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Algarve Real Estate Booming

23-Jul-2014

International property experts are saying there are clear signs of recovery in Portugal's property market, with the Algarve progressing at the fastest pace across the country. As the property market stabilises, optimism is increasing with investor interest returning to one of Europe's most popular overseas property investment destinations. Alda Filipe, sales and marketing director at Vale do Lobo said: " We have indeed seen an important recovery and we believe it will be even more significant after Portugal leaves the intervention programme...

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Portugal's Housing Market Stabilises

14-Jul-2014

A new report from the Royal Institute of Chartered Surveyors (RICS) has revealed that the Portuguese property market was one of the least affected within the European Union during the economic crisis. The report has been welcomed with fresh optimism that the property landscape within Portugal may be changing for the better with property values beginning to show signs of increasing at sustainable levels of growth. Despite the fact that Portugal's property market was one of the least affected in the EU, real estate values still plummeted significantly...

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Investor Sentiment Improves as Portugal’s Clean Exit From Euro Zone Bailout Seems Likely

28-Apr-2014

After suffering more than most other countries during the financial crisis, Portugal is finally seeing the green shoots of growth against the backdrop of austerity that has gripped the country since the financial crisis. The early 2000s saw Portugal having to claw back revenues lost mainly as a result of Asian competition in textiles, formerly a mainstay of the country’s industrial economy. The government responded well, providing incentives for new businesses in other sectors such as the service industry and manufacture and consequently,...

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Buyer Interest Up but Letting Activity Flat in Portugal

04-Mar-2014

The Portuguese property market might be becoming more competitive but when it comes to lettings, conditions remain flat. Figures from the Royal Institute of Chartered Surveyors (Rics) and Confidencial Imobiliario show that January saw a pick-up in buyer interest, but lettings activity was relatively stagnant, Property Wire reported. Indeed, tenant demand rose just marginally and landlord instructions declined for the fourth consecutive month. Rents have also dropped off, meaning would-be landlords are likely to hold off on property purchases....

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Portugal's Gold Visas Could Bring in Some €600m in 2014

28-Feb-2014

The gold visa system in Portugal could help to seriously improve the country's struggling economy this year, according to new reports, with property investment from overseas bringing in a substantial level of investment in the nation. The gold visa scheme is designed to bring people from other nations with large sums of money to invest into Portugal on a fast-tracked system that allows them to bypass the normal visa application system. According to the latest report released by the country's estate agents association, APEMIP, the property sector...

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Property Investors Returning to Portugal As Economy Recovers

18-Feb-2014

Property investors are now starting to return to Portugal to put their money into the housing market as the economy continues to recover, it has been reported. The Portuguese property market was one of the worst hit by the eurozone problems, and many pound and dollar buyers were investing in the nation as they saw it as a chance to get more for their money over the last couple of years thanks to the very weak euro. However, a more steady stream of investors is now becoming apparent as more people look to take advantage of the economy and the chance...

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Stabilisation in Portugal Likely to Continue into 2014

13-Feb-2014

The stabilisation of the property market and house prices in Portugal which started in 2013 is set to continue throughout this year, the latest report released by the National Statistics Institute (INE) . It comes after the price per square metre of homes in the nation hit a record low in the first quarter of last year. They have been recovering ever since and it is this recovery that is expected to make the market yet more attractive to those who are looking to invest in European second homes. According to the INE, prices fell last year to a low...

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Low Property Prices Create Buyers' Market in Portugal

27-Jan-2014

One of Europe's most popular holiday destinations has seen prices sink lower and lower to the extent that it is now a buyers' market, with valuations only likely to go up in the future. Property in Portugal, and particularly the vacation area of the Algarve are now below estimates from banks in some places, and this has meant that foreign buyers could flock to the region throughout 2014 to grab themselves a bargain that would only rise in value as well as bringing them attractive rental income during peak seasons. This is the claim from Channel...

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Fast-track visas boost investment in Portuguese property

06-Jan-2014

Investment in property in Portugal has been boosted by the fact it has become easier to get residency in the Mediterranean nation since the start of 2013, the country's deputy prime minister Paulo Portas has told Lusa News Agency . He said that the use of 'gold visas' in the past 12 months had generated more than €300 million (£249.5 million) in investment from overseas in a number of sectors. "The fact that we have attracted over €300 million in investment through the so-called gold visas in just a year represents a very...

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Portuguese Golden Visa scheme paying dividends

12-Dec-2013

Portuguese property is receiving a boost from the country's Golden Visa and Golden Residence Permit Scheme. The initiatives to attract more foreign investment to the country are beginning to pay dividends and figures from the Foreign Ministry have shown immigration issued 318 Golden Visas last year alone. Most visas advanced have gone to Chinese nationals, with people from the country accounting for 248. The Russian Federation saw fifteen visas going to its investors, while Angola and Brazil accounted for the rest. So strong has been demand that...

