Algarve Proving To Be A Popular Choice Again With Property Buyers

"algarve property news"Could the fortunes of the Algarve finally be taking a turn for the better?  For many years the beautiful region in the south of Portugal has seen the economy helped in no small part by tourism and overseas property investment but when the crash come in 2008, the tourists let and the houses were put back on the market.  not it seems the tourists are returning and the property market is looking very favourable once again.

According to a report by the property listings website Meravista, the prices of properties in the Algarve are now a massive 32 percent cheaper than those in the UK, making the Algarve a great choice for anyone looking to get more for their money and the best properties possible on the market.

It had been the case in the past that the market in the Algarve, especially in certain areas of the region, had seen inflated prices for properties but now research is showing that the property prices are now back in line with the valuations of banks, not some 20 percent higher as had been the case.

According to a report by the Telegraph newspaper the report about the property market in the Algarve said: “The fact that estate agents and home owners are meeting or undercutting the values set out by the banks demonstrates that the market has reached a significant low”.

Anita van Huson, co-founder of Meravista, said: “Algarve property was experiencing inflated growth in advance of the recession, so it was hit particularly hard when the markets crashed. I don’t think we’ll see valuations as low as these for a long time to come.”

This may not be the view of everyone involved in the Algarve property market but many do agree that prices of properties in the region are nowhere near as high as during the peak which means that this could be a great time to travel over to the Algarve and have a look for some great value properties that are on offer.

Why not combine a trip to the Algarve with some property finding.  Flights at this time of year into Faro airport are very reasonable and car hire can be arranged quickly and cheaply to allow you to get about and see all that is available for every budget in the Algarve.

There is no denying that Portugal still faces a very long road to full economic recovery but things are looking far more stable than ever before and could be the best time you will find to buy a dream property in the Algarve.

Be Sociable, Share!