Portugal property agent Infinito Real believes that it could be a 'bumper summer' for the Portuguese property market, in spite of the country's economic crisis, thanks to rising tourism levels.
Infinito Real, managing director, Stephen Anderson, believes that the increased tourism could be the catalyst needed to revive the market, as this is likely to translate into higher demand for rental accommodation.
Anderson expects holiday bookings to be comparable to pre-crisis figures seen in 2007, based on current data from hotel chains and airline operators.
The Algarve, one of the most popular places to buy a holiday home in Portugal, is expected to attract high proportion of the tourists visiting the country this summer.
Anderson comments: “Demand for rental property this summer is already high, and historically those renting have been interested in buying something similar for themselves. With the prices the lowest they've been for years it's an opportune time and could be pivotal in kick-starting the property market again.”
Infinito Real says that it has recorded around 15% rise in the volume of buyers so far in 2011, compared to the corresponding period last year, as more people try to take advantage of depressed market conditions by purchasing cheaper homes in Portugal.