The Algarve is a region in the southern part of Portugal, bordering Spain to the East and the Atlantic Ocean to the South. It’s known for its beaches and mild climate, making it an ideal place to live, visit, or invest. The region has a population of about 438,864 people and is also home to several golf courses and resorts. Several golf tournaments are held in the region each year, attracting thousands of tourists and businesses.
The Algarve has a lot of potential as an investment property market. If you are considering buying property in Portugal, here are five reasons why you should buy in the Algarve
- Low Property Prices
The Algarve has a thriving economy, making it one of the most attractive areas in Portugal for investment.
Property prices are low compared to other parts of Europe, this makes it an ideal location for investors. Property prices in the Algarve cover a very wide scale from 100,000 Euro to tens of Millions. In General someone looking for a good 2 Bedroom apartment will pay 150-300,000 Euro.
Furthermore, there is an abundance of investment properties available to buy in the Algarve at all price ranges, so whether you’re looking for an apartment or villa for the Portugal Golden Visa Program, or something to buy as an NHR and retire here, there will be something available to suit your needs. You can spend just 280,000 for the Resort property in the Algarve that comes with a 5% Rental Guarantee and is fully managed.
- Lots of Sunshine
The Algarve boasts some of the best weather in Europe, with average temperatures ranging from 1 degree Celsius in winter up to 29 degrees Celsius during summer months (The temperature here rarely gets below zero degrees Celsius). Since the Algarve is a region of southern Portugal. It has a mild, subtropical climate. This makes the area one of the most popular tourist destinations in Europe, receiving over seven million visitors annually.
The popularity of this region is further enhanced by the 200-kilometer (127.381 mi) long coastline to the South. With lots of sunshine and sandy beaches, tourists visit the Algarve for amazing sunbathing experiences. The good weather also makes the region to be the perfect place to play golf as it has the right combination of factors. With a property in this region, you can rent it out on AirBnB or get a management firm to rent it out for you.
- Good Economic Growth
Portugal is home to diverse economic activities. With the golden visa program, many expats and digital nomads are flocking in for a myriad reasons. Furthermore, tourism in the country attracts investors who seek to explore the different opportunities.
Tourists have various reasons to explore the Algarve, especially considering the area has a rich history, with ancient civilizations and settlements such as those in Lagos, Silves, and Tavira. The region is also known for its beaches, which are some of the best in Europe.
The mild climate in Algarve allows visitors to enjoy outdoor activities throughout the year. Since the region is one of the sunniest regions in Europe, with around 300 sunny days per year on average. The region also benefits from its proximity to Spain, which makes it easy to visit other parts of Europe by car or bus. The opportunities availed in the various industries here make it all the more an attractive property investment opportunity.
- Good Future Prospects
The Algarve has a good future prospect. The area is not just about tourism. It’s also about attracting investment and creating jobs. The region is an attractive destination for investors and entrepreneurs who want to set up their businesses here, more so in the fields of technology and innovation, Airbnb, Golf sports, automotive, and construction, where Portugal is gaining momentum worldwide.
The region has all the necessary infrastructure: excellent quality of life, a great climate in the winter months, good connections with Lisbon by train or car (the A22 motorway), low tax rates for companies and individuals, as well as incentives for investors.
If you are thinking of investing in Portugal, the Algarve region can be a great place to purchase a property, whether it’s for holidays or full-time living. By investing in the right areas, and making sure that you manage your money well (involving a good accountant), you can protect yourself from potential pitfalls. And by doing so, you may find one of the most enjoyable, exciting, and rewarding properties in which to invest.