The Algarve: The best retirement destination in the world.

The Algarve: The best retirement destination in the world.

16 September 2016
Carl Garner-Watts

One of the most popular tourism and holiday home destinations in Portugal, The Algarve has now added ‘world’s best overseas retirement destination’ to its growing list of accolades.  

 

The conclusion comes courtesy of the Live and Invest Overseas Index, which ranks locations around the world based on 12 criteria including expat communities, health care, taxes, cost of living and entertainment. According to the research the Algarve ranked highly in everything from health care to the quality of its beaches, particularly excelling in the categories of recreation, health care and crime & safety.

The announcement provides yet more good news for the property market in The Algarve; which has recently seen sales soar and prices climb for the first time in 8 years. Recent figures show that average property prices in The Algarve increased 6.9% between December 2014 and December 2015; the first yearly increase in the region since 2008. This has been attributed to a significant increase in second home purchases and international retirees settling in the region, with a 32% year-on-year increase in sales in 2015 according to Knight Frank.

One of the most attractive benefits of purchasing property in Portugal for retirees is the country’s Non-Habitual Tax Residency regime. Subject to meeting the scheme’s criteria, this effectively provides a 10 year exemption from income tax on overseas income, such as pensions, for non-residents spending 183 days a year in Portugal.

Another attractive incentive drawing buyers from all over the world is the Golden Visa scheme – by far the most successful Citizenship by Investment type scheme in Europe, which provides foreign investors spending €500,000 or more on property in Portugal the right to live in the country and travel freely around the Schengen area.

Forbes Magazine recently described Portugal as the best investment destination in the world. While the capital, Lisbon, is arguably most attractive for investment property, the Algarve provides its own unique benefits to buyers wanting their property to provide financial returns while not in use. The region’s various attractions and golf courses create a rental season that extends far beyond the summer months; meaning investors receive rental returns for much longer periods throughout the year.

A noteworthy endorser of property in The Algarve is former BBC Dragon’s Den investor Duncan Bannatyne. The Scottish health club tycoon has owned his five-bedroom villa in Vale Do Lobo for nearly two years and praises the region for its laid-back atmosphere and extremely low crime rates. “I love the fact it is so laid-back,” he says. “There are no security guys everywhere like there is on the Côte d’Azur (the location of one of his other properties), and it feels very safe. In fact, Vale do Lobo was recently voted the second safest place to live in the world”.

With evident lifestyle, financial and investment benefits, it is clear that The Algarve has something to offer everyone and is truly one of the world’s best locations for a property purchase. Select Resorts Properties has a wide variety of property for sale in the Algarve. If you’re interested in purchasing an outstanding property in this remarkable location contact a member of our team today on +44 (0)1202 765011 or email [email protected] for more information. 

 

View our properties for sale in The Algarve.

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