Algarve property buying trends change

Wednesday, May 19, 2010

Algarve property buying trends change

As a holiday destination and a place to buy property in Portugal, the Algarve has long been a favourite among Brits. However, a new report shows that where people are buying homes in the region is changing.

Infinito Real, a Portugal based group of property investors, have released their latest statistics showing that there has been in a swing in popularity from homes in East Algarve to more properties in Western and Central Algarve, while fewer people are seeking to buy homes along the Silver Coast.

The latest report reveals that 14 per cent of all people who bought property in the Algarve and surrounding areas in the first quarter of 2010, secured a property in Eastern Algarve, compared to 55% of all buyers for the whole of 2009.

Elsewhere, 50% of purchasers chose to buy a home in Western Algarve and 28% in Central Algarve in Q1 2010, compared to 11 per cent and 22 per cent for the whole of 2009, respectively. Meanwhile, 7% purchased property in the Silver Coast in the first three months of this year, down from 11 per cent in 2009.

Stephen Anderson, managing director of Infinito Real, comments: “The more developed and touristic west coast offers a safer rental potential and the addition of the new Formula One track and, potentially, a new airport in Portimao, has helped swing clients in this direction. In addition, much of the current available property in the Eastern Algarve is not yet finished and the smaller areas have been heavily developed without the infrastructure to match.”


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