It’s been widely reported this week that Portugal is likely to head into recession after a whopping £70bn bail out.
It’s proximity to the UK and temperate climate has made it a popular destination for holiday and second homes. According to international estate agents Savills, Portugal, coupled with the US is the fourth most sought-after location for UK second homes abroad. In fact, almost a fifth (18%) of houses in Portugal are second homes.
So what will the financial troubles of the country mean for property there? Well, people have already started to target Spanish holiday homes after their recent economic issues and Portugal is likely to follow. Brits with a bit of nous and the money to spare have spotted the falling house prices in the area and are snapping up bargains.
A survey by Rightmove Overseas and foreign exchange firm Moneycorp found that one Spanish province saw a huge increase in searches for homes – up more than 166%.
It’s all good news for international removal companies, who’ll be needed to help the home buyers move to their new pads.