Real estate could be one of the first to get over the crisis and towing all the others with it, says Hugo Santos Ferreira, executive vice president of the Portuguese Association of Real Estate Developers and Investors APPII. This belief is shared by Luís Lima, president of the Portuguese Real Estate Professionals and Brokers Association APEMIP.
Portugal has start partial relaxation of lockdown regulations from Monday May 4th, with many businesses allowed to return to operation along with outdoor activities such as golf, tennis, sailing and surfing. There will be a gradual return to a new state of normality with hygiene and distancing measures in place whilst all of us adapt to the new reality of living and working during the coming period.
Here in Portugal, we can be proud to be considered as one of the countries that has best contained the virus and the Algarve’s tourism industry is confidently moving towards the opening of hotels in time for the summer. From May 18th, Portuguese restaurants will be allowed to open again. Most remaining activities and businesses are expected to resume operation from the beginning of June.
Of course, the economy of the Algarve depends on tourism and tourism depends on borders opening and flights arriving at Faro Airport. Industry experts are all expecting this to take place at some time in June, or maybe sooner, but this of course depends on travel restrictions being lifted in countries such as the UK, France, Germany, The Netherlands and elsewhere.