A Life of Luxury for Less!

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Read about the real estate market in the Algarve, Lisbon and Portugal. As the leading estate agents on the Algarve and in Portugal we can help you find property for sale in Portugal and find a mortgage.

June 6, 2014

With undervalued properties, cheaper cost of living and record low interest rates, it has become easier than ever to achieve that Champagne Lifestyle you’ve always dreamed of the Algarve.
An article published in the Telegraph (5th June 2014) cited Portugal as one of the best countries in the world to live an affordable life of luxury. And people are beginning are beginning to catch on!

Chris White, of Ideal Homes Portugal, was quoted in the National newspaper as saying ” Portugal won Best European Country in a recent USA Today readers poll, which shows that people are starting to take notice of Portugal, not least for its cultural attractions, stunning coastlines, ideal climate and great property investment potential.”

This comes hot on the heels of being voted, two years running, the Best Country in the World to Visit, by one of the worlds most prestigious travel magazines - Conde Nast Traveller, and the Algarve, in particular, being singled out at the World Travel Awards as Europe’s Best Beach Destination.

So what is it that’s causing the surge in interest? Well certainly the culture, gastronomy, landscape, beaches, golf and fabulous people have helped with visitor numbers, but, increasingly, visitors are turning into property buyers and the reasons for this are simple, property prices have lowered, mortgage interest rates have lowered and laws have leaned increasingly in favour of the buyer.

A report published by the OECD – (Organisation for Economic Growth and Development) revealed that properties in Portugal were consistently undervalued for sale by between 5-10% when compared to the official bank valuations, making the purchase of property an instant money spinner and according to statistics released by INE-(The Institute for National Statistics in Portugal) although prices rose by 1.6% in the first quarter of this year, they are still 4.3% down on the prices achieved when the market hit it’s peak in 2010.

The buying process in Portugal is also heavily weighted in favour of the buyer, with large sanctions imposed on the seller for pulling out of a sale or accepting a higher offer once the Promissory contract is signed, and now with the introduction of the Golden Visa for high end investors it has created even more incentive to buy instead of just being a regular visitor.

With the news today that the European Central Bank has slashed the benchmark interest rate to just 0.15% the time is also right for buyers to source the finance they need for the purchase of their property, whether it be a first step investment or a luxury, dream villa.

So what does it cost to live the dream in The Algarve?

This stylish, contemporary villa in Vilamoura has 5 bedrooms, 8 bathrooms and a guesthouse. It comes complete with 5 parking spaces and 2 swimming pools. Priced at €2,500,000 (£2,025,000) it is a spectacular statement in modern living. Houses don’t come much more Champagne than this!

Cost of living is also a big consideration when you’re working with big budgets, so just as an example, a 3 course meal complete with wine in the 2 Michelin star Vila Joya restaurant in the Algarve will cost you around €155 (£127), in Restaurant Nathan Outlaw in Cornwall, which is also 2 star it would cost you €212 (£172).

So, all things considered, now is the time to start enjoying that luxury Champagne lifestyle in the Algarve for less, it would appear the Telegraph had it spot on!!!

For further information please contact Ideal Homes Portugal on 0800 133 7644 or enquiries@idealhomesportugal.com or visit the website www.idealhomesportugal.com

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