Portuguese property driving the UK’s second home market in 2014

Portugal is proving is to be one of the most popular overseas destinations with British second homebuyers in 2014, according to two recent independent indexes.

Property portals the Overseas Guides Company and the Move Channel have both seen huge surges in interest in property in the Algarve this summer, with Portugal’s popular coastline stealing the limelight from Spanish and French hot spots.

“After climbing into third place in July 2014 for the first time since November 2013, Portuguese property’s popularity climbed even higher last month [August],” said the Move Channel. “In real terms, enquiries surged 32 per cent from July to hit a nine-month high, enough to see Portugal overtake Spain and rise into second place.”

The Algarve and Lisbon continue to drive activity, said the Move Channel, but Portugal’s improvement was broad, as buyer interest spread across the country. Costa Verde led the increase with enquiries soaring 500 per cent month-on-month, followed by Braga (400 per cent), Porto (380 per cent), Costa de Prata (340 per cent), Aveiro (200 per cent), Guardia (100 per cent), Madeira (50 per cent), the Algarve (35 per cent) and Leiria (16 per cent). Only six regions in the country saw enquiries decline between July and August 2014.

Meanwhile, a statement from the Overseas Guides Company said that Portugal’s popularity notched up a hefty 60 per cent hike during the second quarter, compared with the first quarter of 2014, as well as a staggering 69 per cent increase when compared to the second quarter of 2013 – higher than any growth recorded by France or Spain.

“With the summer season upon us, the Pound staying strong and more confidence in the UK economy generally, I’d expect a surge in holidaymakers to make a return visit to their holiday resort to look at properties come the autumn,” said a spokesman for the portal.

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