Today we are releasing the fourth video in our series about life in Algarve, sharing information about different places in the south of Portugal. This time we are exploring the city and region of Albufeira. In this video we take you through the streets of the city centre, along the coastline and around the surrounding countryside, sharing information about the area and things you can do here. Albufeira is renowned for its lively ambience, buzzing nightlife, beach bars and endless entertainment. This vibrant city has a huge amount to offer to both visitors and those wanting to spend longer periods of time here, and is a popular choice for people wanting to invest in tourist rentals. It’s a particularly popular part of the Algarve with tourists, attracting people from all over the world.  Even though the region is known for its busy and bustling atmosphere, there are plenty of peaceful spots to visit, and lots of scenic nature trails to explore. Albufeira is home to the incredible freshwater wetlands of Lagoa dos Salgados, which is a popular place for birdwatching and situated just across from the wonderful sandy beach of Praia Grande.  If you want to learn more about the region of Albufeira, you can check out the full video here. Don’t forget to have a look at our other videos in the series and if you’re looking at buying property, make sure to get in touch with our team.

How would you like to wake up in a luxurious apartment, with magnificent views across the ocean and greenery, in one of Vilamoura’s most prestigious complexes? The Creek is one the latest development projects in the beautiful seaside resort town of Vilamoura. The complex is situated in a fantastic location, just a few minutes walk or cycle from the centre of the town, and 2km from the marina and the incredible Falésia beach. Vilamoura is one of the top golfing destinations in the Algarve, and the Creek is located within 1400m of three of the top golf courses in the area. This project was designed by Vasco Vieria, one of Portugal’s leading architects. Vasco Vieria is renowned for his bold, contemporary designs for villas, hotels, spas and eco resorts, and has won multiple national and international awards. The Creek’s landscaping has been developed by Jardim Vista, one of Portugal’s leading landscaping companies, with a growing reputation across Europe.  All aspects of this project have been carefully thought out, making the Creek one of the most outstanding developments in the Algarve. The design will have a contemporary aesthetic, with glassed surfaces, windows that span from floor to ceiling and spacious indoor outdoor areas intertwined with immaculate green areas and gardens with rich vegetation, looking out over spectacular views of the golf courses and ocean.  There will be a variety of apartments and duplexes available, ranging from two to four bedrooms. Most will have private pools on their south terrace, with incredible views of the surrounding area. All the apartments will have private parking and come stylishly furnished to match the clean, modern design of the building.  If you’re interested in finding out more information about the apartments, you can check them out here. Please don’t hesitate to get in touch with any questions.

On the 12th July, for the first time in two decades, we saw the euro hit parity with the US dollar. For a few hours, the one-to-one exchange rate saw the euro and dollar being worth the same amount, with the euro even teetering just below this briefly.  Despite making a slight recovery, this is still the strongest the dollar has been against the euro in quite some time, meaning for those coming to Europe from the US, and for those who receive income in dollars, it’s a great opportunity to invest.  The last time we saw the euro and dollar worth an equal amount, in 2002, there were concerns about the stability of the European currency and whether the euro was at risk of falling apart, something that is not a threat at this time. Currencies across the globe have also taken a hit against the dollar.  It is important to note that this time the reasons for this drop in value against the dollar is mostly due to a combination of external factors: the proximity to the war in Ukraine, the historically heavy reliance on Russian energy, and the slower economic recovery from the pandemic compared to the US.  Taking Advantage of the “Dollar Discount” The current strength of the US dollar means your dollars will go further than they did a year ago. At this time in 2021, a property worth €300,000 would have cost you around $366,000, whereas as of today a €300,000 property would set you back around $307,000. This is a highly significant difference and could allow those looking to buy from the US to access a wider range of properties than they would have been able to, just a short time ago.  If you’re considering a move to Portugal, or Europe in general, from the US and would still be receiving income in dollars, either by remote work, investments, or rental income, then your day to day spending money would also stretch further than before.  The Perfect Time For a Scouting Trip? This is also a great time to make the trip over to Europe to do some property scouting, even if you’re not quite ready to buy. With the favourable exchange rate for those from the US, travel around Portugal and the EU will be much cheaper comparatively than it was this time a year ago, giving you a fantastic opportunity to explore different parts of the country at a more leisurely pace. Purchasing property is a great way to diversify your assets, and despite some instability in the  value of euro and other currencies across the globe against the US dollar, the real estate market in Portugal remains strong. There is still a large amount of demand from national and international buyers for property, and this demand greatly exceeds the current level of supply, leaving a decent amount of room for growth. This demand is also unlikely to slow at any time in the near future.