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Portuguese visas snapped up by Chinese

13-Nov-2013

The Chinese are taking advantage of the Portuguese visa scheme, accounting for over three quarters of uptake.  Of the 318 visas issued under the plan that offers residency permits to those that purchase property over a certain threshold, 80 per cent were received by Chinese buyers, Bloomberg reported. This equates to 248 visas given to Chinese nationals, compared to 15 for Russians, which are the second biggest group. Foreign ministry spokeswoman Francisca Seabra made the announcement, revealing uptake levels since the visa scheme was launched...

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Is the worst over for Portugal?

06-Oct-2013

The Portuguese property market has been through the ringer lately, with prices falling and activity levels dropping off across most of the country. However, as the Golden Visa residency scheme takes effect, there is hope among many that the dark days surrounding the recession are finally in the past. There are certainly indications that this is the case, with one Portuguese estate agent reporting an 80 per cent increase in sales year-on-year. Charles Roberts, managing partner of Fine & Country Cascais, explained to A Place in the Sun that things...

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Portugal property market attracts retirees

19-Sep-2013

The Portuguese property market has had a run of bad luck of late but it seems its misfortune has been to the benefit of one group of buyers. Retirees across Europe are flocking to the country to take advantage of low real estate prices, tax breaks and the pleasing climate, Sapa reported. The financial position of many over 65s means they are well placed to operate within a cash market and the recession has caused the age group to become more active in overseas markets. Carlos Vinhas Pereira, head of the Franco-Portuguese Chamber of Commerce and...

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Key Portuguese markets becoming stable

09-Sep-2013

Key residential markets in Portugal are becoming more stable, according to the latest real estate index from the Royal Institution of Chartered Surveyors (RICS) and Confidencial Imobiliario. During July, negative price expectations became less widespread than they were six or 12 months ago in places like Lisbon, Porto and the Algarve. What's more, the sales market headline price was recorded at -37, a figure indicative of falling prices but almost unchanged from the months previous. This suggests price falls are now less widespread. Meanwhile,...

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Portugal remains in the 'doldrums'

13-Aug-2013

Despite the release of relatively positive data for Q2, Portuguese property is still in a slump. The Global Property Guide reported that major factors remain weak, with the average property price in Portugal falling by 2.4 per cent year-on-year in June 2013. Figures from Statistics Portugal showed despite prices in the country rising by 0.2 per cent quarter-on-quarter in Q2, when adjusted for inflation, prices fell 3.4 per cent since June 2012. The average property in Portugal now costs €948 (£816.11) per square metre. Flats are performing...

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Portugese property prices rise, but are down overall

01-Aug-2013

Portugese property values increased slightly in June but year-on-year prices are continuing to fall. According to data from Statistics Portugal, the average value of housing bank appraisals stood at €1014 (£885.49) per square metre last month. This is a rise of 1.8 per cent from May, when there was a change rate of 1.2 per cent.  However, over the year, values fell by 2.4 per cent. While this is lower than the five per cent year-on-year decline in May, it's still disheartening to investors.  In Lisboa and the Porto Metropolitan...

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Mortgage processes tightening in Portugal

02-May-2013

While low prices and a vibrant tourism industry may make Portuguese property an attractive prospect for investors, getting a mortgage in the country is becoming more and more difficult. Ricardo Reis, Cushman & Wakefield Inc's head of valuations in Portugal, told Bloomberg that lenders are now requiring more collateral. This is causing a drop in the number of real estate valuations made by banks and in March, appraisals of homes and apartments fell by 6.9 per cent year-on-year. Average values now stand at €981 (£831.11) per square...

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Portugal's property scheme attracting Asian interest

01-Apr-2013

A scheme through which investors from outside the EU can enjoy five-year residency in Portugal if they invest at least €500,000 in Portuguese real estate is set to drive major interest from Asia, analysts say. The government's Golden Residence Permit mechanism allows foreign nationals to secure a Portuguese residence permit if they make certain investments and represents a major change to the legal rules on entry and stay of foreigners in the country. Developers say the residency permit, which allows the holder to work or study and travel...

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Portuguese government targets foreign buyers with new site

07-Mar-2013

The Portuguese government is doing all it can to entice foreign property buyers into the country, launching a new site to make the whole process easier. Key figures from the country's tourism industry gathered at the Ambassador of Portugal's palatial home in Belgrave Square to see a new guide launched that helps people interested in Portuguese property , A Place in the Sun reported. Alvara Santos Pereiram, minister of economy, told attendees: "Our aims are to increase our standing from 18th in World Tourism terms; to decrease the seasonality...

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Portuguese property investment funds remain in positive territory

03-Dec-2012

Portuguese property investment funds remained in positive territory in the penultimate quarter of 2012, according to a new report. Figures from the APFIPP/IPD Portugal quarterly property fund index revealed that in September, annual total return was 0.6 per cent. While this is a contraction of 0.3 per cent from June 2012 and 1.5 per cent year-on-year, performance was sufficient enough to place the fund on a firm footing for the entire quarter. The index is currently enjoying the positive behaviour of open ended funds, which have posted...

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