Porto offers affordable alternative for investors

Property investors looking to buy in Portugal have been advised to consider the country's second largest city, Porto.

According to the Times, the historic city's property market is becoming increasingly popular with foreign buyers, who view it as an affordable alternative to Lisbon and the Algarve.

Jose Maria Magalhaes, a consultant at CB Richard Ellis, told the newspaper that property prices in Porto are still significantly lower than those in the Portuguese capital.

"Prices are at least 25% less than Lisbon, sometimes going as low as half the price," Mr Magalhaes said.

"Many of the old buildings in the centre are now being refurbished as part of the urban rehabilitation … This is a growing market because the old town is still quite cheap."

Porto is also popular with investors due to its tourism market. With 25 golf courses in the area, many holidaymakers visit the city for leisure purposes.

The Times recently recommended Portugal's Silver Coast as another emerging overseas property destination.

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