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News: Portugal boosted by wet Brits

Tue, 23 Oct 07

The number of Britons looking for property in sunny countries such as Portugal has doubled in the last year, according to new research...

The study, by Barclays Buying Abroad, was based on the number of inquiries received by their locally-based mortgage service in Portugal, Spain, France and Italy. Many peoples' decisions to buy property in Portugal and other sunnier climes seem to have been prompted by this year’s miserably wet summer.

The early summer was the wettest in Britain since records began - over 240 years ago. Richard Exton, director of Barclays Buying Abroad, said: "Brits are familiar with the idea that we only have two seasons: the winter and July.

"It seems that this year, with the terrible weather we have experienced in July and throughout the summer many people are not prepared to sit through a year-long winter and are looking for a getaway to sunnier climates."

Earlier this month, Portuguese Prime Minister Jose Socrates announced the construction of ten new five and six-star hotels in the Algarve. The project is likely to cost around €1,500 million (£1,020 million), create around 6,000 jobs and encourage even more tourists to visit the region.

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