The property market here in the Algarve continues to be dominated by the British (59%) but of course the question raised continuously is how has BREXIT affected the market in Portugal. Buyers and Vendors here say no it has not really influenced any decisions made to buy or sell!
We have as many others may have noticed that many of our sellers do so with a view of buying another property here in Portugal! Downsizing as people get older or less visits from family and some times they are just getting too old to manage the garden! If the relocation is not to another property here in Portugal it is to another country within the EU very few return to the UK.
With the Pound mostly decreasing but fluctuating daily many buyers from the UK have decided to buy now before BREXIT happens as many feel and they could well be right that the Pound will continue to drop for some time into the future.
With house prices constantly on the increase here in Portugal this year so far we have seen increases of around 5% so now is a good time to buy as this has been the trend year on year for the past 5 years!
So the answer to the question has BREXIT affected or influence buyers or sellers here in Portugal is yes BREXIT is having an influence however, as no one actually knows what BREXIT will mean the current effect of is the falling value of the Pound and this alone is having a effect on people making an investment decision.