We can’t believe we’re already six weeks into the New Year!
Last year, traction really started to pick up in the central Algarve property market, buoyed by UK / EUR exchange rates, improving confidence in the worldwide economy and many articles in the European press extolling the virtues of investing in Portuguese Property, particularly if one can take advantage of the Non Habitual Tax Residency regime.
In the first weeks of 2016, that same forward motion has continued apace, despite turbulence in equity and FOREX markets, which led to interesting discussions at local forums and meetings!
In reality, those of us who have been involved in the market for a long while will have seen highs and lows before, but there are plenty of indicators that our local market is looking positive for the longer term.
If you’d like to discuss your Algarve dream home in person, we’re available six days per week at our recently refurbished offices just west of Albufeira. Alternatively, come and see us at our first overseas property exhibition at Manchester Central from 11th - 13th March.
We can also arrange for Skype, VSee or other teleconference solutions by appointment, or just follow us on Facebook & Twitter for the latest property and lifestyle news and views.
For this month’s blog, we’ve looked at three little reasons why the Algarve should be high on your list of investment targets.
Location and Availability
Quality properties, with ocean views and with good access to Faro airport are all selling quickly and at similar prices to those seen before the 2008 market crash. Due to the speed of sale of these properties, demand is beginning to outstrip supply, which means that buyers are looking at alternative areas, again boosting prices.
We’re fortunate to be well known and respected in the local area, therefore vendors looking to sell will usually come to us for advice before placing their home on the market. If you’re looking for a quality property in a great location, register your interest with us soon and we’ll keep you informed as soon as a property match becomes available.
Value for Money and Tax Efficient too!
Despite the improvements in the local property market, the Algarve is still remarkably good value, especially when compared with northern European markets. At this moment, we have properties for sale from around €100k to £3.5m, with the most popular price point being around €500 - £750k.
Buyers within this range are often looking for something ready to use, but a home that can be personalised to taste over time can be incredibly rewarding. Across our property collections, we’ve got hundreds of properties that can suit most budgets, styles and tastes so take a look at cerronovo.com for more detail.
If you’re looking to stay in the Algarve for over six months per year, are a retiree or a professional looking to invest in Portugal, we’d strongly advise speaking to an accountant or Financial Planning Consultant to check your eligibility for the Non-Habitual Residency (NHR) regime; potentially giving you a tax free income for up to ten years.
Applications for NHR are increasing all the time, with European buyers fleeing more instrusive tax regimes ‘at home’, and whilst the process isn’t easy to navigate, it may repay the time investment many times over.
Tradition, Culture and Nature
Despite being a centre for tourism, the Algarve is incredibly diverse. Even in the height of the summer, you’re only twenty minutes drive from the quiet countryside or a fast train journey to Lisbon. The local population is friendly, welcoming and steeped in tradition; scratch the surface and you’ll find interesting, diverse communities with an amazing history.
With over 300 days of sunshine, nature thrives here: bird sanctuaries to beautiful blossoms are all remarkably close at hand, whether your ideal home is situated on the coast or in country.
As a long established, independent and government licensed Estate Agency, we’re proud to offer a completely individual service to all Clients. Whatever your budget, we’ll find you a house to call home in the beautiful Algarve: get in touch today
Sending you warm wishes.
Robert and Ana.