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Algarve Villas Entice Wealthy Property Investors Away From Spain - 10 February 2010

Wise planning choices have given Algarve, Portugal the edge over Spain in terms of property investment demand.

While the rest of the European real estate market dwindled last year, the Portuguese government retained tight control over construction in the country’s Southern coastal area. Villas had to be built under strict guidelines adhering to the personality and aesthetic of its surrounding areas. As a result, property in Algarve rose 2 percent last year and went for a modest 1,429 per square metre.

This year, Algarve property is expected to continue to rise steadily, enticing the traditional Spanish villa investor to turn to the country’s neighbor instead. With its gorgeous beaches, golf courses and sunny climate, overseas investors see the long-term potential for returns on purchasing Algarve property.

Investors from countries, like the UK, which have already begun to rebound from the recession, are making the most of Algarve’s real estate opportunities. These are typically investors who already come from a strong, stable financial backgrounds—one that the economic crisis barely touched—since Algarve is known for it’s wealthier crowds and luxurious amenities.

Tourism in Algarve is also expected to see a resurgence this year. Another reason the government also keeps tight control on the region’s appearance to entice big spenders looking for a holiday getaway. Algarve is has been a popular vacation destination among Europeans since the 1970s, but this year, with promotional packages and cheap flights by international airlines, Portugal is likely to see tourists from Russia, Eastern Europe and Scandinavia as well.

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