Property Update
THIS YEARS EFFECTS ON PROPERTY
Robert Bijker, managing director of Yellow Homes - Land & Houses Algarve, discusses the current situation in the property market
A
utumn has just started, which is historically a good time for buying and selling property in the Algarve. In October you often have beautiful weather with plenty of sunshine and a comfortable temperature of between 20 – 25º degrees Celsius. For those who prefer to avoid the summer rush and heat it is an ideal time to plan for a stay in the Algarve. There still remains a lot of uncertainty caused by Covid-19 and
24
the ever changing rules and restrictions regarding travel and quarantine measures. The number of people visiting the Algarve in the past 9 months is sharply lower than previous years, having a negative effect on the hospitality and real estate sector alike. The transaction volume of property sales in the Algarve took a nosedive in Q2 2020, down 38% year on year (y.o.y). The economic downturn also saw a growing number of people becoming unemployed with the Algarve region being the most affected. Although the number of people employed in August
October 2020
