Steady property values can be found in portugal

Investors considering buying property abroad might wish to consider a purchase in Portugal where values are relatively steady, it has been claimed.

According to Nick Barnes, a partner in residential research at real estate firm Knight Barnes, the overall value of real estate in the Iberian nations has risen by between three and four per cent annually for six years.

He told the New York Times that the country has never offered particularly high growth with regards to values.

This was attributed to the limited number of overseas investors buying property in Portugal and the "relative lack of wealth" in the country.

However, he commented: "It's slow, steady stuff, which is arguably more sustainable."

The expert claimed that buyers of property abroad in Portugal could expect to pay an average of €1,180 (£1,020) per sq m.

Mr Barnes explained that there has not been a major property boom in Portugal of the kind seen in Spain.

However, this has meant that the country's real estate market has been not experienced the huge bust that hit the sector in the neighbouring nation.

Portugal's stability was also highlighted recently by the Guardian, which cited figures from Global Property Guide indicating that in the Algarve there was only a decline in prices of 4.4 per cent in the year up to September 2008.

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Celebs buying property abroad

The Algarve is proving popular among celebrities, with Angelina Jolie reportedly looking to buy property in the area.

According to reports, Jolie and partner Brad Pitt are hoping to raise their children in the region.

The Hollywood couple are looking for a home in a small village called Lagos, one source has revealed.

Lagos is a historic town, exemplified by its 16th-century walls, museum, fort and marina, among its many attractions.

Commenting on the star's Portuguese house hunting, the source said: "She loves Portugal and wants to raise her kids there"
"She's looking in a quaint village called Lagos. She wants to move there as soon as possible."

The area is home to some five kilometres of beach, making it an ideal destination for holiday homes and family properties.

Last month, Kylie Minogue was reported to be considering purchasing a home on the Costa Brava.

Written by Les Calvert

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