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Investors in Portugal 'torn between profit and beauty'

Article Date : Tuesday, May 15, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Brits buying properties on Portugal's Atlantic coastline are torn between the desire to make a profit and maintaining the silver coast as an unspoiled, "authentic" experience, a national newspaper has said.

According to Jenny Knight, writing in the Telegraph, investors are attracted to Portugal because of its beaches, "traditional" townscapes, local food and the fact that property prices are 50 per cent cheaper than the Algarve.

But although investors are hoping that property prices on the coast will grow, many also hope that further development will be controlled so that the place does not lose its "authenticity".

David Rowat, from MRI Overseas Property, told the newspaper: "The Portuguese like to make a point of being different from the Spanish. They don't want to repeat the mistakes the Spanish have made with over-development and I don't think they will."

According to MRI, a new two-bedroom flat with a sea view bought for less than £100,000 could be rented out for £400 a week during high season.

It is thought that around 70,000 Britons now own a property in Portugal as a result of growing interest in off-plan developments.
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