Brits remain top buyers of resort properties in Portugal
Not even a pandemic is able to keep the Brits away from Portugal. A new study has now revealed that the British continue to be top buyers of resort properties in Portugal in the second half of 2020.
The ‘Resorts Market in Portugal’ study carried out by Confidencial Imobiliário magazine in partnership with the APR (Portuguese Resorts Association) found that Brits accounted for 56% of all property purchases at resorts made by foreign buyers in the Albufeira-Loulé area and 35% of purchases by foreign buyers in the Barlavento (Western Algarve).
The pound’s stellar performance so far in 2021 and growing frustration with lockdown is creating a palpable sense of urgency amongst British buyers of Portuguese property, according to the Portuguese Chamber of Commerce in the UK.
General Manager Christina Hippisley reports that buyers are realising they can secure significantly lower prices now as a result of the current exchange rate.
“We’ve seen sterling hit a nine-month high against the euro this month, as well as a two-and-a-half-year high against the dollar. This is leading to some serious savings for families from the UK who are buying homes in Portugal. There’s a definite sense of buyers being keen to take advantage of this as quickly as they can,” she said.
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