Is Now The Time To Buy Property In The Algarve?

Why Investors Buy in the Algarve

In the past, there were two main reasons for people to buy property in the Algarve: Firstly, they may buy the property in order to emigrate to the area themselves, especially those that want to retire as it's a popular retirement spot, providing a spot for people to retire in a warm and pleasant climate. 

The other reason is that property is always needed for tourists. Many choose to purchase a property in the Algarve so they can lease it out as a holiday home for short term rentals and when it is not in use, they  can then use it as a holiday home themselves when they decide to travel to the area. 

Why Buy in the Algarve Now?

With the events of 2020 so far, it's hard to see why you should look into buying a home in the Algarve right now. Surely tourism will be at an all time low right? Plus, with concerns about COVID-19, you don't want to go browsing through a variety of homes at a time like this.

Ironically, there are plenty of great reasons why you should consider buying a property in Portugal sooner rather than later. Especially with Brexit on the horizon, many British citizens are looking to relocate out of the country entirely.

As it stands, the final preparations for Brexit have been delayed past December 31st, 2020, but that delay will probably only last months and if British citizens were to emigrate now, they'd still be able to hold onto their European benefits such as freedom of movement, healthcare benefits, and so on. 

There are other benefits too, so let's take a look at them now. 

Current Health Measures

During the last few months, the Algarve hasn't been hit as hard by the pandemic as other countries have. In fact, they currently have less than 20% of the confirmed cases recorded by its neighbouring country, Spain, which was hit much harder. As a result, the region has been able to recover at a much more rapid pace than Spain and other European countries.

In May, they came out of lockdown and began reopening the country in phases. A third of hotels in the Algarve are already open to visitors again with lots of other areas reopening too, making it possible to visit the country and start property viewings. 

Even if you're not ready to go over physically and tour homes, you can still check them out from the comfort of your own home. Estate agents are ramping up the use of virtual tours and online webinars so you can stay home and safe while searching the internet for properties. You can even buy a property without ever setting foot in the Algarve itself which is becoming more common among many real estate agents. 

Reopening Of Tourist Destinations

Right now, the Algarve has already reopened for the tourist season with beaches in full swing and the country as a whole, has seen a rise in holidaymakers coming over and to ensure the country remains safe, the Portuguese government have implemented the appropriate measures needed.

As mentioned above, hotels are starting to reopen too. Major airlines are starting up flights to the Algarve again so tourists can reach the area from a variety of destinations around the world. 

If you're hoping to invest in a holiday home property, then now is the time. You can get a bargain on a house and start making money back on it as soon as possible. 

Discounts And Mortgage Rates

Although the property market is experiencing a downturn thanks to COVID-19 and the related recession, if you're in a position to buy a property, then now will be the best time to do so. 

Property prices are currently lower than they have been over the past few years but many real estate agents expect this to be short lived so if you’ve been pondering about your decision to invest in the Algarve, now’s the time to take action.

There are lots of discounts to take advantage of and you'll even see that mortgage rates are starting at less than 1%. 

There you have it. If you want to invest in property right now, the Algarve is one of the best places to do so. You can get a great property for a good price, just pick us the phone and give us a call on +351 289 513 434 or 0800 133 8644 - UK freephone. 

Other options are to contact us via email on info@idealhomesinternational.co.uk or check out our website www.idealhomesinternational.co.uk and start your property search today!

If you’re looking for more information on residency options, good deals in the Algarve, recently reduced properties and more, be sure to sign up for our online webinars starting Monday 24th August through to Wednesday 26th August, 2020. 

Sign up is FREE and we’ll be covering  both Spain and Portugal, ensuring you have a variety of property options at the end of your fingertips.