With its famously mild climate, stunning beaches and diverse range of leisure activities, the Algarve has long been a popular destination for northern Europeans. However, in recent times, the region has seen a well-documented spike in North American visitors who have been captivated by its vibrant culture, lower cost of living and relaxed pace of life.
One of the Algarve’s biggest draws for sun-seekers from the likes of the US and Canada looking for a new permanent or second home is its significantly lower property tax rates. According to the Global Property Guide, property taxes in Canada can range from 0.5% to 2.5% of the property's assessed value, while in Portugal these sit at around 0.3% to 0.45%, depending on the municipality.
Comparatively, Portugal also offers affordable private health insurance, as well as free or low-cost state healthcare to all citizens and legal residents through the national SNS healthcare system.
With over 300 days of sunshine per year, fun-packed summers and mild winters, the Algarve's appealing year-round climate is another major draw, as is its wide range of leisure activities, including over 40 first-class golf courses, hiking trails, cycling routes and water sports.
Additionally, the region benefits from a seasonal direct weekly flight between Faro International Airport and Toronto (Canada), a 7-hour hop, not to mention an ever-growing number of year-round direct flights between North America and Portugal’s capital, Lisbon, meaning the Algarve lifestyle has never been closer.
For those seeking a stylish home-from-home in the Algarve, step in the Wyndham Grand Algarve, whose premium branded residences are located in the heart of the exclusive Quinta do Lago resort, one of southern Europe’s premier lifestyle destinations. Just 20 minutes from Faro Airport, Quinta do Lago is embraced by a protected nature reserve, with exceptional beaches, bars and restaurants that serve an increasingly international community, on the doorstep.
The Wyndham Grand Algarve residences’ ready-to-go one, two, and three-bedroom units offer the security of a private residence, the convenience of managed properties, and the flexibility for optimum returns on investment during empty periods, making them an attractive and sound investment option.
According to Ana Damásio, Director of Real Estate Sales & Marketing at the Wyndham Grand Algarve, Canadian investors have taken notice of the region's many advantages and represent growing investment in the residences.
“We sold our first units to Canadian buyers in the last quarter 2022 and the number of leads doubled in the first quarter of this year”, she says, adding: “We are closing deeds as we speak, and some of our Canadian owners were already able to enjoy everything their property and the Algarve offers them, this past winter”.
Don’t miss your chance to snap up one of the few remaining properties. Prices for these desirable units start at €550,000.