With its warm, pleasant climate, lively Mediterranean culture and strong travel links with the UK, Portugal retains a strong attraction for British buyers looking for a second property abroad.
The government in Portugal introduced strict building regulation laws in the early 1990’s, therefore meaning that construction of new build properties has slowed considerably during the last decade. Because of this, the Portuguese property market has given rise to consistent capital growth in recent years.
Currently, Portugal is in the top three on the list of popularity for UK overseas property buyers – with the Office of National Statistics estimating that Brits bought 5,100 homes there in 2004/5, and with continued increases through 2007/8.
Portuguese properties have proved resilient throughout the current economic crisis, although prices have declined the Instituto Estatistica states in the Algarve prices have seen a 4.4% correction, during the year to September 2008. Comparing this to the corrections experienced in Spain and the UK, Portugal continues to be a prudent destination for investors.
Our strength is that we work from a current bank valuation, which takes account of any market correction. We negotiate directly with the developer and commit to a deliverable time scale for completion, including going to Promissory Contract. Our commitment to the developer enables us to offer a scheduled completion timetable.
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