Changing behaviour when buying property in the Algarve

By Advertiser, in Sublime · 30-10-2020 01:00:00 · 0 Comments

Over the last 10 years, when buying a house not only the criteria looked for by prospective customers have substantially changed in certain aspects, but also prices of houses. Who would have thought that, in the last 10 years, prices have been falling by about 25 %?! While prices dropped by about 50% between 2009 and 2015, they have stabilised since 2015 and the market is in good condition. It is a fact, though, that prices have fallen overall in the last 10 years and it is, therefore, worth investing.

Another fact is that real estate offshore purchases have fallen dramatically for a variety of reasons (we would be happy to inform you individually), especially in the “golden triangle” around Quinta do Lago/Vale do Lobo.

On careful observation, this development was recognisable some years ago. However, in part even local real estate agents could not or did not want to notice this change and, by the way, they are still only partially aware of the changes. To this day, problems accompanying this development are still too rarely openly addressed, unfortunately, with massive effects on the real estate market. This is especially the case in well-known resorts where, depending on the location, a large number of the properties are held in the form of offshore companies. While this may be an uncomfortable truth, it is worth a mention.

In the meantime, about two thirds of all new buyers of second homes in the Algarve rent their homes out. This trend is more than just a fad as increasingly small, affordable apartments and houses are being bought, allowing owners to cover parts of their expenses with rental income. This shift has been sustained since 2013.

Recognising trends in advance is not only a great challenge but also the strength of our company. We consider each individual customer and his or her needs as “special and unique”, assisting them from buying an apartment house or remodelling one, right up to a possible redesign of their interiors: a first hand and one-stop service. Thorough and efficient, open to and sincere with our clients, and with a strong focus on providing a truly bespoke service.


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