Despite the fact that Portugal didn’t suffer as badly as other destinations during the economic crisis, there are still bargains to be had for overseas property investors in various areas across the country.
The coastal capital Lisbon is fast becoming a major European investment destination. With regeneration of historic districts such as Chiado and the waterfront, and also beach towns such as Estoril and Cascais, Lisbon is attracting workers in the booming technical industry.
Slightly out of the centre at the town of Cascois bargains can be had, with a three bedroom apartment costing as little as €200,000.
Regeneration at Santos on the waterfront offers ‘new’ properties converted from small houses and former warehouses. Two bedroom renovated apartments can be purchased for around €300,000 in the heart of the capital.
With over 300 days a year of sunshine the Algarve has long been the favourite destination for British overseas property investors.
With development of main road routes inland, most Algarve destinations are now within an hour drive of Faro airport meaning a wide choice for investors. From the golf courses of the central Algarve, to the best beaches around Lagos in the west and the rustic countryside of the east.
Quarteira, the feeder town within walking distance of Golfing capital Vilamoura can offer three bedroom apartments in the old quarter needing only a facelift to attract rental custom for the bargain sum of €150,000.
To the west Lagos has become very popular and therefore expensive in recent years, but if you look to the outlying areas of this historic old town a two bedroom apartment near Meia Praia beach can be bought for around €220,000.
The eastern Algarve whose rustic charm is becoming more interesting to investors in recent years can offer the best bargains, with one bedroom apartments still available for under €100,000 and three bedroom properties yet to reach €200,000.
The Silver Coast
A less discovered part of Portugal is the Silver Coast on the Atlantic north of Lisbon. Often predicted as the new Algarve the Silver Coast stretches for around 150km offering fantastic beaches coupled with rocky headlands and excellent surfing.
Catching the surf is popular in the village of Ericeira and the Obidos area, while excellent golfing facilities can be found at Praia del Rey.
Just an hour from Lisbon, the town of Caldas da Rainha offers more bargains than the more fashionable areas of Obidos and Nazare. With two to three bedroom houses or apartments available for just €100,000 it comes within the price range of most investors. Even attractive villas start from only around €300,000 which is a fraction of their equivalent on the Algarve.
Location should be carefully considered on the less developed Silver Coast, ensuring transport links are sufficient if you wish to rent the property out.
Wherever you choose to invest in Portugal a warm climate and even warmer welcome are guaranteed.