Buyers returning to portuguese property

Buyers are returning to Portuguese property, according to Fine & Country, whose new Carvoeiro office has witnessed a "definite upturn" in activity this year.

The rise in interest has been attributed to the country's lasting lifestyle appeal thanks to the unspoilt coasts in Carvoeiro.

“Carvoeiro has a solid reputation as an unspoilt destination with great beaches, good restaurants and a sizable expat community that has long attracted a number of British buyers in particular, Zoie Hawker," managing partner of Fine & Country Carvoeiro, tells TheMoveChannel.com. "But now we are noticing new market emerging, of French buyers looking for second homes due to the punitive tax laws in France.”

Indeed, the incentive offered by Portugal’s Non-Permanent Resident Tax Scheme has helped to attract buyers from all over Europe.

“We are very pleased with the level of enquiries and viewings experienced since opening in September and already have various sales in the pipeline. We should close our first year well ahead of target," she continues, highlighting sea-view properties as the most popular among buyers.

The country's new Golden Visa scheme is also drawing in investors from outside of the EU looking for residency. Indeed, Portugal may issue as many as 400 visas this year, as the resident permit program has resulted in €198 million of investment from China, Brazil and Angola. Most of these buyers are looking for property in the greater Lisbon region, as reported previously by Fine & Country Cascais who have also seen investments from South Africa and the Middle East.

“We are receiving reports however of a small but growing number if Golden Visa clients buying in the Algarve” said Zoie. “we are particularly interested in the South African market”.