| Why now is a great time to buy property in Portugal?
The property market in Portugal is set to maintain a small but steady growth right through the credit crunch and beyond. There are a number of reasons for this firstly the prices in the first place never really boomed at least not outside of Lisbon or the Algarve. You can still get a Mortgage here providing you have a provable income and the property you are buying meets the valuation. Perhaps more importantly there is plenty of property for sale, especially in the rural areas where ruins and renovation projects largely unwanted by the local population are waiting for buyers and investors.
Why own a house in Portugal; there are of course many reasons the climate is among the chief reasons with glorious summers and mild winters being chief among them with many retirees seeing Portugal as their ideal destination. There are also the great leisure activities in Portugal from surfing, to boating and skiing on the rivers and lakes, walking, hunting, clay pigeon shooting, off road driving, quad biking, horse riding, and of course golf.
At the last count golf attributed 5% of GDP in Portugal and that is sure to increase with more golf courses and resorts being planned and built. This affords a number of investment opportunities as property surrounding golf courses appreciate at a much higher rate than is normal.
Portugal also has a fantastic coastline with miles of golden beaches and a plethora of restaurants to adorn it where quality seafood platters can be bought for bargain prices. In fact eating out in Portugal is one of the joys of living in Portugal. This is one of the major reasons that Portugal has been elevated to third favourite in the wish list of UK overseas property investors.
Another is the warmth of the people, hospitality is a matter of pride here in Portugal, indeed, you can’t live in rural Portugal for very long before you get deliveries of seasonal vegetables and fruit delivered to your door by a well wishing neighbour.
Mortgages as I mentioned earlier are obtainable providing conditions are met they range between 6% and 8% and are generally on a repayment basis, simple! The difference in interest rates is attributable to the value of the property you are buying, the higher the value the lower the rate. These rates are extremely competitive as repayment mortgages go, they provide perhaps an opportunity for first time buyers in the UK to get their foot on the ladder. There is in fact a growing number of young Brits who are buying overseas and renting in Britain.
As I have mentioned before there is value in the Portugal property market and a wisely chosen property will bring dividends in the future. |
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