Tourists are the main buyers
The agency officials are optimistic about the Lagos real estate development: "Portugal is very well positioned against its competitors and benefits from a situation where the issue of security, stability and geographical location is increasingly valued," says António Pinto Coelho.
The Western Algarve is considered one of the world's top tourist destinations, with valuable opportunities to obtain premium level real estate. It is therefore the goal of Lagos team to contribute to Engel & Völkers and help it become, in the medium term, the estate agency of choice in this area of the country.
The agency's licensed partner states:
"In the Algarve region, most properties are purchased as second homes.
The fact that tourism is booming is very positive, since these are tourists who later become buyers. The tax regime for non-habitual residents proves to be a key advantage and has brought significant results for the real estate sector".
"It is also worth noting that since there has been a growing concern about the quality of developments, particularly in this area of Algarve, the amount of marketing that has taken place recently will surely attract buyers with a higher purchasing power who seek exclusivity and flee from Algarve's most crowded areas. We are certainly optimistic," he concludes.
The Lagos agency is the second representation of Engel & Völkers in the Algarve, after Quinta do Lago. The German real estate network also awarded licenses to Albufeira and Vilamoura, which will soon contribute towards expanding their capacity in the south of the country.