What a key question this is for most buyers. The last few year’s have seen property price’s drop considerably, although less than you would think. The most recent RCIS report show’s price’s are now just 10% lower than the peak of the market in 2007-8.
So when is the right time to buy? Now or wait. The thoughts of waiting for something better to come along are probably a little misguided if you’re looking for something specific, simply because there aren’t many new properties being built now, and all the prime area’s are already taken.
The Algarve property market is perhaps easier to predict than other, larger markets. Supply and demand will begin to switch over the next year or so, although there are thousands of properties for sale in the Algarve there’s only a few hundred of them that are actually any good (for most non resident buyer’s purposes anyway). And once this supply run’s down the price’s will increase as the demand increase’s.
To go back to the original question then, it is a matter of what you, as a buyer, want to achieve. If you want something specific, if you find it now then buy it. If you just want a holiday home, an apartment that you can rent out and enjoy a few times a year then you could wait, although there’s certainly no guarantee of price’s being any lower for something in a good area, but there’s a lot more chance you won’t “miss the boat” to coin a phrase.
We spend quite a long time with client’s and it often takes months before they buy, the reason we do this is we understand that there is a worry that if you buy that house, the one next door will be for sale at half the price, and although most realise this isn’t going to happen it’s still a worry. Ironically i think once the price’s start to go up there will be more people buying, and it should be the other way around, but markets are like that, if we see other people buying (even though we don’t know them from Adam) then surely it must be ok right? It’s that thinking that got us in this mess in the first place.
With property in Portugal at it’s lowest price for year’s, if it’s something you’ve thought about then it’s certainly the best time to look, and from there you can make an informed decision whether to take that leap or not with an informed decision rather than basing your idea’s off the internet and various other, slightly, misleading mediums.
Have a look through our site here www.portugalvillasandapartments.net and see if anything takes’ your fancy. And if you do need any help we are just a phone call, or email away.