Portuguese property market offers promising alternatives
Overseas property hunters should look for Portugal as an alternative to the oversaturated Spanish market according to experts.
Simon Walker, sales director for Off Plan International, says Portugal's smaller size and much lower cost of living in comparison to Spain make it an attractive option.
Property prices in the nation have risen 17 per cent in the five years to date, according to 2007 statistics from Portugal's Instituto Nacional de Estatistica. This is promising for the ongoing development of the Portuguese real estate market.
British investors usually favour the coast, but with rising prices, Simon Walker suggests that better bargains are to be found further inland.
Recent media reports have focussed on unspoilt beauty of the Douro Valley in northern Portugal, and places like Povoa Dao, which offer an alternative to the Algarve's beach resorts.
The Portuguese government are keen to develop the area but intend to retain its unique charm of the wine region, which is likened to Tuscany.
"Mistakes can be made because people jump on the bandwagon so, as always with overseas property, you need to be careful and do some good research" he said.
Property site Investors Provident calls Portugal an area of secure investment and high resale value and say the government's overhaul of property taxes will have a far reaching effect on its property market.
Overseas Property News posted on 29/05/2008 16:21:42
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