Property: Port of call

Home to the Algarve and numerous sunny golf and beach resorts, Portugal is beginning to emerge from neighbouring Spain’s shadowand enjoy some of the attention it deserves, reports our property editor.
BY SHANE MCGINLEY

Remember the dusty days of school science classes and lessons on Isaac Newton – he of the apple-dropping revelations and the worldchanging Laws of Motion? Newton’s third law states that “for every action, there is an equal and opposite reaction”. In the world of property, down by the sunny Mediterranean on the Iberian Peninsula, we can see Newton’s third law in action. Spain’s well-documented recent troubles in the world of property – some dodgy developments and over-saturation – appear to have had the equally strong reaction of positive press and success in the Portuguese market, which has recently become the darling of major property agents and development companies.

Just check out the data from website Overseascafe.com, which shows that among its top five most-popular locations for second homes, Portugal is now ranked third, just behind perennial favourites France and Spain – its highest position in years. Similarly, HolidayLettings.co.uk found that last year Portugal moved up into the top five mostpopular locations among holidaymakers booking accommodation online. In other words, it’s perfect for investment opportunities.

Among the property media, Portugal has also garnered some positive accolades. In the UK, ex-real estate agent and presenter of the popular A Place in the Sun TV show, Amanda Lamb, said that the Alentejo region in Portugal, which lies south-east of Lisbon, near Spain, is one of the hotspots to watch in 2008. Until recently it just had a domestic airport, but has now been given an` international licence, which means pretty soon flights will begin from the UK, and “when they do it will rocket”, says Lamb.

British TV pundit and overseas property developer Gary McCausland, who has just launched his new book, How to Make a Million from Property, has also fallen in love with the area, and admits that he has even bought a hotel in Portugal along the relatively undiscovered and unspoilt Silver Coast. “I did TV shows in 10 countries across Europe, and Portugal is a great place for me, as it is comfortably within the Eurozone and has one of the best coastlines in the world. The Silver Coast is ridiculously cheap, the roads and infrastructure are incredible, while the people and culture are great,” he says.

Portugal has always seemed to me the classier and more upmarket alternative to Spain. When I was a child, going to Spain was considered pretty standard, whereas going on holiday to Portugal was looked upon with reverence and a touch of jealousy. When in the area, especially the Algarve, it’s hard not to fall over some wealthy expatriate or sports star who, more often than not, is involved in property.

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