Brexit effect: Algarve property market divided
Property specialists are divided over the effects of Brexit on the Algarve property market, with some doing great business thanks to the likely departure of the UK from the EU and others noticing substantial uncertainty and a decline in demand. Everyone agrees the British market remains one of the region’s most important, but will this continue?
For QP Savills in Quinta do Lago, 2017 and 2018 have been “among the best years ever”, with more Brits than ever deciding to invest in the Algarve.
“Our company has achieved record sales figures thanks to Brexit,” Alison Hojbjerg and Kerstin Buechner told the Resident.
“We naturally assumed Brexit would have a negative impact on our market. The pound dropped and we feared the worst. Now, two years on, we can report that the Brits are in fact continuing to buy – more so than even before,” they told us.
In fact “many buyers feel pushed into making decisions quicker (than they would normally) as they seem to want to secure a Euro asset and guarantee themselves a property for their future in an area that is not only easy to get to and secure but that has a track record and offers safe investment opportunities.”
The sales professionals added: “Quinta do Lago and Vale de Lobo have historically fared exceptionally well in more difficult times and it seems buyers continue to see this area as their place of choice for investment even if the future seems unsure.”