This is the question that everyone wants an answer to in these days of uncertainty and rising prices, interest rates and inflation. It is a pertinent question yet instead of answers, this topic only raises more questions. Interest rates are rising, inflation is here to stay and the growing energy crisis will have a transversal effect on the entire economy and access to housing, for all of us and for future generations, will become increasingly difficult. As if this scenario alone were not enough, the National Institute of Statistics (INE) released statistics last month showing that housing prices rose by 12.9% in the first quarter of 2022, compared to the same period last year, and were up by 1.3% compared to the final quarter of 2021. All of this combined with a lack of response from our leaders has many of those in the Portuguese population asking whether house prices will start to come down and if so, then when? Desertification of urban centers by nationals has already taken place, as there fewer properties within reach for the general population in terms of price, both for rental properties and properties for sale. This is causing the middle class to take refuge in the suburbs of the main cities, as finding housing in the more central areas of the larger Portuguese cities is becoming increasingly hard, and this is something that doesn’t just apply to Lisbon and Porto. According to several articles published in the last few weeks, which have also been supported by news released by the Portuguese Central Bank, there may be a risk of a drop and reduction in prices in the residential real estate market, following changes in financing conditions due to a rise in interest rates on mortgages and greater difficulty in accessing mortgages, as a result of the amount of down payment required to have access to credit. There is plenty of evidence to suggest that demand for properties will remain high, and therefore a drop in the price of real estate is unlikely. Aside from the rise in interest rates and inflation, we have seen increases in construction costs, a lack of qualified labor, chronic delays in the licensing of new projects by the city councils and authorities, and evermore stringent requirements in the energy qualification of buildings. All this will only contribute to more expensive housing, and not falling prices. With all these indicators, the rising cost of construction and the high demand for properties that has no supply to meet it, we will not see any fall in prices in the short term, at least until the end of this year and the first half of next year. We have a great demand for real estate by National and International Investors in big urban centers, because in times of inflation there is no better investment than one in stone, or in other words in real estate. There is an enormous pressure on supply of housing all over the country, and as long as this is the case, prices will not fall. The problem is the lack of public policies for urban planning and housing. There are no tax incentives for housing construction in Portugal, just as there are no tax incentives for a rental industry like other countries in central Europe have been putting in place for decades. There is a huge amount of bureaucracy in Portugal, driven by political ideologies that cause stagnation and make it impossible for Portuguese society to evolve in the way it needs to. The answer to a lack of low cost housing is in the hands of the governors, so that competition can start to come about, which will cause a decrease in the price of housing. Moreover, a fiscal policy in favor of investment in long-term rental housing in urban centers, so that private companies that create urban spaces can enjoy tax benefits and policies including security of tenancy agreements by acting more efficiently against those who do not abide by the rules of the game, which goes both for landlord and tenant.

Last weekend over 30,000 people descended onto the streets of the seaside resort of Carvoeiro for the popular Black and White night party. This event is planned each year to mark the summer solstice, and after not being held for the past two years due to restrictions, this start of summer party was welcomed back with open arms.  Celebrations including street performances, live music and dancing took place in the main square and throughout the village. There were multiple stages with music ranging from Fado to Afro Roots, and plenty of stalls selling food and refreshments for attendees to peruse.  The Black and White Night party in Carvoeiro has been held since 2014 and this year, the number of attendees broke records. The lively atmosphere of the evening continued throughout the night, with celebrations continuing on the beach into the early hours of the morning.  If the turnout to this event is any indicator for the summer we have ahead of us here in the Algarve, then we can certainly hope for a very prosperous few months, which is highly needed after the difficulties faced by businesses in the region since restrictions began in 2020.  Wishing you a very happy start of summer 2022. 

In the third episode in our series about life in the Algarve, we are taking a look around the central Algarve, more specifically the municipality of Lagoa. Lagoa as a region has a huge amount to offer and is a popular spot for tourists, attracting visitors from all over the globe.  The Lagoa area of the Algarve has some of the most picturesque beaches in the country. Alongside soft stretches of sand, there are a number of incredible caves and rock formations that can be explored by kayak or boat. Exploring the coastline on the water is a great way to see the more hidden caves and access hidden, deserted beaches.  As well as the town of Lagoa, the region is home to the towns and villages of Carvoeiro, Ferragudo, Porches and Estombar. Carvoeiro and Ferragudo are particularly popular tourist spots, but they haven’t undergone large amounts of development and have maintained a very traditional look and laid back atmosphere. As they are both old fishing villages, the architecture is very pretty and you’ll see lots of colourful fishing boats in the waters and on the sand surrounding both of the villages.  The Lagoa region has been an important agricultural area of the Algarve and, as would be expected, offers some wonderful countryside, which is perfect for nature lovers. Lagoa is also an important wine region in Portugal and in this video we take you round a popular vineyard in the area, Morgado do Quintão. This vineyard and estate is a beautiful place to visit and it produces some fantastic wines using grapes indigenous to the Algarve. The estate offers accommodation for short stays for those who’d like a break in the middle of this incredible scenery.  There are a number of different walking trails both inland and along the coast. The popular Seven Hanging Valleys trail takes you across 6km of coastline, showing you some of the best parts of the Lagoa coast. In Porches you’ll also find the picturesque spot of Capela da Nossa Senhora da Rocha, which is a wonderful setting to watch the sunset.  Towards the end of the video we give you a short tour of The Nobel International School of Lagoa, one of the best international schools in the region. We share some information about the school, and what you can expect if you are bringing children to the area and enrolling them in an international school. The region of Lagoa is not only a popular choice for visitors, but also those looking to buy property in the Algarve. We’ve worked with many people from all different backgrounds, who made the decision to buy property in this area, both for holiday homes, investment and  If you’d like to take a look at the video, then you can check it out here. Make sure to leave us a comment and let us know if you have any questions!

