Is it really December?
According to press reports and ‘official’ statistics, property in Portugal has increased in value by around 9% in the last year, with completions up by a third.
Unsurprisingly, the Algarve remains the place to buy for many northern Europeans looking for a warmer climate, but is also becoming popular with international investors from the USA, Canada, and Brazil; buoyed by continuing low interest rates and attractive tax regimes. Overall it’s been a good year for the ever-growing Real Estate sector in Portugal, but there are challenges such as a lack of supply of quality properties, and continuing uncertainty around Brexit.
At Cerro Novo, our marketing has reached over 3.5 million people this year and with record rates of engagement and enquiries, our performance suggests substantial market growth, albeit fortunately not at overheated pre-crash levels.
For Cerro Novo, the British market is an important part of the business. In the run-up to, and immediately after the referendum, we felt a definite shockwave and subsequent decline in interest from the British market. In 2017, this has recovered, with many of our enquiries and sales originating from British Clients.
With relative stability in exchange rates combined with a less than positive outlook in UK economic performance, many of our British Clients are looking to relocate or spend a sizeable part of the year in Portugal. There is also a growing market in Clients looking to invest in a ‘home and income’ property or in other commercial opportunities.
For British buyers wishing to retire or relocate to Portugal, the Non Habitual Tax Residency Regime is becoming increasingly popular too. With zero or low rated tax on pensions or professional incomes, the tax regime is one of the best in the world, is still available and must be investigated!
In the last few weeks, we have listed many new properties ideal for investment purposes, including this fabulous guesthouse in Old Town Albufeira at €850,000. It’s the perfect example of an investment business that could be easily managed by a family & friends partnership or couple. Take a look online at www. CerroNovo.com and search reference CNC5758.
Whether you’re looking for an apartment, townhouse, quinta or villa, Cerro Novo will find you the perfect property and we look forward to welcoming you in 2018.
From all the team, we wish you peace and happiness this festive season!