Demand down but expected to rise

Barclays bank is predicting that the second half of 2009 will see growth in the demand for housing in the Algarve.

A spokesman from the bank told the Algarve Resident: “January is historically a month with lower demand in the Algarve housing market and there has also been a slight reduction in demand from international clients in the region.”

The devaluation of the Pound combined with the current economic crisis has directly affected the housing market in the Algarve and Barclays revealed that the bank has witnessed “a natural decrease in demand for housing credit” because of this.

However, the short term future of the housing market in the Algarve is expected to see demand increase as the year develops, according to the international bank.