We have all heard agents say they are breaking all records and having their ‘best year ever’ – urging us all to buy quickly to avoid missing the boat! The true picture is often different and getting to the bottom of what is going on is my intention in these articles. Over the coming months I will give you insider tips and an overview of how the property market is truly fairing in the Algarve region of Portugal… in real terms.
The Algarve is a very interesting area for foreign and Northern Portuguese investors as there is excellent infrastructure in place and of course the weather is a huge pulling factor. This explains why prices only seem to rise across all levels, and in-the-know investors foresee strong indications of prices continuing to inflate over the coming years, as remote working becomes normalised and families seek a healthy balance of work and play. As people are freed from their office desks and dreary commute, more and more are eying up the Algarve to obtain the utopian lifestyle of free-spirited alfresco living with nature all around and beautiful beaches in easy reach.
So going back to the ‘missing the boat’ factor to “hurry up and buy” as said by most agents – there is actually some sense in that as prices are unlikely to decrease unless the property is in an unattractive area or already overpriced (I will come back to pricing in future articles).
For most people, once the initial decision is made to consider a completely different lifestyle, it is definitely best to be proactive! Life passes by – our children shoot up, our parents grow older and realising our dreams sooner rather than later makes sense for everyone in the family to enjoy.
The big question when starting the buying process is where exactly will I feel at home and comfortable in my new surroundings? Now this may take several visits, however many buyers know the Algarve well from coming on holiday, but for those less familiar, this initial research is essential. Take some time to soak up all the region has to offer. Sample each of the coastal resorts, get a good feel for what each area offers… as you will see, each region is distinctly different with a huge range of diversity here.
From beach-side towns to hillside areas to gated communities where the children can mix with other families safely, you will find clusters of nationalities lay down their roots based on their unique merits.
Needless to say, the quality of life that can be achieved here in any of our beautiful regions is of a naturally high standard. Buying here, most certainly means buying a slice of the ‘good life’.
In the following months we will discuss pricing, how to negotiate and how to get the most value from the estate agent, lawyers, surveyors. For that to be successful you need THE REAL STORY!
Chris Mayall, Director of Expat Property Finders based in Almancil has spent the past 27 years in the real estate world mostly in Spain and the Algarve and will share his experience in THE REAL STORY each month. Next month features property pricing, how, why and especially what’s the reality!