Reflecting on the past year, we can say it has been a great year for owners, receiving an excellent rental income on their investment property in the Algarve. Indeed 2017, has once again shown a significant increase on the number of bookings and guests wanting to return after sampling the delights of Portugal.
2016 was a record breaking year in which the total number of visitors to the Algarve reached a new, all time high due to the continuous popularity of the destination, as well as the influx of hundred of thousands of new guests who have never been to Portugal before, but are now cautious about travelling to other destinations currently facing turmoil.
In addition the demand for rental accommodation for longer term stays has also increased, especially through the Winter months from October to the end of March. This is a positive result for owners, as their property remains ventilated, when the winter humidity levels increase, at the same time this also provides a regular stream of income through the traditionally quieter period. This group of renters have consistantly proved to be people who would like to buy a property but feel happier by testing the water by renting first. By doing this they are able to find out if they like a particular area but more importantly, they can experience the lifestyle and culture before they buy.
Guests who meet the conditions /regulations of the Non Habitual Resident program (NHR) who need an address and a contracted long term rental agreement are attracted by opportunities offered by owners, others simply want to stay 2 to 6 months to escape the harsh winter months back home. The Algarve has much to offer, so the longer you stay, the more tempting it becomes to want to purchase your own property in the sun.