We are issuing regular updates to keep clients informed of price reductions, general market information and interesting new properties that have come on to the market.
Market information We are now in the middle of the busiest season in the Algarve, and you only have to go to a popular beach (such as Falesia in Vilamoura) or a renowned entertainment centre (try the Old Town in Albufeira) to realise how many people are here at present.
The property market in the Algarve continues to fluctuate, and there are certain patterns emerging, even in these uncertain times. The over riding pattern we are seeing is that of cautious purchasers, basing their decisions on research and taking their time to reach these decisions. In the short term, this slows down the market. However, in the long term people are buying carefully, building a stable market, and paying reasonable prices for properties that are legally and physically sound. These are all positive factors for the future of the property market in the Algarve.
A fundamental problem at the moment is caused by purchasers who are trying to buy property at unrealistic prices. We have had many purchasers who have made low offers, and have been surprised and disappointed when they are rejected out of hand. Some properties can be sold at a large discount, but as we do not have a large portfolio in the weakest part of the market (generally condominiums), very few of the properties we have for sale will accept very low offers. If you are interested in a property we are selling, then ask us if we think it could fall in to your budget. We always have an idea of what is acceptable to owners, and a little research can avoid any later disappointment (not to mention time wasted viewing properties that are above your budget).
Neither the Euribor (which affects mortgage rates here) or the exchange rate are showing any dramatic changes recently, although Euribor is tending to rise slowly and continuously.
We are finding mortgages being approved, albeit slowly. Our preference is now to always refer a client to one of our preferred mortgage brokers, as we have found that the approval rate is much higher when using a broker.
Other information The new Loulé ring road has finally opened (albeit partially), which will help to move traffic away from the town centre. This is essential at the moment, as the main Avenida is the subject of intense roadworks, to create a pedestrian friendly environment.
White night, one of the best attended events of the summer, will be held on the 28th August this year in Loulé. We sincerely hope the roadworks are complete by then!
This is also the highest risk time of the year for fires. If you are travelling to Portugal during these hot months, please be aware of this and if you do see a fire this can be reported by calling 112.
Price reductions We are still seeing some price reductions, fewer than in past months. The reductions are a mixture of price corrections and reactions to the market conditions.
If the links do not work, please go to property section of the website and search using the reference numbers.
The owners of the following properties will consider offers Spacious 5 bedroom villa with sea views, Santa Barbara de Nexe. Asking price 845.000€. Reference 1025-1099. For full details please click here: http://azul-properties.com/azul-properties/view.asp?ref=1025-1099
New properties We have added the following interesting properties to our portfolio recently:
An office in Vilamoura marina of 69m2, plus a mezzanine. All services are installed, and included in the price. The office space has views of the marina. Please contact us for more details.
