Engel & Völkers Licence Partner Lagos, ALGARVE > Blog > “Portugal and the Algarve are trendy and have captured the attention of the World”

“Portugal and the Algarve are trendy and have captured the attention of the World”

We have had an incredible year in 2018. The market has continued to improve and business was even better than we expected. We have the economy to thank for but also our fantastic be-spoken team. We are very happy and grateful for the fabulous people working with us.

Of course that being part of a worldwide network with more than 40 years on the market also helps a lot! The diverse Engel & Volkers business like Aviation or Yatching give us access to a pool of affluent clients – locally and internationally.

Portugal and the Algarve are trendy and have captured the attention of the World!

Our buyers came predominantly from continental Europe from countries like Germany, Switzerland, Holland, Sweden, France, or Belgium and most invested an average of 350K on a second home . We have also experienced investors from Brasil, Canada, South Africa or Saudi Arabia.

Most of the buyers self-financed their purchase and prioritise income returns. For this reason there´s still a big demand for 2 bedroom apartments in “touristic spots” easy to rent. In the past second home buyers were purchasing for their own use and only a few could afford to have a holiday home abroad. Today because of the increase of the tourism and the possibility of generating income though their holiday home the profile of the buyers is changing.

To resume the status of the market we would say that the consistent recovery of the market, specially in the Western Algarve, is far from being complete and the gap between supply and demand continues to increase the prices. We believe that the new building that is expected to be available on the next 2 years will help to stabilise the market prices, specially on resales.

There´s a few exciting new luxury projects ongoing around Lagos that are capturing the interest of buyers that usually would look in other areas of the Algarve so we are very positive that 2019 will be another great year for those involved in the real estate market, specially in this area of the Algarve.

Should you wish to know more about the second home market we will be very happy to assist you and share with you our market report.

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Engel & Völkers
Licence Partner Lagos, ALGARVE

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