In a recent survey, more than half of respondents said they are planning to move within 12-24 months.
As British travellers get the green light for quarantine-free travel to Portugal, the Portuguese Chamber of Commerce in the UK is expecting a flood of British visitors due to pent-up demand created by the travel restrictions of the past year.
“Every day we are receiving calls and emails from British residents just waiting to get on a plane to Portugal,” says Christina Hippisley, General Manager of the Chamber. “The most common enquiries are about what residency options there are in Portugal for Brits now we are no longer part of Europe, followed by questions about how to move their businesses there and work remotely.”
While Portugal, and particularly the Algarve, has always been sought after as a tourist and residential destination, it is starting to attract a new audience, says Hippisley. “On top of its existing fan base of older, more established retirees and second homeowners, the country’s growing reputation as a tech investment and manufacturing hub is attracting a new breed of younger, working families keen to live there permanently.”
Effects of Brexit
Both the COVID-19 pandemic and Brexit have had a significant impact on the property market and the needs of today's buyers. In a recent survey of its database of visitors, the Chamber identified several major trends:
59% of respondents are looking to move permanently to Portugal, seeking a healthier, less stressful lifestyle
63% want information on tax planning, pensions and Portugal’s healthcare system before leaving the UK
57% are planning to move within 12-24 months
37% are interested in moving their business to Portugal or starting a new business there
But demand is also increasing in the traditional second home-owner market. The survey found that over a quarter of respondents were considering buying a second home in Portugal, with almost 70% looking to spend between €250,000 and €1 million on a property.
Contact the team at Algarve Home Sales for on-the-ground advice about buying a property in the Algarve, whether it's a second home or a forever home in the sun.
