News
Portugal popular because of proximity
Wednesday 02 July 2008
Investors may start to look at property nearer to home as the rising cost of fuel takes its toll on cash-strapped consumers.
That is according to the property advisor BuyAssociation, which has said that short-haul destinations such as Portugal are likely to gain in popularity.
Paul Collins, property editor at BuyAssociation, said: "I think things have to change because the price of fuel is going up so the price of air travel is going up. You may find that people will stick closer to home."
The latest Global Property Guide survey has shown that bargains are to be found in Portugal where prices have fallen 4.3 per cent during the year to the end of Q1 2008.
In Lisbon, average property prices remained the same throughout 2007, having risen 1.3 per cent in 2006.
Meanwhile, prices in Algarve have, in recent years, been rising faster than in the rest of Portugal and rose by 0.13 per cent in 2007.
That is according to the property advisor BuyAssociation, which has said that short-haul destinations such as Portugal are likely to gain in popularity.
Paul Collins, property editor at BuyAssociation, said: "I think things have to change because the price of fuel is going up so the price of air travel is going up. You may find that people will stick closer to home."
The latest Global Property Guide survey has shown that bargains are to be found in Portugal where prices have fallen 4.3 per cent during the year to the end of Q1 2008.
In Lisbon, average property prices remained the same throughout 2007, having risen 1.3 per cent in 2006.
Meanwhile, prices in Algarve have, in recent years, been rising faster than in the rest of Portugal and rose by 0.13 per cent in 2007.
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