Portugal is becoming even more appealing for investors in overseas property as mortgage rates there are slashed. Overseas mortgage specialist Conti has reduced its rates by 1.5% to just 3.35% on a variable rate based on a 30% loan-to-value and to 3.4% for a variable rate based on a 60% loan-to-value.
Though prices rose nationally in Portugal last year, in many places they are well below the peak of the market before the financial crisis on 2007/8. The British are still the number one buyers in Portugal, followed by the Chinese (enticed by the ‘Golden Visa’ programme for non-EU investors) and the French.
After Spain and Frence, Portugal is now third on Conti’s list of hotspots for UK buyers to consider, says director Clare Nessling: “After years of stagnation, Portugal’s property market is on the up again at last. The reduced cost of funding, together with continued interest from Portuguese lenders to assist non-residents to buy property, means that many deals are becoming cheaper. And this is providing an even greater incentive for people to invest.”