5 years (RICS/Ci)
- Bargain properties from €69,000 for a detached house (Ideal Homes Portugal)
“If you’re looking to buy property in Portugal, now is the time.”
Bold words indeed from Chris White, Founding Director of boutique real estate agency Ideal Homes Portugal, but the figures certainly add weight to his claim.
The year began well for the Portuguese property market, with Statistics Portugal (INE) reporting a 1.22% (1.6% in real terms) increase in prices during Q1 2014. Now, the latest RICS/Ci Portuguese Housing Market Survey has revealed that sales volumes have reached their highest level since 2010, when the survey was originally launched. RICS Senior Economist, Josh Miller, comments,
“The on-going improvement in sales market activity appears to have gained added momentum recently, while prices have now remained more or less stable for the past few months.”
The figures are leading many to conclude, as Ideal Homes Portugal’s Chris White observes, that now is the time to buy, before prices begin to rise sharply. For buyers looking to pick up a second home, or even a main residence, Portugal is packed with bargains.
A one bedroom apartment in the up and coming town of Olhão in the eastern Algarve can be snapped up for just €72,000, while those looking for something a little quirkier can pick up a large plot of land complete with homely timber house for €69,000.
Even with more expensive properties, there are still plenty of bargains to be had. This incredible four bedroom detached villa with pool, tennis court and extensive outdoor terraces in the central Algarve has been reduced from €1.1 million to €850,000. Chris White comments,
“Buyers looking to get maximum value for their money in Portugal need to act fast. There are still bargains available, particularly in the Algarve, but demand is on the up and logically it follows that prices will continue to rise during 2015.”
It is a good time for those looking to buy an investment property in Portugal as well, with a government initiative meaning that 85% of rental income from a property is classed as expenses, so the owner is taxed only on the remaining 15%.
The upturn in the Portuguese market during 2014 is certainly reflected in the success of Ideal Homes Portugal. The company has trebled its workforce during the year and opened a new office to accommodate the larger team, with former Dragon’s Den star Duncan Bannatyne officiating at the opening. With nearly 100 homes sales completed over the past 12 months, Chris White and his team are looking forward to an even busier 2015. White concludes,
“From a professional perspective it’s really exciting to be involved in the Portuguese property market right now. There’s a sense of confidence and anticipation spreading across the sector. I can’t wait to see what’s in store in 2015.”