According to TheMoveChannel portal, property in Portugal has surged in popularity in recent months, with buyers rushing to pick up low-priced houses in familiar tourist areas. But with Eurozone concerns hanging in the air and real estate values fluctuating, buyers are being advised by agents to "seek expert advice before making a trip".
The country's economy is struggling to recover, but property has never been more affordable for overseas buyers. Indeed, prices have reduced by up to 50% in the last three years. As a result, year-on-year viewing figures for Infinito Real tripled at the end of 2011, as investors looked to capitalize on the demand for rental property in holiday home regions such as the Algarve.
But even rental laws have been subject to recent reforms, with the Portuguese government attempting to streamline rules for foreign property investment last year. The market is ready for buyers, but buyers may not be ready for the market.
Indeed, Infinito Real Managing Director Stephen Anderson admitted that "in the cases of many of the clients who have visited us over the last couple of months some would have been in a more proceedable position if they had spoken to an expert on their finances beforehand".
With interest tripling and prices halving, Portugal's property industry will be hoping that new buyers do not make the same mistake.
Source: http://www.themovechannel.com/news/00fa449f-f6bf/