Algarve Property Price Bottom Out?

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One of the most popular hotspots for British property investors over many decades seems to have hit rock bottom in terms of purchase prices and valuations.

Portugal’s Algarve property market has long been a favourite for UK nationals but the recent turmoil in European markets has hit the country and the region hard.

Now with prices seemingly as low as they can possibly go after five years of turmoil, canny investors are once again eyeing the Algarve for potential gains as confidence returns.

According to the latest 10-10-10 Algarve Residential Tourism Survey 2013, seven out of 10 Algarve property agents believe the market has hit rock bottom and will now rise. Offers and transactions were all up in 2012 compared to 2011 and consumer market confidence seems to be showing a marked rise.

Of course, it is at the basis of ‘boom and bust’ market cycles that when property is deemed to be at its lowest value, it is the best time to buy into it.

When values have ‘bottomed out’ there is literally nowhere to go but up, and the increase in activity that the past twelve months has seen suggests that investors are convinced this is the case.

The survey suggests that the make-up of overseas property buyers in the Algarve is changing. Although buyers from the UK still top the list with 46% of transactions, more investors from countries outside the eurozone are entering the picture.

Portugal’s Golden Visa programme which helped promote the country in Portuguese-speaking nations such as Brazil and Angola has helped widen the scope, and now more than 40% of buyers come from 10 countries with a 2-6% market share each.

If you are looking to get in on the action, there are many different options for transferring funds into the Eurozone.

It is worth bearing in mind that the foreign currency exchange rates quoted by banks are almost always worse than those available through specialist currency dealers, highlighting the importance of comparing the market when it comes to finding the cheapest way to send money abroad.

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