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Portugal's silver lining

26th June 2008 | back to article listings BACK    print this article PRINT

Portugal has long been enjoyed by the British for many reasons - its Mediterranean lifestyle or hot weather, for example. Favoured as an upmarket holiday destination or a chosen location for one's twilight years, the Algarve has attracted Brits for decades. The region not only boasts lush valleys and golden beaches, it is renowned as a premier golfing destination. However, these are all well-known facts and it is likely that the best time to invest in Portuguese property in the Algarve has long since passed.

Instead, property investors must search for the next up-and-coming area - and no doubt there is one to be found in Portugal. In fact, it has been suggested that the country's capital Lisbon could be that very place, poised to take precedence in a developer's portfolio. According to Dan Johnson, director of TheMoveChannel.com, the conurbation is "a fantastic city".

"The Lisbon area is the gateway to the Silver Coast and, as a result of this, more and more people are going that way to get to the Silver Coast and that area attracts tourism," he said.

And Mr Johnson is not the only property expert to hold this opinion. A recent survey from Knight Frank as reported by FinanceDaily stated that the Silver Coast is currently offering a host of options to property developers. It is a less developed area than other regions in Portugal and better still property prices are 30 per cent cheaper. If that isn't enough to tempt a hungry overseas investor, then predictions by Knight Frank that property values are expected to surge in the next three years surely will be .

Tourism in Portugal is also expected to remain strong in coming years, with the Financial Times recently noting that the sector is growing at a steady pace. Big investments too will shape the face of a new Portugal when they are completed in the future, with high-speed rail links of the cards as well as a new airport penned for Lisbon.

Furthermore, Mr Johnson added that many investors have not yet cottoned onto the capital city and its attractive position in regards to the Silver Coast. "It's got some really, really great architecture and I think that, as European capital cities go, there are far more expensive places to buy and as a result I think we are starting to see the beginnings of interest in that area. Not in vast numbers, but it is gradually finding its way onto the radar," he stated.

The Algarve was once the jewel in Portugal's property crown, but it appears that everything is in position for the shine of the Silver Coast to become the next area to sparkle in an investor's eye.

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