UK’s Telegraph dubs Algarve “affordable property market”

British newspaper The Telegraph has published an article online where it considers the Algarve an “affordable” property market, which has even “better value” now as “the pound is strong against the euro”.

“The temperate climate and breathtaking scenery of Portugal’s southernmost region has long made the Algarve a property magnet for British expats. And as the pound reaches its highest level against the euro since the 2007/08 global economic crisis, a relatively affordable Portuguese property market is becoming even better value for sterling buyers,” writes property expert Saundra Satterlee.

While the article stresses that Portugal and its property market were “hard hit by the global crisis”, the country is now showing signs of recovery having exited its €78 billion bailout in May 2014 and with IMF forecasting that GDP will reach 1.6% this year.

Portugal’s ‘golden visa’ programme is named one of the initiatives introduced by the government to help “buoy up the economy”, as it allows foreigners to obtain residence as long as they buy property worth at least €500,000.

With real estate agents both in UK and in Portugal reporting higher prices and more demand, the property market is confirmed to be “picking up”.

“For a long time properties have sold well below the asking price. It is only over the past few months that the gap between original price tag and actual price sold has begun to see significant shrinkage,” John Baker-Malpas from Ideal Homes Portugal told The Telegraph.

The article goes on to list some property opportunities in the “picturesque fishing village of Ferragudo, the old fishing harbor of Tavira and the western Algarve town of Lagos known for family lifestyle and gastronomy”.