Money transfers to Portugal may rise as house prices attract buyers

Demand for international money transfers to Portugal may rise as the country continues to be a top destination for overseas property-hunters.

The southern European nation is a firm favourite with people looking to purchase a home abroad, according to KBS Property Investments.

Harjinder Singh, marketing manager of the firm, explained that Portugal is just a two-hour flight from the UK and is therefore a very accessible country for Britons.

"Portugal is our busiest market and it's always been a lot bigger than the other markets we deal with," he revealed.

"The average buyer … would typically have been on the verge of buying a property in Portugal before the recession and now they are finding that the properties are a lot more affordable."

A recent report by property firm Knight Frank revealed that house prices remained mostly stable in Portugal during 2009, rising by 0.2 per cent over the year.

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Posted by Sarah Pitton