Portugal's property market hots up
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News on Portugal
7 May 2008
Portugal's property market is once again emerging as an overseas hotspot, due to fluctuations in the value of the euro.
Properties in Portugal are proving a far more attractive proposition for high net worth individuals, who would normally buy properties in the south of France, because the cost of living and Portuguese property prices are lower, according to currency specialists FC Exchange
Nick Fullerton, managing director of FC Exchange says: "We are seeing a distinct shift in the number of people choosing Portugal rather than France for property over €750,000 (approx £591,000).
"Property prices and the cost of living in the South of France are high and we have found that people are increasingly looking to get more for their money.
"They are buying property as long-term holiday homes and are less likely to sell in the short term for a profit."
The currency exchange rate this afternoon is 0.79p to the euro.