Charting a couple's move from London to Portugal, tales, adventures and moving advice

movingtoportugal


Property in Portugal – Could it be the Right Time to Buy?

Posted on April 30, 2013 by Ben Algarve
Meravista

During our time living here we have seen first-hand that property in Portugal can be a tricky subject. The apartment block where we live has, like many developments across the Algarve, suffered from the economic crisis. Of the apartments on our road, only two or three are occupied fulltime. Others are owned as holiday rentals, but the majority of them have been empty and unsold since they were built. With this in mind, I took a more in depth look this week at the property market across the country…

Property in Portugal - balcony

Property in Portugal – time to own your own balcony?

The property market in Portugal has suffered in recent years, in line with the country’s economic hardships. Prices have fallen and the average property takes some 16 months to sell. In our part of the Algarve, there are countless developments where either the building has been finished but the flats are mainly unsold and empty, or where the building work has simply stopped halfway through, ready to be continued once Portugal’s financial situation improves.

However, it seems as though some positive news may finally be on the horizon for the Portuguese market. The Royal Institute of Chartered Surveyors (RICS) Portuguese Housing Market Survey February 2013 has highlighted that although prices are continuing to fall, confidence in the market is on the up. Inquiries from buyers are at their highest rate since the monthly survey began back in 2010 and the national confidence index (based on a combination of prices and sales expectations) is at its highest level for over two years.

The survey observes that the lettings market is also showing signs of strong demand, although, as with the sales market, prices are continuing to fall. This is good news for anyone looking to move to Portugal and initially rent their accommodation.

Property in Portugal

Property in Portugal

So is it the right time to buy property in Portugal? Perhaps. Prices are low and the market is showing the first signs of recovery, so now could be the time to pick up a great bargain. Of course, it’s certainly possible that prices will fall even lower, so it might be that even better bargains could be had for those willing to wait a few more months.

With rents continuing to fall, those looking to move to Portugal would do well to consider renting initially, regardless of whether the plan is to buy somewhere eventually. Renting allows you to get to know an area and be sure it is right for you before committing to purchase property. After all, going somewhere on holiday and living somewhere are two very different things. Just because a particular town or village is the perfect holiday destination doesn’t mean it will be the ideal place in which to live fulltime. Renting also affords you the time to make contact with your local estate agents, to ensure that you have the chance to explore all of the suitable properties in your area before deciding which one to buy.

Buying property is often a difficult and stressful business, but whether you choose to buy immediately or rent first, try to enjoy the ups and downs of the process, safe in the knowledge that your dream property in Portugal is just around the corner!

Image credits: flickr.com

 

If you have enjoyed this post, please share it, or click the Google +1 - Many thanks :-)

Posts you might like:

6 to “Property in Portugal – Could it be the Right Time to Buy?”

  1. Celia says:

    An interesting post – it’s good to hear some positive news about the housing market in Portugal. I’ve noticed a lot of real bargains around, especially in Central Portugal. It may indeed be a great time to buy.

  2. admin says:

    Hi Celia,

    It certainly is good to hear some positive news. There are some serious bargains around in the Algarve as well at the moment.

    Best wishes,

    Louise

  3. Sami Veloso says:

    Having moved to Australia 6 years ago, I was surprised by the amount of empty houses and apartments in the Algarve when I was there last year. In my sister’s building 2/3′s of the flats are yet to sell, but the owner/builder did not reduce their prices at all, which puzzled me.

  4. Bessa says:

    Well, I’m not sure about the first imamge, but the second one is surely not portuguese but Brazilian.

  5. admin says:

    Hi Sami,
    There are definitely a lot of empty houses and apartments here at the moment. Many developers stuck with their original prices for quite some time before realising that they needed to lower them if they wanted to sell. Hopefully now that prices are lower, there will be more occupied buildings next time you are here!
    Best wishes :-)

  6. admin says:

    Hi Bessa,
    You are right, the second image is Brazil. It was listed on the site I sometimes use for images as Portugal, but I have investigated and it is a street in a village in southern Rio de Janeiro – well spotted!
    Best wishes :-)



Leave a Reply

*

  • About

    This blog documents our move from rainy London to sunny Portugal.

    Stats: 216 Posts, 1,161 Comments

  • Please “Like” Us on Facebook!

  • Recent Posts

    • Life in Portugal: An Algarve Mini Break

      Life in Portugal: An Algarve Mini Break

      There are plenty of great things about living in Portugal, but we particularly love the ability to enjoy everything the Algarve has to offer in the off-season period.  There’s nowhere… Read More »
    • Only in Portugal!

      Only in Portugal!

      Boring techie stuff ahead – be warned! As I mentioned last week, we’ve just finished moving into our new home in Portugal—or at least we thought we had. It turns… Read More »
    • Living in Portugal: Our New Home

      Living in Portugal: Our New Home

      (Ben) Just as we approach our five-year anniversary of living in Portugal, we have finally completed the move to our new home. This weekend was hard work, and not helped… Read More »
    • Portugal versus Spain

      Portugal versus Spain

      (Lou) In my professional capacity I often come across couples who, like Ben and I, have decided that life is not limited to the UK simply because that was where… Read More »
    • Moving House in Portugal

      Moving House in Portugal

      It’s a well-known theory that moving house is “one of the most stressful things you can do.” I’m not convinced I buy into the theory, as I can think of… Read More »
  • Please Subscribe!

    Enter your email address:

    Delivered by FeedBurner

  • Try these posts!

  • Search

  • Past Posts

  • RSS Food and Wine Portugal

  • Categories

  • Our Recommended Accountant in Portugal
  • Living, Working and moving in Portugal
  • TOP Blog Award Winner!

  • Book Out Now!

  • moving out with removalstoportugal.com

    Banner ad

  • Banner ad

  • Banner ad



↑ Top
css.php