Algarve Continues To Show Significant Growth

Beautiful Algarve

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The Algarve, located in the southernmost section of beautiful Portugal is continuing to experience a population and property boom. In addition to being known as an elite tourist destination, the region is still seeing a spike in home sales and rentals. Businesses have reported a surge in customers and hotels are seeing year-round bookings when once they were closed during the winter.

Even smaller hotels who shut down from late November until the spring have remained open. The demand is just too high for the area now, so these hotels are having to change their schedules, in order to keep up with the growing tourism demand in the area.

Beyond their holidays, people are looking to live here. Even during the slower months like March to May and October to December, the Algarve is giving those who travel here something they can’t find anywhere else in Europe. The mild winters are inspiring people to consider it as a great place to live when compared to other locations where heavy snow and extremely cold temperatures are experienced.

This draw has already started to impact the real estate market. Reports have come out to suggest that the real estate found in the Algarve is most certainly on the rise. In fact, those who visit on Algarve who simply want to rent a home are paying 20% to 25% more than they would have in the past. When events like the Vilamoura Atlantic Tour that features the horse riding competition occurs, more people find that they are drawn to the area and are buying homes so they too can call this area home.

While this is good news for the real estate industry, it can be problematic for the hotel industry. Those who plan on summering in the area will have a place where they can stay. However, their passionate praise for this section of Portugal will bring new people to the area and ensure property prices continue to increase.

Published in: Guide to Portugal / News and Updates / Portugal Property / Portuguese Life / Property for sale in Portugal / Site News