Real estate in Portugal offers a sound investment for those looking for overseas property despite claims that the European Union bail out will have an adverse effect on the industry, according to agents.
The bail out funding will be positive for the country, according to Stephen Anderson, managing director of Portugal based property agent Infinito Real. ‘Portugal has been an impoverished country for generations so the fact that the EU is now taking notice of this is, in many ways, a good thing,’ he said.
But industry experts are pointing out that it will have a knock on effect on the country’s real estate sector, especially in terms of national buyers. Anderson explained that he agrees with Jorge Moniz, of Banco Espirito Santo, who believes that the financial aid will affect the industry.
‘Portugal is a recession hit country, but this does not mean that we loose our tourism appeal, a fact verified by a record number of visitors last year, and this year looks set to be no different. The beaches are still fantastic, and we are seeing more airlines adding new routes to Portugal, which helps to keep tourism unaffected. If anything, there is now more rental potential for property owners as the Portuguese, who may have been looking to buy, are waiting and are therefore looking to rent, thus increasing owners' turnover,’ said Anderson.