Portugal Property

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Portugal Property: Algarve property sector begins to recover

Date: 8/9/2009

As the property sector in the Algarve begins to show signs of recovery, the body representing real estate professionals in Portugal is looking towards London as a venue to host a promotional trade fair to better expose the region as an overseas market.

Real estate agents gathered at the end of August at the municipal auditorium in Lagoa to discuss the future of the market at a seminar, New Paradigms in the Internationalisation of Property in Portugal organised by the Portuguese Real Estate Professionals and Agents Association, APEMIP.

The association, which was set up 29 years ago, is a private legal entity which works to advocate for the profession, to secure public support and trust in the real estate profession, to promote property rights and real estate issues and to ensure high standards of ethics and professionalism.

Sérgio Martins, director of the southern regional division of APEMIP, highlighted the importance of British property purchasers investing in the Algarve and said he believes London would be the ideal location to capture the attention of British buyers and promote Portugal as a property market.

"It remains a dream to stage such an event," he said.

The presence at the meeting of Alex Evans, editorial director of the Richmond Green Group based in the UK, suggests that it is a dream Sérgio Martins is taking seriously.

RGG is a collection of complementary media and marketing companies in the international property sector, with knowledge and experience in promoting and running the kind of exhibition Sérgio Martins wants to see happen in the UK.

President of the Confederation of Portuguese Construction and Real Estate, Manuel Reis Campo, pointed out that in Portugal the idea of renovating and modernising older buildings is practically unheard of. "There is no real culture of redeveloping," he said.

Reconstruction work makes up just 6.5 per cent of the total construction carried out in Portugal, compared with 29 per cent in Spain, or 36 per cent across Europe.

At the seminar, the director of the southern regional division of APEMIP gave assurances that the property market in the Algarve is recovering.

Sérgio Martins said: "The market is moving, not just around Albufeira, but in other areas of the region." Source: The Online Resident

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