Algarve Property Market Snapshot – October ‘09

One thing is clear: the desire to own an overseas property is as strong as ever. Statistics of people browsing overseas property websites are on the up, and, with the demise of “emerging markets”, interest in the Algarve, as a safe, well-established market with a strong tourism infrastructure and planning controls, is greater than ever. However, over the past year, with the financial crisis and sterling languishing against the euro, actual buyers have been thin on the ground.

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AlmaVerde at the Buying Homes Abroad Show in Stockholm

Event date: 19 -20 September

In past years, the market for Algarve leisure real estate has been propelled by the British and Irish, but the recent demise of sterling and the plight of the Irish economy have prompted developers to start looking in other directions.

Scandinavians have not been buying Algarve property in numbers, but there is anecdotal evidence that they are now becoming more active. There are now flights to Faro on Norwegian Air Shuttle from the capital cities of Oslo, Stockholm and Copenhagen, and Scandinavian currencies have remained relatively firm against the euro.

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