One of the top fractional property destinations, the Algarve, has been experiencing a new boost lately.
A recent study has suggested that tourism and property ownership in the Algarve is finally on the road to recovery.
The 10-10-10 Algarve Residential Tourism Survey revealed that 70 per cent of property agents in the area believe that the market is on its way up.
The majority of agents also reported that interest in properties is booming, with many enquiries leading to real transactions. In fact, an impressive 26% of enquiries for villas and luxury villas converted into 27% of actual market transactions.
The survey also revealed that the Algarve’s luxury properties have drawn the most interest, with 27% of transactions standing at more than €1 million. Places like Vilamoura, with its golf courses and yacht marina, remain very appealing to fractional buyers as well as timeshare owners.
Last year also saw a 17% increase in transactions in the €100,000-€500,000 price band, which took 51% of the market.
Andrew Coutts, CEO of the report’s commissioners, ILM Group, said: “There is reason to be optimistic that after five years of market turmoil, 2013 will see the beginning of a new dynamic.”
Piers Brown, founder of fractional ownership web portal Fractional Life, added: “This report from the Algarve is good news, particularly in the light of a growing appetite for mixed-use resorts from both developers and buyers.”