Dragon’s Den businessman Duncan Bannatyne has added a luxury villa in the Algarve to his impressive portfolio and is reaping the benefits of investing in Portuguese property.
Portugal is still one of the cheapest countries in Europe, per square metre of property, to buy a home. This is excellent news for the buyer of course. As Bannatyne testifies, this year the market is starting to register slight price increases which is excellent news for the seller too.
More good news is that the idyllic features of the good life are replicated in resorts along the entire the Algarve coast - golf and leisure facilities, dining and entertainment in a traditional town square setting and of course, the sea on your doorstep. For Bannantyne, buying in such a place means his occasional home can double up as a holiday rental. And if you don’t have a Vale do Lobo budget, you can still expect a healthy rental income on more modest properties in popular resorts such as Praia da Luz.
Bannatyne may have no need of them but there are also tax benefits; Portugal’s non-habitual residency scheme offers anyone over six months of the year in-situ “benign tax rates.” Add to this low overall crime and increasingly frequent UK flights and Portugal makes an alluring investment prospect.
Properties for sale in Portugal range from low-maintenance new build developments to authentic character properties. As specialists in the market, Winkworth International can help you buy, sell or lease your property so that you can reap the benefits too.
The former Dragons’ Den star has had his five-bed villa in the exclusive resort of Vale do Lobo in the central Algarve for almost two years. He bought the villa for “around €3 million” and has been renting it out for about €8,000 a week. He’s just withdrawn it from the rentals market so that he and his family can use it extensively this year.