Tourism drives up Algarve prices
Property prices in the Algarve in Portugal's south are being driven up by high tourist levels to the region.
The Algarve - Portugal's most southerly region - currently has the highest priced houses in country. According to data from the Instituto Nacional de Estatástica (INE) the average value of a house in the Algarve is 1,481 euros per square metre in comparison to the national average of 1,225 per square metre.
www.portugalresident.com reports that Mendonça Pinto, the regional director of the Economy, is not surprised by these facts, saying it was because “the buying power index registered for the Algarve is superior to the national average”.
Tourism as a key driver
A key factor behind the rapid price rises in the Algarve has been the expanding second homes market in the region. With fabulous weather, beautiful beaches and world class golf courses, the Algarve is one of Portugal's key tourist destinations and foreign investors are flocking in droves to buy up property for holidays or as investment vehicles. The tourist hotspots of Loulé, Albufeira and Lagos are experiencing particularly marked price rises and in Faro, the Algarve’s capital, it's apartments that are at a premium.
What's more visitor numbers are set to escalate yet further: Portugal's national tourism institute has recently confirmed a grant of 6 million euros to promote tourism in the Algarve under a new marketing plan that was launched last year. Much of this money will be aimed at increasing the awareness of the Algarve brand in a number of key foreign markets, according to the local press.
Property prices in the Algarve in Portugal's south are being driven up by high tourist levels to the region.
The Algarve - Portugal's most southerly region - currently has the highest priced houses in country. According to data from the Instituto Nacional de Estatástica (INE) the average value of a house in the Algarve is 1,481 euros per square metre in comparison to the national average of 1,225 per square metre.
www.portugalresident.com reports that Mendonça Pinto, the regional director of the Economy, is not surprised by these facts, saying it was because “the buying power index registered for the Algarve is superior to the national average”.
Tourism as a key driver
A key factor behind the rapid price rises in the Algarve has been the expanding second homes market in the region. With fabulous weather, beautiful beaches and world class golf courses, the Algarve is one of Portugal's key tourist destinations and foreign investors are flocking in droves to buy up property for holidays or as investment vehicles. The tourist hotspots of Loulé, Albufeira and Lagos are experiencing particularly marked price rises and in Faro, the Algarve’s capital, it's apartments that are at a premium.
What's more visitor numbers are set to escalate yet further: Portugal's national tourism institute has recently confirmed a grant of 6 million euros to promote tourism in the Algarve under a new marketing plan that was launched last year. Much of this money will be aimed at increasing the awareness of the Algarve brand in a number of key foreign markets, according to the local press.
posted by tony at 1:36 PM
0 Comments:
Post a Comment
<< Home