Interest in Algarve property surges, as British buyers seek new life in Portugal
The Association of Portuguese Resorts (APR) has revealed that 22% of international enquiries between September and December 2020 from those interested in buying resort homes in Portugal hailed from the UK and Ireland.
The APR’s findings also reveal insights into potential buyers’ priorities. Across all markets, it found that the main reason for enquiring was in relation to a primary residence, with this accounting for 43% of leads. While many (31%) were interested in holiday homes in Portugal, it was a desire for a more fundamental change of location and lifestyle that was behind the majority of enquiries.
APR’s data also shows that only enquiries from Spain (47%) topped those from the UK and Ireland. Furthermore, drilling down into the December data shows that, from within the UK, 36% of enquiries came from people living in London. The findings are backed by a September 2020 survey from Adecco and YouGov, which found that 40% of Londoners said they would be open to leaving the UK and working elsewhere in Europe.
The English capital was also the third city to generate the most enquiries globally, after Madrid and Rio de Janeiro. New York was fourth on the list, highlighting the flow of people from the world’s top cities to Portugal’s sun-drenched southern coast.
