Is this the right time to sell Portuguese property to cash buyers? It probably is – Portugal is officially out of the recession that hit the nation so badly following the global housing crisis in 2008. There is plenty of good news to be had in Portugal.
Exports are up and unemployment is down. The housing market has yet to pick up the lost momentum, but things are looking up for sure.
The Algarve is the most popular region in Portugal among cash buyers. It offers a great lifestyle, with lovely beaches, warm weather and wonderful cuisine. There’s a huge demand for beachfront villas in the Algarve.
However, because of the overdevelopment in the Algarve, the housing market here is still pretty lukewarm. There are just far too many empty apartments and villas here that are looking for buyers, which has pushed down property prices for the entire region quite considerably.
Many of the new developments in the Algarve resemble ghost towns in the off-season. Also, many properties have been repossessed by developers who failed to pay their loans in time. They are being sold by the banks at really cheap prices.
This is certainly great news for those who are looking to buy properties in the Algarve. There a plenty of great bargains to be had here. But for prospective home sellers, this means they will need to work harder to get a great price for their properties for sale in Portugal.
There’s no question that the interest is picking up. Many cash buyers from emerging nations such as Brazil,China and Russia are encouraged by the current situation in the property market in Portugal. Estate agents across the country have reported an increasing number of inquiries from abroad.
The new interest has been fuelled by the feeling that the property market here has bottomed out and things will only get better in the future. This is as good a time as any to buy a holiday home in Portugal, as most of the properties are still available at deeply discounted prices.
Investing in the Portuguese property market is for those who are in this for the long haul, and certainly not for speculators in search of quick profits. It is for those who intend to spend time in Portugal and who are in love with the country and the great lifestyle it offers.
Schemes introduced by the Portuguese government, such as the Golden Visa have certainly helped fuel further interest. The Golden Visa fast-tracks residency permits for those who invest €500,000 or more in properties in Portugal.
The Golden Visa has been a reasonable success. There are a number of wealthy buyers from China, Hong Kong, Indonesia, Malaysia and Singapore who have been attracted to Portugal because of the Golden Visa.
The Portuguese government has also sought to encourage investment from EU citizens by offering a zero-taxation policy. This has certainly excited many in France and Britain to invest in holiday homes and retirement homes here.
Portugal is a great place to buy a home as the people here are warm and friendly, and the lifestyle is very relaxed and laid back. It is also a very safe country with one of the lowest crime rates in the world. It’s simply a great place to live, which is why there’s so much interest in Portugal.
If you want to sell property in Portugal fast to cash-rich overseas investors contact us today.