Date of Issue: 12th May 2010
Infinito Real reports a revitalisation of the Portugal property market but popularity in the areas and types of property being purchased have changed direction
Infinito Real, a Portugal based group of property investors, have released their latest statistics showing that, whilst Portugal has realised a revitalisation of the property market in general with average sales prices for the first quarter of 2010 increasing by 49% year on year, popularity in the areas and types of property being purchased have changed direction.
The latest report from the company demonstrates that, during 2009, the split in popularity in areas for purchase was: 55% East Algarve, 22% Central Algarve, 11% Western Algarve, 11% Silver Coast. However, for the first quarter of 2010, there has been a swing in popularity with 50% of purchasers choosing Western Algarve, 28% Central Algarve, 14% Eastern Algarve and 7% Silver Coast.
It could be argued that areas such as Carveoiro, Porches, Alvor and Logos have always been popular and are frequented by tourists year after year, which brings a level of comfort to buyers as they know the area is well liked. However, Stephen Anderson, Managing Director of Infinito Real believes there are further reasons commenting, “the more developed and touristic west coast offers a safer rental potential and the addition of the Formula 1 track and, potentially, a new airport in Portimao, has helped swing clients in this direction. In addition, much of the current available property in the Eastern Algarve is not yet finished and the smaller areas have been heavily developed without the infrastructure to match.”
Whilst Infinito Real report that clients are happy to spend more for larger or better quality properties, with villa sales becoming more regular whilst the market is stable and the prices remain competitive, the highly priced Vilamoura properties are not currently attracting buyers, with little movement on prices. “The same properties have been for sale for quite some time now and we would recommend only purchasing re-sales in this area at present” advises Stephen Anderson. “Most developers are totally unrealistic with their pricing. For example, a new build in this area would commonly market at between €300,000 and up to €500,000 for a two bedroom apartment whereas a good two bedroom re-sale apartment can be found for around €200,000. If you are looking to buy in this area, be aware of what else is for sale in the development. If there are lots of units available negotiate a good price or walk away – it’s as simple as that.”
For further information, please contact:
Stephen Anderson, Managing Director, Infinito Real on +351 289 313 325, www.portugalvillasandapartments.net
Helen Evison, Infinito Real PR on 01276 62201 / 07979537335
Infinito Real, a Portugal based company, is a group of property investors that over the years have formed a partnership to offer services to the consumer. The idea is that the company provides the help and advice on mortgages and taxation, interior design and legal and contractual advice that was not available when they bought their first properties.
Complying with the recently introduced legislation in Portugal regarding real estate companies, Infinito Real’s licences are all up to date and their partnership network is made up only of registered companies. A key benefit to dealing with a real estate agent who complies with this legal requirement provides indemnity insurance for you as a consumer should anything unexpected happen.