Retirees looking for a bargain home somewhere sunny in Europe that combines stunning scenery with a laid-back lifestyle should consider Madeira, where a slow-down in the property market has led to the Portuguese island becoming a major buyers’ market.

“The majority of Brits that move here are retired,” said expat Samantha Cox, who runs on-line news site www.themadeiratimes.com. “The two main attractions are the great year-round weather coupled with astounding natural scenery and ocean views. Madeira has a lot of properties for sale, estate agents are vying for the same business and it is truly a buyers’ market.”

There are three main areas of Madeira popular with British owners: Canico and Garajau, which is a lively, built-up area with good access to the airport; the capital Funchal, which is suited to those who want everything on their doorstep; the areas around the towns of Ribeira Brava, Ponta do Sol and Calheta, where the scenery is stunning and you can live a semi-rural lifestyle in a warmer climate.

For details of property in Portugal, visit the Portuguese listings on Rightmove Overseas. One way to save money when buying in Portugal is to use a currency specialist when transferring your pounds into euros to complete the purchase of your property. For more information on this, contact Smart Currency Exchange.

To understand the full step-by-step process to buying a property in Portugal, collect The Overseas Guides Company’s ‘Portugal Property Buying Guide’