Despite reports about the financial state of Portugal and austerity measures being introduced the country’s real estate market offers an attractive prospect for property investors, it is claimed.
Even though financial experts, including credit agency Standard and Poor’s warn that it could follow in Greece’s financial footsteps, Stephen Anderson, managing director of Infinito Real, a Portugal based group of property investors, believes this couldn’t be further from the truth.
He believes that Portugal is stepping up its game in demonstrating its ability to withstand the worst recession in over a century by promoting itself as an attractive prospect for property investors and its golf courses, coastal hot-spots and easy access, means that it will always be a popular destination for holidaymakers.
‘Portugal has for a long time been developing itself to keep up with top holiday destinations such as Spain and the Balearic Islands but only now are we seeing Portugal promote itself in ways that other countries have been doing for years,’ said Anderson.
‘The appeal for anyone looking to invest in property would surely be drawn to an area of such popularity that is only now just starting to realise its full potential as a major holiday destination. Lesser countries have managed to attract buyers but are now in trouble due to excessive publicity which generated a high response. The safety with Portugal is that the publicity is factual and not gimmick oriented,’ he explained.
He points out that confidence in Portugal as a developing holiday destination has been demonstrated by Ryanair who have, since March 2010, started to fly to and from Faro airport offering over 200 weekly flights and increasing their traffic flow at Faro to 1.3 million per annum.
‘This is great news for travellers looking for frequent low cost flights as it makes the Algarve even more accessible than it already was and is a welcomed prospect for future investors. At Infinito Real we have noticed a huge increase in the number of inquiries for property in this area. Previously, it was rare for us to have an enquiry from a non-resident who was here looking to view immediately but in the last month we have had numerous internet and phone inquiries from people either in Portugal or coming in the next few days wishing to view properties,’ he added.