Time zone: GMT
A Bit of Background
In ancient language, ‘Albufeira’ means ‘sandcastle’. It’s only fitting, then, that this city should be one of the Algarve’s leading tourist destinations.
Albufeira has a population of 13,646 and is located 30km from Lagos, 45km from Faro and close to Paderne Castle. That coastal location makes it an ideal resort for holidaymakers and a hotspot for investors. Facilities include a marina, golf courses, plus innumerable hotels, apartment blocks, restaurants and bars for the annual flood of visitors.
“It’s a very family-oriented place, with pretty, winding streets in the old town. Because of the sheer level of tourist interest, Albufeira’s a great location for buy-to-let.”
The nearest airport is Faro, the Algarve’s main airport. The airport can handle up to six million passengers per year but is already at full capacity, with plans underway to expand the terminal so it can deal with eight million. Flights to Faro are operated by all major airlines, with the most popular routes coming from the UK’s London, Dublin and Manchester airports.
There is a regular train service to Albufeira. The station is outside of the town, so you will either need a taxi or use the Giro Bus “Linha Laranja” to complete your journey.
Buses run from Faro’s city centre bus terminal to Albufeira, taxis will also take fares from the airport into the city but this can be quite expensive. Travellers can also collect a hire car from Faro Airport and drive 40km to Albufeira, either down the A22 motorway (a toll road) or down the secondary N125 road.
Portuguese property has always drawn large amounts of interest from the UK, because most residents of the rainy isles are looking to bag a holiday bolt-hole in a region with over 300 days of sun a year. In the same fashion, interest from the USA is certainly of the lifestyle persuasion; the over-saturated holiday hotspots nearby look less appealing when compared to a cheaper, quieter European market, particularly when the dollar is stronger than the euro. Canadian and Southern Irish interest in Portugal follows the same trends as the US and UK, with Ireland having no currency conversion costs to worry about and Canada having an established European connection and an active snowbird population.
Where to Buy
Popular hotspots in Portugal include: Olhos De Agua, Guia, Ferreiras, Paderne, Olhos D’agua, Sesmarias
Useful Words to Learn
Associacao de Mediadores Imobiliarios Association of Estate Mediators
Cataplana Seafood stew
Costa da Prata The Silver Coast
Escrituras Publicas de Compra e Venda Public deeds of purchase and sale
Valor Patrimonial Tributario Taxable value