Sun, sea and bargains: property investment in the Western Algarve

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Portugal is going to great lengths to attract overseas business and property investors to its shores.

The country recently introduced a new immigration law, known as the “Golden Passport”, which grants Portuguese residency to citizens outside of the European Union if they purchase property to a certain value.

Hoping to boost property sales levels, the move overturns previous rules by extending visa eligibility to investors from outside the EU through investment in real estate.

The minimum acquisition value of the property or “immoveable asset” obtained by the foreigner is set at €500,000 (£403,000).

Chris White, director of Algarve agency Ideal Homes Portugal. “For buyers outside of the EU who wish to relocate to Portugal, the rules are now much clearer than previously and should give them confidence to come and enjoy the fantastic lifestyle on offer on the Algarve on a full-time basis.

“On top of that, there are some fantastic deals currently available, whether your budget is less or more than €500,000, which will appeal to buyers from within or outside the European Union.”

Indeed, potential buyers are being urged to look towards Portugal’s Western Algarve, with experts describing the area as “the perfect destination for a holiday home, or an investment property”.

Nick Mustafa, a spokesman from agents Properties Abroad said: “The un-spoilt Western Algarve is a gorgeous, surprising and delightful discovery for people used to a more hectic lifestyle.

“Surrounded by stunning beaches and top golf courses, this is the perfect destination for a holiday home, or an investment property.”

He also highlighted the abundance of discounted property.

“We have just been offered an amazing deal to pass on to our clients: a group of luxury two bedroom fully furnished apartments, right by the sea for just €160,000. These were recently bank valued at an average of €250,000.”

If you are thinking about making a property investment in Portugal, you will also need to consider how you will send money there.

Comparing the market before making any decisions is the best way to ensure that you transfer money abroad at the best possible rates.

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Sun, sea and bargains: property investment in the Western Algarve

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