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.
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.
Do you have an intention to buy a Property in the Algarve close to the coast, in Lagos for example, but would like a lower price range? Well, find some of our suggestions below with fantastic areas only a few miles from the coast…
All these locations (Lagos, Albufeira, Vilamoura) have inland alternatives, if buyers don’t need to be 2 minutes from the beach then there’s some great properties 10 minutes away from the coasts in each of these locations.
Albufeira : Ferreiras is approx. 3 miles away from Albufeira center, and offer’s a huge increase in value for money. The easiest comparison between the two certainly that we’ve seen over the last 12 months has been for the price of an older apartment in Albufeira you can buy a brand new townhouse with two or three times the space in Ferrieras. Prices for a 3 bed townhouse, with communal pool here would be from €165,000.
Vilamoura : Boliqueime is just a few miles out of the town of Vilamoura, and although it would not be considered “cheap” it certainly offers better value for money and is also very popular in its own right due to it being just a few minutes from both Vilamoura as well as Albufeira. Villas here would still be around €300,000, with townhouses a much cheaper option from the €190,000’s.
Lagos : As Lagos is a much larger town, there’s much more choice than say Vilamoura here. And with this, the range of prices is also much larger. You can buy an apartment from €100,000 here just a 10 minute walk to the beach in a residential area (no pool), villa’s are still expensive in the main town however as there is little land here now, so again the outlying areas such as Odiaxere could well be a great alternative, with a traditional and typical Portuguese town center with a lovely park style square in the center and small shops and restaurants lining the landscaped streets, prices are much lower here. You can pick up a villa in this area from the low €200,000’s, opposed to Lagos centres’ €350,000 +
Portugal’s Algarve, located at Europe’s westernmost tip and boasting 100 miles of Atlantic coastline, could be Europe’s most famous secret.
This region boasts Europe’s best beaches, Europe’s best golf courses, some of Europe’s friendliest folk, and Western Europe’s lowest cost of living. It’s also Europe’s newest tax haven.
European retirees have recognized all that the Algarve has to offer for a long time, and this sunny coastal region is the chosen destination for more than 100,000 of them.
A nice property for sale in Portugal Tavira, with lots of living space and fantastic sea views. Centrally located within easy walking distance to all the attractions in the area, including the bars restaurants transportation links etc… All this with the peaceful tranquillity of a quiet street. Would be an ideal second home for somewhere to rest and relax and enjoying everything the Algarve has to offer, with plenty of extra space for guests to visit for long or short stays. A great family home with modern finishes throughout, and now at a fantastic price as well!
To make an appointment to view this property contact us now!!
What we can predict with some certainly is that Portugal is a hot-spot for Property Investment
What an amazing year 2009 has been. Although the world of property and investment seemed to have been turned upside down recently; the final year in the noughties produced a plethora of exciting investment opportunities.
But where should we be looking to invest in 2010?
The art of predicting where or where not to invest has changed dramatically over the last few years. Whilst one could assume that the international recession would have limited investment opportunities the opposite has happened creating numerous potential deals to be had in Portugal. For example, some property prices have dropped dramatically and distressed sales have risen to such a degree that a few huge opportunities still exist.
Portugal with its temperate climate, limited land and strict planning rules, offers an excellent opportunity to invest in all sectors of the property market. A popular holiday destination with Europeans and the Portuguese themselves, amongst others, the South Coast Algarve bucked the trend by registering fantastic % occupancy for accommodation in 2008-2009.
However like most good things in life these opportunities will be snapped up pretty quickly so if you are interested in hearing more please contact us at:-
TELEPHONE: 0843 308 8511 from UK
+351 289 313 325 from Portugal
Welcome to teh BLOG for Portugal Villas and Apartments
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