Portugal’s Algarve region is justifiably popular with both tourists and overseas property buyers. Of all the resorts in the region, Albufeira is one of the most popular. It’s not hard to see why: it really does have it all. There is a pretty old town with cobbled streets and whitewashed houses, and a modern resort centre. There is a large, sandy main beach (the Praia Do Oura) lined with beach bars and equipped with sunbeds, and plenty of smaller bays and coves along the coast. The resort offers small, traditional restaurants where visitors can enjoy local seafood and other specialities, and a loud, busy nightlife area known as ‘The Strip’, where people party until dawn. What could you want from a holiday resort that Albufeira doesn’t offer?
Albufeira’s property is, of course, very varied. There are multi-million pound villas, and one-bedroom apartments selling for 60,000 Euros, as well as everything in between. Expect to pay about 2-300,000 Euros for a good quality family sized villa or duplex. If you prefer an older property, then look to the old town: you’ll find some really attractive traditional houses there. Property prices in Albufeira have dropped since the financial crisis, so you may be able to pick up a real bargain. That said, be careful not to pay over the odds: there is an oversupply of property in the area which is making the market unstable. Once you’ve got your Albufeira home, you should find it easy to rent it out: the area is ever-popular with British holidaymakers. Just make sure you get overseas contents insurance in case anything is damaged by tenants, and find a local agent who can help you deal with problems.
Around Albufeira there are several pretty villages which could be a good alternative to buying in Albufeira. You’ll get the benefits of being close to all the action Albufeira offers, while avoiding the holiday crowds. Guia is an attractive village lying slightly inland. It has a wide choice of villas, but few hotels. Upmarket Sao Rafael has both modern and traditional property, and a choice of gorgeous beaches. In Boliquieme, barely touched by tourism, you’ll get to rub shoulders with the locals in the restaurants, and visit the village markets to buy fresh produce. The choice is yours.