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The global recession had a profound effect on the tourism industry in Portugal. International arrivals declined by 8.7 percent, as millions of guests from the UK took holidays at home. The timing couldn't have been worse for a country that was mired in one of the worst housing crisis in recent memory.
Between 2008 and 2009, housing prices in Spain and Portugal plummeted by more than 30 percent. Popular tourist regions like Catalonia reported a drop in sales of over 40 percent. Due to decreased demand, the value of home prices also fell. Is now the time to Buy property in the Algarve? Sales numbers have been rising for most of 2010 and most industry insiders believe that the crisis is over. But because of lingering doubts, prices remain at depressed levels. The average buyer can find a home in Spain and Portugal for twenty percent less than he could have in 2007.
One encouraging trend that points to better days ahead is the return of tourists to Iberia. The Board of Tourism recently reported that internal arrivals have been on the rise for five consecutive months. Fortunately, this had not had an effect on prices.
Travel to Spain is more affordable than ever, which is one reason why 1.46 million UK residents went there in September. Meals, accommodations, and even transportation is much cheaper in Spain.