|Investment Property Worldwide.com||
Now is the “best time” to invest in Portuguese property as prices continue to fall, according to several real estate firms in the country.
The latest housing report from the Royal Institute of Chartered Surveyors (RICS) and Ci Portuguese Housing Market Survey indicates that national activity has fallen one point to -49 and national confidence has fallen two points to -61.Fiona Sheffield, co-owner of central Portugal property firm Lapis Lazuli says this should drive overseas purchasers into the market.
“I would recommend buying now; it’s probably the best time for it. Demand has picked up for us since the start of the year. We mainly sell to Dutch, Norwegian and English clients. We are seeing a lot of overseas buyers who used to go to France and Spain now coming to Portugal.”
The news comes as another Portuguese agency, Infinto Real, believes that recent investment in the country could help put it back on the tourism map. Vilamoura, a tourism hotspot on the coast, has received €1.3 million boost to improve pedestrian and cycle routes that surround the resort’s marinas and hotels. Stephen Anderson, Infinto Real’s managing director: “As property prices have dropped, Vilamoura has become more accessible to those looking to make a purchase and these improvements and increased interest as a holiday ‘hot-spot’, are great news for investors whose assets will only appreciate over time as the improvements continue to take shape. Many countries are struggling in these austere times but the trade of national and international tourism, which is predicted to be high this summer, is vitally important to the Portuguese economy. It is important that local businesses and the government take heed of this and make the most of the opportunity to show how much Portugal has to offer so we can attract new and loyal visitors and investors, which could lead the country back to financial health.”
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