It may seem like the wrong time to buy a property overseas, but in fact, it could be the best time to find a deal in the Algarve, thanks to high safety measures, EU benefits and lower property prices.

Whether you are considering investing in a holiday home, either to rent out or enjoy yourself, or a permanent residence in the south of Portugal, it may be worth looking at what’s currently available on the market for the following reasons:

•  Lower rates

Generally speaking, property prices in Portugal didn’t see a drop in the wake of the COVID-19 pandemic (in fact, they increased, according to this article). Now, experts are reporting that the property market is stabilising (see here), and real estate agents are now seeing a slight drop in prices. With the news from Confidencial Imobiliário, the national real estate data bank, that prices decreased 0.2% in July compared to the previous month, and with mortgage rates starting at less than 1%, it could be a great time to grab a bargain.

•  Safety

Already considered one of the world’s safest countries (read here), Portugal’s Algarve region is one of the tourist destinations least affected by the pandemic. With fewer confirmed cases than neighbouring Spain, for example, the region has benefited from extensive health measures, resulting in a faster recovery than other European regions and a general feeling of safety.

•  Gradual reopening

These safety measures have also enabled the country to reopen gradually. Hotels and restaurants across the Algarve are now open, flights are coming in and the region’s beautiful beaches are open to the public (with a handy app called Info Praia informing users how crowded their beach of choice is). This also means that, if you are considering renting out your property, you should invest sooner rather than later to make the most of the rest of the season.

For further advice on buying a property in the Algarve, talk to the experts at Algarve Home Sales here. You can also check our portfolio here to find the perfect home for you.