Portugal property market recovers on account of foreigners

Portugal property market recovers on account of foreigners

Tourism Institute of Portugal states that a new program that will increase sales of holiday homes in the country is ready to start. A considerable role will play foreign investors, according to property-abroad.com.

Experts note that due to the crisis house prices fell in such beautiful places Portugal as the Algarve and Madeira. Now the property here is more accessible, and foreign investment should equalize the situation in the region, especially in 2012 it was recorded about 100,000 transactions, only 4% of them were concluded with Portuguese citizens.

Portugal's Economy Minister Alvaro Santos Pereira said that the sale of real estate to foreign investors is of great importance for Portugal, as "the country restores the efficient functioning of the economy." He said that the activity in the domestic real estate market in Portugal was significantly lower compared to the successful period of seven years ago, with the opportunity to turn their attention to foreigners for the sake of the economy.