Remote working had been on the rise before 2020, but the pandemic and the changes that came with it led to a significant increase in the number of people both working from home.  As many of those working remotely were no longer required to live within commuting distance of an office, for a lot of those working online, living and working from abroad became an interesting option. Many countries across Europe and around the world, have started trying to attract more remote workers. Countries like Portugal, with good weather year round, established communities of digital workers and a number of lifestyle benefits, have been particularly popular with remote workers.  “It Works for You” One of the most popular spots on the Lisbon coastline, Cascais, just launched a campaign titled “It Works For You”, aimed at attracting remote workers from across the world. Whilst Lisbon has been a popular destination for remote workers for a while now, Cascais is attracting a growing number of digital nomads.  The number of facilities for remote workers in the area, including tech hubs, co-working spaces, as well as social activities and events aimed at remote workers has also increased here in the past few years.  New Opportunities for Investment The demand for long term rentals is always high in Portugal, and the number of remote workers looking to come over and spend longer periods of time in Portugal is growing at an unprecedented rate. The changes happening with the law in regards to local accommodation (AL) licences, may make long term renting more appealing for those looking to rent out their properties. Beyond just dealing with changes to legislation, long term renting comes with benefits such as lowered maintenance costs and more consistent income year round.  Accommodation with facilities for remote workers including office space, high speed internet, and in proximity to co-working spaces and social events are in particularly high demand from those working remotely. For those looking to rent out their properties long term, whose properties have many of the qualities desired by remote workers, the digital nomad community may be an interesting market to target.    Written by Emma Pengelly

The Portuguese government has budgeted 123 million euros in order to raise the energy performance of Portuguese buildings, as well as to promote the more efficient use of equipment. According to what is already known about the State Budget for 2022, there will be more money available for the renovation of buildings and infrastructures, to improve energy efficiency as well as to support the construction of new buildings, with a lower primary energy demand. This focus on energy efficiency will translate to a 35% reduction in primary energy consumption. This will help to decrease the difficulty many families dealing with the cost of energy, with some new buildings designed to have consumption close to zero in terms of primary energy.  

As a country with deep Catholic roots, Easter is an important time of year in Portugal. Many different celebrations take place during this period including processions, festivals, live music and reenactments. Easter traditions vary across different regions of Portugal, and in some places, celebrations during Semana Santa attract visitors from not only all over Portugal, but from abroad as well.  Celebrations around Portugal Many cities and towns transform during Semana Santa. Streets are often decorated with colourful flowers, candles and altars and prepare to host different events.  Braga holds some of the most famous easter celebrations. The activities here include the Procissão do Senhor Ecco Homo on Maundy Thursday, in which several participants portray important historical figures and others walk barefoot, dressed in black hooded cloaks, representing the “farricocos”. Other important celebrations that take place here are the Lord's Burial's Procession, on Good Friday, and the Resurrection Procession held on Easter Sunday. Another city well known for its Semana Santa celebrations is Óbidos. The celebrations here start at the beginning of Lent, with the Procession of the Third Order of St. Francis, followed by the procession of Senhor dos Passos on Palm Sunday.  One of this city’s most famous traditions is the Funeral Procession of the Lord, held during the night on Good Friday. This procession is lit only by torchlights, making it incredibly poignant and atmospheric. Re-enactments, masses, concerts and recitals are also held here during Holy Week. Loulé, in the south of Portugal, holds Festa da Mãe Soberana on Easter Sunday. During this festival, eight men dressed in white, carry a statue of the Virgin Mary to the Church of São Francisco. This procession is known as the "Little Festival"  or Festa Pequena, with the "Big Festival", Festa Grande taking place two weeks later. There is an outdoor mass held at the end of Semana Santa, and the festival is finished with a display of fireworks. Family Gatherings On Easter Sunday in Portugal families gather for a meal, which typically includes roasted meat, ending the abstention from meat which occurs during Lent. Since meat is abstained from during each Friday of Lent, and often throughout the entire period, bacalhau is traditionally served on Good Friday. A tradition that dates back centuries, is the giving of the Folar da Páscoa to godchildren by their godparents. Folar da Páscoa is a sweet bread cake, with a cross on top and often a boiled egg in the centre, representing rebirth and resurrection. Whilst this tradition isn’t as common now as it once was, the Folar da Páscoa is still very popular during the Easter period. Pão de ló is another cake that is very common to have at Easter, made from eggs, flour and sugar. Like in many other western countries, the exchange of chocolate eggs is common in Portugal. You will often see almonds, particularly colourful sugar-coated almonds, being offered during this period and used to brighten up shop and market displays.  If you are able to attend any of the celebrations in Portugal, many returning this year for the first time since 2019,  then have a fantastic time. We wish you all a very Happy Easter, however you choose to celebrate this time of year!  

