Property in Portugal appears to be in recovery according recent data from Rightmove overseas with a leap in overseas property buyer activity for Portuguese properties
According to Rightmove Overseas, August 2010 has proved to be an active month in the overseas property market with a 12 per cent jump in activity amongst potential purchasers. A strong pound and some good property bargains are the main reasons for an increase in interest in overseas property.
And, it is Portugal which leads the charge amongst traditional overseas destinations.
Overseas property buying activity up
Rightmove’s research showed that 61 per cent of their overseas locations showed increases in interest from potential purchasers. Portugal showed the biggest increase with a 23 per cent rise in searches from prospective purchasers, followed by the USA and Poland.
Robin Wilson, Head of Overseas at Rightmove said, “As the summer holidays draw to a close it seems Portugal and the United States have been the biggest winners, taking eight out of the 10 Top Climber places in our chart.
“The surge in interest for Portugal has pushed it up into fourth place, back in front of its arch rival Italy for the first time since May.
“Key regions driving the change were Costa Verde and the Western Algarve, both up 45 per cent with the Silver Coast also putting in a 25 per cent uplift in searches.”
Strong pound also helps drive Portugal property interest
A recovery in the value of the pound against the Euro also helped drive interest in Portuguese property. David Kerns, Private Client Dealing Manager at Moneycorp, said: “Sterling’s renewed strength against the Euro in August could very well have contributed to the increased demand for property in Portugal.