The combined effects of the Covid-19 pandemic, Brexit and the changes to Portugal’s Golden Visa coming into effect at the end of the year are creating an unprecedented spike in interest from international buyers looking for property in the Algarve.
Fine & Country Algarve reports that buyer interest is at an all-time high.
The company has seen a huge amount of interest from Brits who are keen to explore the Golden Visa option in the post-Bexit scenario whilst other non-EU nationals are in a rush to buy in the Algarve before the end of the year when new restrictions will come into place.
This, coupled with the lockdown-induced desire of many families to relocate, makes the Algarve extremely attractive at this moment in time.
The company’s marketing report for the first three months of this year shows an increase in enquiries of more than 30% compared to the first quarter of 2020 from buyers in a total of 29 different countries.
The UK still leads the way representing 30% of a total of 566 enquiries received from January to March by F&C Algarve. France, Germany, the USA, the Netherlands, Switzerland and Belgium together represent 40% of the market.
“We have a multi-lingual team, which enables us to effectively deal with such a large list of nationalities. And whilst there have been few buyers on the ground during lockdown, we were able to successfully carry out virtual viewings on a daily basis resulting in a surprising number of sales to buyers around the world who have not been able to physically visit,” said managing partner Zoie Hawker.
“Whilst many buyers are not prepared to go ahead and commit to a purchase without visiting, they are very keen to whittle down their short list of properties with the use of technology, ready to make a final decision as soon as they are able to visit. We are expecting to be busier than ever before as soon as travel restrictions are lifted,” said Zoie.
In addition to the surge in interest, Fine & Country reports that there has been no sign of any reduction in prices, in fact, quite the opposite, says Zoie.
“Official data is not yet out on the first quarter but, based on what we are seeing, prices are going only one way at the moment, and that is up. It’s all a question of supply and demand and, with the large volume of sales expected once buyers start arriving, we need new listings to satisfy the demand. By placing a property on the market now, vendors will be very well positioned to secure a fast sale at a good price.”