It is one of the Algarve’s most promising emerging markets and forecasts for 2015 are that the French will continue to take the Algarve by storm.
Data for last year shows that not only do the French like buying homes here (now that taxation in their own country has hit the roof), they also like choosing the Algarve for their holidays.
National Statistics Institute (INE) has released figures that put the French tourist market as the Algarve’s sixth best, representing 535,000 sleepovers between January and November last year – 20% up on data for 2013. The number of hotel guests exceeded the 100,000 mark, an increase of 35% on 2013.
Regional tourism boss Desidério Silva is “optimistic” and believes the positive trend is likely to continue, particularly as the Algarve tourism association (ATA) will be “working hard” to promote the region in the French market in 2015.
But it’s the housing market that is most benefiting from our new foreign visitors.
For Fine & Country, estate agents with offices in central and western Algarve, the French market now ranks alongside the UK as the joint biggest source of both leads and sales.
“But we are not yet seeing French owners selling their properties,” said Patrícia Candeias, property manager at Fine & County Carvoeiro.
“What we are seeing is a lot of business coming in on recommendation from French clients who have purchased from us already, as well as strong demand from other sources, such as online marketing and press advertising,” said Patrícia.
Yellow Homes is also enjoying a rise in French business.
“We definitely had more French clients last year,” Paul Greenhalgh from Yellow Homes told us.
“It seems there are more and more French people looking for homes in the Algarve,” he said, adding that “the tendency is growing” and he doesn’t see it stopping.
Belgian, German and Northern European markets also grew in 2014, which all-round was a better and more consistent year for the region’s property market than the year before, Greenhalgh confirmed.
“People are more optimistic, properties are moving and this all increases confidence among sellers and buyers.”
Faro Airport also registered a 15% increase in the number of French passengers (160,000).
