Portugal is open for business

Albufeira, Portugal

In relation to the Covid-19 pandemic Portugal has reacted incredibly well. The Algarve has been one of the areas of the country where there have been hardly any cases and the country as a whole has not, thankfully, seen anywhere near the numbers of deaths experienced by our Iberian neighbour and other European countries.

In years gone by I would always refer to May the 4th as Star Wars day (May the fourth be with you/may the force be with you!) but this year May the 4th was far more important for us here in Portugal. It marked the official opening (albeit in a limited way) of the economy and the end to the state of emergency.

A new chapter begins for our everyday lives.

Activity across the market has started. Over the last few days enquiries into our properties have started to get busier, we have been able to show some of our properties to potential buyers in person and also penciled in future trips for when international travel is available.

Our partners have also been busy. Speaking to our colleague at our currency partner FCD, Jenny Crutchley she explained how currency fluctuations can impact a property purchase:

“When the State of Emergency began on March 18th the GBP-EUR interbank rate was averaging 1.06, we are now averaging a rate of 1.14. In simple terms this means that a property costing €300,000 before the lockdown would have cost a British client in the region of £283,000, however today it would cost them just over £263,000. This is massive saving of almost £20,000! For international clients that have to convert currency, the price of a property is effectively fluctuating on a daily basis and so our currency services are a necessary discussion point, we can help work with clients to determine their correct budget.”

With steps being taken to re-open Portugal there are still hygiene and social distancing rules which must be adhered to and masks should be worn in public, but shops, businesses and some outdoor sporting venues have begun to re-open.

Our office is no exception – we will also re-open! From Monday, May 11th our Vilamoura office will open and we can’t wait! Even though we have all been busy working from home and have completed property viewings – mainly via video walkthrough – our whole team is looking forward to getting back into action!

The last 8 weeks have shown us how important it is to have a home where you can feel safe, have room to go about your everyday living and somewhere you can enjoy with the whole family. Make sure you see what properties we have which can offer all these and more to you and your loved ones. Get in touch today to see how we can help you with your property search.