Property for Profit

April 11, 2007

Property purchase in Portugal

Filed under: Buying homes abroad — admin @ 9:25 pm

Although the country has progressed, you must get used to the slower pace of life. This may be something you are yearning for, but it can be infuriating when you want something done – and now!

Portugal is only 35,500 square miles – smaller than the UK and a 6th of the Iberian Peninsula.

For most Brits looking to buy a home, the 500 miles coastline is the main attraction – particularly the Algarve to the south which is far warmer than the northern coast which can have cold winters. Even in these tourist areas life can be very quiet out of season so look for somewhere near a busy town so that you are not totally isolated in the early spring or autumn.

The other area of appeal to foreigners is the Estoril coast in the lower part of Estremadura which also has the attraction of bring near Lisbon. Oporto, famed for its port wine industry, tends to be for the Brits who work in Portugal.

Here are the real gems – Estoril and Cascais which is like the south of France with casinos, expensive hotels and large villas. Across the estuary from the Portuguese Riviera is Palmeal, a pretty town with an imposing castle.

The major tourist area is between Faro and Lagos and is heavily developed. To the east between Faro and Vila Real de Santo Antonio it is much quieter with fishing communities and farmlands. To the west of Faro it is also relatively quiet although there are some tourist developments. The largest city is Lagos. The best known resort is Albufeira, to the west of Faro.

Anything on the coast and in a major tourist area is expensive and you will have to pay a premium for the sort of services you expect. Even if you are connected to the electricity and water supply it can get cut off. Watch out for homes that seem cool and relaxing in summer but are cold and damp in winter. Developments are known as ‘urbinization’. Time-shares are also quite common. Apartments are restricted to the major towns and tourist resorts.

You can also opt for a run-down ruin of a farmhouse and do it up. These start at around £15-20,000 in a remote area with no water supply or electricity and in need of renovation.

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