Ideal Homes Portugal’s top 7 reasons to move to the Algarve – why delay the dream?
- Property prices in Portugal have fallen by more than 20% (Ideal Homes Portugal)
- Homes available for €100k or less (Overseas Property Show)
- Non-habitual Residents scheme offers tax exemption on foreign earnings
Portugal’s Algarve region has been a mecca for British holidaymakers for decades, but for many who visit it, a holiday just isn’t long enough, something Chris White, Founding Director of boutique real estate agency Ideal Homes Portugal, knows only too well:
“The Algarve has an inherent charm that seems to strike a chord with Brits who holiday there. More affordable than Italy, less obvious than Spain and with better beaches than France, Portugal’s Algarve definitely has that certain something that keeps visitors wanting to go back time and again.”
The organisers of this year’s Overseas Property Show, which will tour the UK between September and November, taking in Birmingham, Surrey, Leeds, Glasgow, Manchester, Newmarket and Aberdeen on its way, expect to see strong interest in properties in Portugal, as both holiday homes and permanent residences.
So what precisely is it about the Algarve that keeps Brits returning to its sun-soaked shores? Chris White provides his top seven reasons to move to the Algarve in an effort to explain it.
Top 7 reasons to move to the Algarve
- The weather. Based on data from a Lloyds TSB Insurance survey, the average Brit spends a full six months of their life talking about the weather. It’s a true national pastime and therefore has to be top of the list of reasons to move to the Algarve. With more than 300 days of sunshine per year, the region enjoys mild winters, gentle springs and autumns and super hot summer days that are perfect for doing nothing more than lazing on the beach of by the pool.
- The property market. Right now, property prices in Portugal are more than 20% below their peak, with Deloitte’s Property Index Report revealing the country as one of the most affordable in Europe. From magnificent seafront apartments in the unspoiled eastern Algarve to superb villas with their own pools in the west, Algarve properties offer excellent value for money and the potential for impressive capital growth as the market recovers.
- The wine. Portugal is known for its superb cuisine and the sparklingly fresh seafood on offer in the Algarve is second to none, but the country’s wineries are yet to receive the global recognition that they deserve. The 2013 Challenge International du Vin in France saw Portuguese wines taking home a total of 145 medals: 50 gold, 32 silver and 63 bronze. Though entrants were from 38 countries, Portugal alone won more than 11% of the total medals awarded. With prices for good wine starting at €1.59, there’s no excuse for those moving to the Algarve not to become connoisseurs!
- The beaches. The Algarve’s beaches are simply stunning. In the east, long strips of soft, white sand stretch away as far as the eye can see. As you head west, the landscape transforms to one of softly crumbling red and yellow cliffs, with tiny cove beaches interspersing the larger resorts. Few places in the world offer so many beaches of such variety in such close proximity to one another.
- Tax benefits. To attract more foreign residents, Portugal has created the Non-habitual Residents taxation scheme. Essentially the regime allows individuals who qualify for it to pay a flat rate of 20% tax on income earned in Portugal, with an exemption from taxation on most income earned overseas. Clearly for those moving to the Algarve while still retaining an income from the UK will want to take full advantage of the scheme.
- Golden Visas. Those wishing to move to Portugal from outside of Europe are also offered an advantage by the Portuguese government, in the form of the Golden Visa scheme. They are able to obtain residency rights in Portugal and travel rights throughout the Schengen Agreement area, in return for just €500,000 of investment in property – an amount sufficient to purchase a traditional four bedroom, three bathroom villa in the upscale area of Vilamoura.
- Pace of life. Though the summer months can be frenetic in the popular tourist areas, the pace of life outside of July and August in the Algarve is delightfully laid back. Locals linger over meals in restaurants, sip coffee at a leisurely pace in café-lined squares and stroll slowly along the shoreline of an evening as the sun sinks towards the horizon. Life is unhurried and relaxed – a wonderful antidote to the relentless pace that modern technology has created.
If all that sounds too good to be true, why not see for yourself? Tickets for the Overseas Property Show, where experts on all aspects of buying and living in Portugal will be available to answer questions, are completely free of charge.
The first show will run from 5-8 September at Birmingham’s National Motorcycle Museum. For more information visit www.theoverseaspropertyshow.com.
For further details of the stunning range of properties currently available in Portugal to UK buyers, call Ideal Homes Portugal on 0800 133 7644 or +351 289 513 434, email enquiries@idealhomesportugal.com or visit www.idealhomesportugal.com.