The average sale price of residential property in Portugal grew by 17.4% in the first quarter of 2021, compared to the same period as last year, according to the national property market analysis report.
This growth is despite the effect of the pandemic. The report also indicates that the number of properties for sale increased by 87.8%.
This is great news if you have invested in property, as an example if you had purchased a two bedroom apartment for sale in Albufeira at 250,000€ in the first quarter of 2020, with the increase in sales price in 2021´s first quarter your property’s asking price could now be 293,500€.
This kind of increase in property price is sure to delight any investor!
Due to the fabulous weather, stunning beaches, great food, laid back lifestyle, golf courses, waterparks and many more reasons, the Algarve remains high on the list for foreign investors in 2021.
2020 saw a rise in many foreigners (non-British) buying a house under the Non-Habitual Residency regime. The trend of working remotely and benefitting from the tax incentive contributed to this. This trend has continued into 2021.
Concerns around Brexit may have added to the British being more cautious, but buyers are still looking for overseas property and the Algarve is high on the list.
Ideal Homes International has seen a sharp increase in clients looking to purchase property in Portugal, especially the Algarve.
Relocating to Portugal and benefiting from rental income are two of the main reasons that 2021 has already seen many properties bought.
If you’re looking to finance your property purchase, we always recommend that you speak to an experienced and registered mortgage broker in Portugal.
Ideal Homes Mortgages has provided brokerage services since 2013 with a vision of providing service excellence, and ensuring clients requiring real estate financing are well informed and confident in their property purchases and investments in Portugal.
To book your FREE consultation with a registered mortgage broker, get in touch with the experts on [email protected] today to start the application process, or give them a call on +351 289 513 434.
Should you be looking to purchase a property or would like to chat to one of the team, get in touch on [email protected] today, or give them a call on +351 289 513 434.