Ready-made property business opportunities tempt buyers to Portugal
- Portugal tempting property entrepreneurs towards a life in the sunshine (Ideal Homes Portugal)
- Algarve property enquiries up 467% in 3 years (Rightmove Overseas)
- From glamping to hostel management, the Algarve is the place to be (Ideal Homes Portugal)
Many property entrepreneurs are comfortable with managing their portfolios from home. For others, though, the pull of the warmth and friendliness of areas like Portugal’s Algarve has tempted them to take a more hands-on approach to property entrepreneurship.
“A lot of people want to pursue their property dream in person, not from their armchair,” comments Mark Satchell of Rightmove Overseas, “And the Algarve is certainly one place that is tempting more and more buyers to make the move and see how they fare. It’s a great place for families, well connected to the UK and the scenery is simply stunning. Add to that the fantastic weather and the low cost of living and it’s a really tempting combination.”
Data from Rightmove Overseas has shown that enquiries about property in the Algarve have increased more than fivefold since 2012. In March 2012, there were some 42,211 enquiries. By March 2015, the figure had risen to 239,270.
“Increasingly, we are finding that buyers are looking at the Algarve as a potential property business location,” comments Chris White, founding director of boutique estate agency Ideal Homes Portugal. “Demand from tourists for rental properties across the Algarve is strong and there are some excellent ready-made business opportunities available, particularly for those who want to live on-site.”
For first-time property entrepreneurs, a luxury villa with an on-site annex is a great way to test the water. The owners can live in the annex and manage the villa as a rental business while learning the tricks of the trade. When they have the confidence to scale up a notch, the Algarve presents some excellent opportunities for a B&B business, such as this impressive villa with pool in Santa Barbara de Nexe.
Rural tourism is also attracting keen interest in Portugal right now and those who prefer the peace and space of the Algarve’s countryside can opt for a rural estate with flexible business potential. Portuguese farmhouse properties often enjoy annexes or workers’ cottages in addition to the main house, as well as workable land packed with fruit trees and grape vines. From glamping to gourmet breaks where guests get to harvest their own delightfully fresh produce, farmhouse properties offer a really exciting opportunity to those with vision.
Of course, life in the country isn’t for everyone. Those who prefer an urban vibe might like to set their sights on an ambitious project – a 23 bed hostel in the central Algarve. With permission already in place to remodel it as a tourist residence, this is an exciting opportunity for buyers looking to bring a magnificent new hostel to this popular part of Portugal.
“There’s definitely a sense here in Portugal that the economic hard times are behind us,” concludes Ideal Homes Portugal’s Chris White. “It’s a new dawn for the property market and many business buyers are opting to pick up the perfect property now, while prices are low and they can bag a real bargain.”
For further details call Ideal Homes Portugal on 0800 133 7644 or +351 289 513 434, email enquiries@idealhomesportugal.com or visit www.idealhomesportugal.com.