Published in March 2022, the report reveals that Portugal’s resort real estate market witnessed a 70% increase in sales from approximately 240 property transactions in 2020 to almost 400 sales in 2021. At a market share of 51%, the area of Albufeira-Loulé has thereby seen the majority of transactions with British investors making up one of the largest international buyer demographics there at 42%.
João Richard Costa, Director of Sales & Marketing at Ombria Resort, says: “We are registering continuous growth in the number of British nationals who are eager to invest in a Golden Visa-eligible property to be able to spend as much time in Portugal, and the Schengen Area, as they wish without the 90/180-day limit since Brexit. We expect Portugal’s recent step to fast-track UK travellers at its airports to be yet another contributing factor that will boost demand from UK house hunters.”
Confirming the uptake of British buyers is Alex Koch de Gooreynd, Partner at Knight Frank: “With a long love affair with the Algarve, British-based buyers continue to lead the way. Driven initially by the Golden Visa and the NHR tax scheme, these buyers are increasingly tempted by the low cost of living and the wonderful quality of life. The one big change we have seen is the increased demand for primary and co-primary homes rather than the traditional holiday purchase. British buyers today are embracing the post Covid new normal which allows people to work from anywhere.”
Costa adds: “Since our sales launch in 2020, Golden Visa-linked purchases have increased from only two completed transactions in 2020 to seven sales in 2021. We anticipate these numbers to increase dramatically this year as we’ve seen an increase in enquiries from the UK of over 40% since the beginning of 2022.”
Ombria Resort is situated in a tranquil countryside setting, 2km from one of the Algarve’s largest Nature Reserves and 7km north of the market town of Loulé, with Faro airport and the beaches a mere 25-minute drive away.
“The recent surge in sales enquiries has led to 70% of our Viceroy Residences now being sold. Since January 2022, only inland-located or touristic properties qualify for the Golden Visa scheme. The Viceroy Residences fall into these categories and have therefore seen growing demand from UK as well as international buyers”, Costa concludes.