A report in February of this year by Idealista, showed that 14% of properties purchased in Portugal were on the market for less than a week and 25% were on the market for between one to three months.  The demand for property is still high across Portugal and appears to be on the rise. Areas where properties are selling the fastest include Faro, Funchal, Porto, Évora, Setúbal and Coimbra. Demand for property outside of traditionally popular tourist areas is also on the rise and the type of clients looking to purchase property is also diversifying.  Not only are properties for sale being snapped up quickly, 30% rental properties were on the market for less than a week. Long term rental properties are in short supply, especially in areas that rely on tourism, as short term rentals are much more commonly offered.  For those looking at investing in property, residential properties seem to be a good option, especially as the demand for such property is high and rising and the regulations around short term and tourist rentals are growing.  Whether you are looking at selling or renting your property, it’s a great time to do so. If you require some assistance with the sales process, please don’t hesitate to get in touch with our team.    Written by Emma Pengelly

This week for the first time, we saw the Algarve Tech Summit begin. The aims of this event are to promote the tech ecosystem within the Algarve, to attract international companies and investors, as well as digital nomads and remote workers to the region.  The Algarve Tech Hub, comprises of over 50 technology companies, accounting for around €120 million in revenue. The goal of the summit is to bring those in the tech industry together, attract investment, help generate new business ideas and inspire budding entrepreneurs.  The tech scene in Portugal has seen impressive growth and has changed quite drastically ove the last several years, and the tech scene in Algarve is no exception. It’s a region that’s famous for its fantastic weather, gorgeous scenery and sandy beaches and has been attracting more and more long term residents from across the country and overseas.  The event is also focusing on businesses and services in the region that can benefit from better digital tools, such as those in the tourism, hospitality, health and agriculture sectors.  More recently, an increased number of remote workers and those with online businesses have been coming to the area with plans to relocate or stay for longer periods of time, leading to a shift in the region’s demographic.  On April 1st, there will be a lecture named “WorkAnywhere” held at the tech summit, aimed at promoting the Algarve as a destination for remote workers and online business owners, showcasing the many lifestyle and business advantages of working from this region.  There are around 500 people from across the world thought to be attending the summit in person, with many more participating in events online. Many local businesses and groups have already participated in talks and lectures and will continue to do so over the next few days.  It’s great to see the Algarve being put on the map in this way!  

In the second video in our series about life in the Algarve, we are exploring the west coast. If you’ve not yet had the chance to visit this area of Portugal, it is well worth taking a trip. In this video, we hope to be are able to give you a little bit of an insight into what the region is like.  The western Algarve is widely considered to be the most scenic region of southern Portugal, with wild unspoilt, coastline, and miles of picturesque countryside. It’s home to the natural park of the Costa Vicentina, making it perfect for those who like to be surrounded by nature and who enjoy hiking and cycling.  Amongst the rugged coastline, you’ll find some incredible hidden beaches, which have ideal waters for surfing and water sports. This region is one of the most popular areas of Portugal for those wanting to surf and has waves to suit a wide range of abilities.  The regions of Aljezur and Vila do Bispo are also some of the only remaining areas of the Algarve where investment in residential property can qualify you for the Golden Visa. As of January 2022, most areas of the Algarve, Lisbon and Porto stopped qualifying for the golden visa, areas which had previously been very popular with those looking to invest in real estate for this purpose. As there are fewer large tourist complexes and the towns in the region are smaller, the number of services and amenities is more limited, but you are only a short drive away from some of the larger cities with a number of different shopping malls, public services and entertainment venues. However, you can still find a range of supermarkets, shops, restaurants and cafes across the region and the town of Aljezur does have an international school for any families considering moving over and it is one of the best priced international schools in the south of Portugal.  This part of the Algarve is perfect for those looking for peace, and to be surrounded by natural beauty and sweeping countryside. Whether you’re looking at purchasing in the area or you’re just curious to learn more about it, it’s a wonderful place to visit that will surely not disappoint.    You can check out the video here   Emma Pengelly