An improving picture for the Algarve property market

Two recently published surveys point to an improving picture for the Algarve property market. The 10-10-10 report from ILM Group in conjunction with Property Lynx concludes that a bottom was reached in the first half of 2012 and that the residential tourism sector is beginning to pick up. The RICS/CI Survey for February 2013 covering the whole of the Portuguese housing sector reports that confidence amongst agents is at its highest in two years.

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Portugal’s Golden Visa offer set to boost property market

Last August, looking to stimulate its property market as well as its small-to-medium enterprise sector, Portugal introduced a Golden Residency scheme under which a non-EU person can obtain EU residency in return for an investment of €500,000 in property or €1,000,000 in a business.

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Astrology and the euro crisis

The euro was launched in a blaze of euphoria on 1st January, 1999. We take midday in Frankfurt as the natal moment. You can look at the euro’s natal chart here

Top 10 reasons to relocate to Portugal’s Western Algarve

1. Climate

3,000 hours of sunshine per year, cooling ocean breezes to moderate the summer heat, and seasonal rainfall all contribute to a great climate. No wonder Andalusians have been snapping up holiday homes in the area!

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No shortage of finance for Portuguese property purchases

Despite the general slow-down in the Portuguese property market, there are plenty of lenders ready and able to finance purchases by non-residents. However, the loan-to-value (LTV) ratios are lower and the interest spreads are higher than a couple of years ago, with affordability is a key issue.

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New Banco de Portugal rules concerning some offshore companies

With effect from 17th September, 2009, Portuguese financial institutions and branches in Portugal have been prohibited by the Bank of Portugal from extending credit to entities in so-called tax havens considered un-cooperative or whose ultimate beneficiary is unknown.

The Bank of Portugal considers a tax haven as a jurisdiction that “aims to attract a significant volume of business with non-residents, particularly due to the existence of less stringent procedures for obtaining authorization under the banking and supervisory regime in respect of banking secrecy, tax advantages, differentiating in the law between residents and non-residents or enabling the setting up of special purpose vehicles.”

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