The Exclusive Region
2024 looks set to be a record-breaking year for both the property market and tourism in the Algarve. Demand for luxury property and exclusive investment opportunities continues to far exceed supply in the area. Prices in the area have risen by 93% since 2010 (Eurostat 2023), highlighting the Algarve’s long-term appeal to both high-net-worth individuals and investment consortiums.
2023 breaks multiple records
Nuno Fazenda, Portugal’s Secretary of State for Tourism, expects 2024 to be the busiest tourist year on record, building on an impressive post-pandemic recovery in 2023 which included:
30 million international visitors (predominantly from the USA, Spain and the UK)
77 million overnight stays
€25 billion revenue directly attributed to the tourism sector
Speaking at a public session of Turismo de Portugal, in Lisbon, Nuno Fazenda signalled that tourism and complementary sectors were expected to ‘grow further in 2024’.
Property market outlook – 2024
Properties in the exclusive region of the Algarve continue to attract both international and domestic buyers.
There is high demand for property in the Algarve but also incredible investment potential within the exclusive region.
Property values (€/SQM) within prime Algarve resorts, such as Quinta do Lago and Vale do Lobo, now compare with some of the most exclusive resorts in the world.
Chanelle Fellinger, our Property Investment Specialist, commented: “There is still significant room for growth in these resorts and in other key locations of the Algarve due to the ever-increasing demand from local and international high-net-worth individuals and consortiums.
“Portugal also has an established reputation as one of the safest countries in the world, with excellent national and international schools and one of the best healthcare systems in Europe.”
Danny Stones, our Managing Director, added: “Many people are choosing the Algarve, not only for holiday or retirement homes, but it has also become a preferred choice for digital nomads, couples of all ages and young families looking to make it their permanent residence.
“This is not only due to Portugal’s 300 days plus of sunshine per year and beautiful year-round climate. Portugal is one of the most affordable countries in Western Europe where the high quality of life versus lower cost of living consistently scores highly among our clients. There are also world-class sports and leisure facilities which attract elite athletes and top professional teams, further driving interest and demand for property.”
The Golden Visa
The new Portuguese Golden Visa programme law was published on Tuesday 5 March 2024 and the new rules come into effect on Monday 1 April 2024.
Through Full Time Property’s specialist lawyers and trusted advisors, we are still able to access the attractive Portuguese Golden Visa programme for our individual clients and investment consortiums.
The benefits of the Portuguese Golden Visa programme include:
– free travel within the 27 European Union countries for eligible individuals and their families
– the right to live, work and study in Portugal
– pathway to European citizenship and passport
– Portuguese passport which allows the holder to live, work and study anywhere in the European Union as well as visa-free travel to 188 countries worldwide
Invest in the Algarve with confidence
Find your dream home or investment opportunity in the Algarve with independent advice and guidance from the Full Time Property team.
Our team of specialists, based in Portugal, work together with experts to guide your decisions. We can help you with Investment Properties, Unique Plots and bespoke luxury properties in Rural or Coastal Algarve.
Let us know your exact requirements using the enquiry form below. Alternatively, you can contact our Managing Director, Danny Stones, directly on +44 (0) 7710 723 699 or via [email protected].