Is Algarve Property good value?

A brief post about the value of Algarve property. Looking at various factors that could determine whether this is the case or not from experienced property brokers IRG Property.

Is Algarve Property good value?

A very subjective question, with many different answers depending on whom you ask.  Generally speaking I would have to say yes Algarve Property is indeed good value for money. There are a number of reasons why we firmly believe this to be the case.

Firstly; property values have retained their value well throughout the financial crisis. A good indicator that there is demand for Algarve property.

Secondly; also somewhat tied to the first point, the strong demand for property in the Algarve makes your investment here somewhat safe. Although there’s no guarantee you’d make money here, it’s unlikely (unless circumstance’s forced you to sell at a market low) that you’d lose any.  In fact we would certainly feel a profit would be made quite easily on any long-term owned property.

There are of course areas where prices are certainly way higher than other, less popular, regions of the Algarve.  It’s here that perhaps the answer to the question “Is Algarve property good value” becomes a little more blurred.

Vilamoura

Let’s take Vilamoura for example. A typical 4 bed detached villa with pool and garden of 1,000m2 will more than likely run you around 1,000,000 euros or more.  The trend of late, is modern contemporary design and we’ve seen a number of these coming up around the golf courses, these will come in around 1.5m euros.

Now the debate most have is that the area drives the price and this is of course true. If you want a lovely state of the art villa in one of the most sought after areas in the Algarve you are not going to find a bargain, far from it. But you will get a unique location in a fantastic state of the art home, even if you could buy a similar home a few minutes way for half the price.  Therein lies the answer to the question and in the end it will come down to the individual.  I suppose more conclusively, presently there’s a shortage of properties in Vilamoura (and other high demand locations) so the value is clearly there for most otherwise wed be like Spain and have properties sitting dormant and unfinished for years!

View our latest Vilamoura properties here.

 

Algarve Property Market Update

Algarve's amazing Coast line

The Algarve property market for the passed month has been relatively typical of the usual summer period. Lots of last minute phone call’s to view properties that tend to be rented!  For most agents here the summer is a mixed bag, although there are always a number of sales going through a lot of the time it’s about getting to know future client’s requirements and desires.

With the rental market buoyant at the moment, which is really one of the best perks of owning in the Algarve, it’s incredibly difficult to view any property in a rental location. Unless the property is actually lived in year round, by the seller of course, then it’s often an impossibility to view the inside and sadly we find it difficult to actually sell many properties without being able to see inside.

What we’ve seen this summer however is a firm increase in buyers booking to come over on “serious” property viewing trips for the remainder of the year, having already booked up all of September and most of October already it’s the clearest sign yet that, finally, people are realising there will soon be a shortage of property which will result in a price increase.

Our expectations for the latter part of the year are very positive and would almost certainly expect an improvement for the passed 2 years for sure, which is great news for lots of vendors looking to upgrade their current property or move back home.

If you’re thinking about looking at property here in the next few months, please drop us a line and ask about our Viewing Trip packages, the best way to view property in the Algarve in a serious, yet relaxed manner.