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The Property Market in Portugal – Q3 Update

The Property Market in Portugal – Q3 Update

 

As summer draws to a close in the UK, it’s easy to envy those living in Portugal. Many overseas residents have a particular fondness for the month of September. The weather is reliable, the sea is at its warmest, and the tourist numbers have begun to lessen.

There is no reason not to progress any plans you have to move to Portugal. The country is very much “open for business.” and the sun is shining.  Covid-19 can create some minor challenges, but there is  nothing to stop you viewing properties in person and putting your dreams in motion.

Lets take  a look at the property market in general. Everything is looking rather positive. Property values are at record levels.

Although it is not surprising that there have been considerably fewer property transactions than normal in 2020, with the world practically grinding to a halt during lock-down.

However, Covid-19 hasn’t done any damage to the value of Portuguese properties. In fact, bank valuations hit record level in July, rising by 12 Euros per square meter. These bank valuation figures are compiled by the country’s National Statistics Institute (INE).

This July, figures still represent an 8% overall increase compared to 2019. Growth in the ever-popular Algarve is strong, but it’s the north of the country seeing the largest rises. The smallest rises are in the Alentejo region.

There is plenty of interest from the UK. Ever since lock-down began to ease, the  demand for properties in desirable areas has been most apparent. Throughout the course of this summer, there have been considerable increases in online searches for properties abroad. Portugal is one of most popular destinations, together with Spain and France.

Potential buyers don’t seem to be wasting any time either. A recent survey of global property buyers found one in four people are deciding to speed up their plans to move home due to the Covid-19 pandemic. With the chance of future lock-downs, buyers clearly want to get to where they most want to be quickly. The up and coming end of the Brexit transition period also seems a likely factor for British buyers.

Are you ready to live in bright and sunny Portugal from 1 January?

When Portugal first entered into it’s lock-down phase, prospective buyers were unable to visit properties. Agents stepped in with video tours and virtual viewings, and these remain an option for those not yet wishing to travel abroad. Some Estate Agents have reported completing house sales based purely on a virtual tour.

However, it is now perfectly in order to arrange a viewing trip and see all the properties you wish to in person.

If you do visit Portugal to view properties, you will find certain Covid-safety measures in place, such as:-

  • Wearing masks and gloves.
  • Travelling to properties in your own car or hire car. Agents are not able to drive you around.
  • Not touching surfaces inside properties.
  • Limiting property visits to two people at a time.
  • Conducting discussions with agents outside each property.

It is worth noting that estate agencies will be well versed in these procedures, so there is nothing  for you to worry about.

One thing you must remember, before booking a trip, is that visiting Portugal may require you to quarantine for 14 days when you return to the United Kingdom. This is a situation that may well change at short notice.

Where to Look

The Algarve remains a popular destination for property buyers, and so does the city of Lisbon. Not only is Lisbon a beautiful city by the sea, it’s also emerging as a thriving hub for entrepreneurs and start-up businesses.

Don’t forget about Portugal’s other countless charms. Estate Agents are reporting a considerable interest in the Silver Coast.  Although not as warm as the Algarve, the Silver Coast delivers equally beautiful quiet beaches, a wide range of affordable properties, and more of an authentic Portuguese feel. It’s definitely wise to compare this area to the Algarve.

Don’t forget the Alentejo, which is a large region north of the Algarve. This area includes coastal resorts and vast inland areas where you can find affordable country homes, vineyards and just so that you are aware, it has some of Portugal’s most extreme weather conditions.

If you have had a challenging year, a new life in Portugal has never seemed quite so tempting. Perhaps it’s time to make it a reality.

 

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