New Video Showcases The Beauty Of This Historic, Charming, And Very Affordable Old World Escape
Yesterday I shared a short video from a friend on the ground in Portugal’s Algarve region. If you haven’t had a chance to take a look yet, here it is again.
Watching this brief clip, I’m reminded why, for me and the Algarve, it was love at first sight.
This long stretch of sunny coastline is beautiful and historic, the best of the Old World supported by well-developed 21st-century infrastructure.
My preferred location is centuries-old Lagos. The old town of this waterfront city is my kind of place, made for walking and offering many choices for escaping the midday sun in shaded cafés and restaurants where you can enjoy the harbor views and the pleasant company along with your ice cream or glass of Prosecco.
From the first day of my first visit to this city, I felt immediately at home. This is authentic Portugal supported by modern amenities, a medieval city whose long history is visible in the still-standing Roman walls and celebrated in annual festivals and daily routines.
Lagos is one face of Portugal’s Algarve. Carvoeiro is a very different other, a place where, it could be argued, you might do better to think about spending your time and money.
On paper, Carvoeiro checks all the right boxes and stands out as a great choice for a rental investment property that you could use a few weeks or months yourself each year. Carvoeiro would be a top choice right now, not only in Portugal but the whole world considered, for an investment purchase.
Carvoeiro is a seaside tourist town that manages to have a homey feel. It’s a dramatic contrast to this coast’s perhaps better-known party town of Albufeira, to the east, with its high-rises and packaged holiday-goers.
In Albufeira, the tourists are rowdy. They drink a lot… they get into fights with each other. In Carvoeiro, life is calmer, quieter, and peaceful. There are nightclubs and good restaurants, but low-rise Carvoeiro is a destination for all ages. Families with young children play on the beach, older couples hold hands as they meander through the small town center, and young ladies take the sun topless, as is the custom in this part of the world. But for that last segment of the demographic, you could imagine this a Euro-Mayberry by the sea.
Meantime, Sagres, far west, situated on this coast’s point, is one of the most historic spots on earth. In the Middle Ages this region was believed to be the end of the world, and the town of Sagres, specifically, was highlighted on ancient maps as the Promontorium Sacrum… the end of the known world, beyond whose sheer cliffs lie only the uncertainties of the ocean.
Six hundred years ago on this point, bold men conceived and constructed sailing vessels that, they hoped, would allow them to face the open Atlantic and navigate successfully toward the unknown. Henry the Navigator built a fortress here that is worth a look today.
Wherever along this coast gets your attention, the time to think about buying here is now.
After 13 consecutive quarters of decline, Portuguese property values turned the corner in 2015. Reports just published show average growth across the country of 3.66% last year.
I believe this is the start of a steady upward trend.
Lief and I bought in Lagos nine months ago and intend to make a second investment this summer when we return to the Algarve for this year’s Live and Invest in Portugal Conference.
The challenge for us, as always, is balancing our investment agenda with a personal one. Fortunately, this coast offers a good supply of inventory with the potential to meet both objectives—that is, properties with history and charm that also make for productive rentals.
Remember that foreigners can obtain local financing for the purchase of property in this country, though this is harder to accomplish today than it was pre-2008. Banks are lending to foreign buyers but discriminatingly. You’ll need to satisfy them as to your income.
Kathleen Peddicord
P.S. Our top property purchase, rental management, and banking contacts and resources all will be participating in this summer’s Live and Invest in Portugal Conference. Complete details of the program we’ve put together are here.
Space in the room is limited, and this event is selling very quickly. We opened registration only last week, and already half of the available spaces have been filled.
Register here now while the Early Bird Discount remains in effect.
