The Algarve – Not Just a Retirement Paradise
I recently read an intriguing article in the UK’s Evening Standard about a shift in the demographic of British buyers in the Algarve. Traditionally a haven for retirees, the region is now seeing a surge in interest from younger buyers and families from the UK.
Patricia Casaburi from Global Citizen Solutions shared some insights in the article. Her report stated,
“More and more, we’re seeing a mix of demographics and about 30% of their clients looking to move to Portugal are British, and there’s a notable change in the Algarve’s appeal.”
The increase in international schools in Portugal, tripling in the last five years, clearly indicates this shift. These schools have waiting lists, signalling a growing demand from younger, internationally-minded families. New gyms, coffee places, and more co-working spaces are popping up, reflecting a broader, more diverse community moving in.
“The Algarve is not just about golf courses anymore,” Patricia remarked.
Interestingly, British citizens looking at the Algarve are not just retirees anymore. Many are younger and considering permanent moves. “In the beginning, they were only buying property. Now, we have a bigger percentage of British clients doing the Golden Visa or another legal migration process,” Patricia explained. This change is partly due to the ease of flying between the UK and Portugal and the shared timezone, making the Algarve an increasingly attractive destination for younger Brits.
“The cherry on the cake,” Patricia put it, “is that after five years of legal residency in Portugal, you can apply for a Portuguese passport.”
This prospect has boosted visa applications, with people moving for various reasons, including the weather and the possibility of an EU passport.
The Evening Standard’s article also highlighted Vilamoura and the new Ombria resort as prime examples of this trend. In Vilamoura, the pandemic led to a surge in second-home purchases and remote working. Pedro Reimão, CEO of Vilamoura World, mentioned that buyers who had purchased future retirement properties were now using them earlier.
While Portuguese buyers still dominate Vilamoura’s market, there’s growing international interest, particularly from Americans, Canadians, and Brazilians. At Ombria, the focus on sustainability reflects changing buyer demands.
“We have seen a drastic change in buyer priorities,” said João Richard Costa, Ombria’s CCO. “Sustainability is now a key factor for many buyers.”
Ombria is seeing a rise in younger investors and business people, with a higher proportion of international buyers, especially from the UK, Netherlands, France, Germany, and the US. The Algarve seems to be evolving as a retirement destination and a dynamic region, attracting a diverse and younger crowd.
If you are on the hunt for a property in the Algarve, why not browse the Gatehouse International website? We have over 1,000 properties in our portfolio. Advice is always on hand for those who need questions and queries answered.
The managing Partner handles the property promotion and sales from the Almancil office which is also adjacent to the luxury coastal golf resorts of Vale do Lobo and Quinta do Lago. With over 25 years of experience in the Algarve property & financial markets.