Established in 2010, Luso Living offers a wide array of services that range from condominium administration and property management to holiday rentals and have now added sales to their portfolio of services offered, all aimed at making your life easier. They are currently adding new properties to their portfolio, specialising in holiday homes between the Vilamoura to Albufeira areas.
In this line of work there are different factors that influence the market, good and bad, but all of them need to be considered in order to maintain a fruitful business. In the Algarve, a big factor was, and still is, Brexit.
According to José Afonso, one of the owners at Luso Living, Brexit has stalled the market for 24 months due to the effect it had on exchange rates, but also because people became more hesitant to buy or rent a property, as they often wait to see what consequences Brexit might bring with it.
Still, José’s partner , Susan Santos describes the tourists coming to Portugal as “loyal” and after a year with a dip in the market, the following year usually shows an increase.
In a survey that Luso Living conducted, 70 percent of foreigners who already own properties in the Algarve said that Brexit did not affect their decision to keep the property. 40 percent said they intend to hold on to their property for their own retirement and 73 percent said the primary reasons for buying a property in the Algarve is the security, reputation and the kindness of the people living in the area.