Investing in Algarve property

P

pity-to-wast

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Hi All,
Just new to this discussion board, and read with interest articles in Overseas Property.

Have you any advice or tips on Portugal?

Its within the EU etc and seems politically 'neutral'! I am interested in Property in the Algarve as an investment from the price appreciation point of view and also from a longer renting season point of view (Sun,Sea, Golf, easy access etc.).

Whats the opinion on buy-off-plan, or even pre-planning.

I am not in any rush to own a property immediately but do want to have something in place for Easter of 2007.

Re-constructing is out of the question.

I am an Interior Designer and like some artistic people I get lost in economics.

Your comments and opinions will be valued

Kind Regards
pity-to-wast
 
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I recently visited Portugal. Property prices over there in most regions are prohibative i.e. very expensive although one developement if your a golfer looked to me a good buy and that was on Boa Vista Golf Course. Good sized 2 beds on the 135,000 euro mark. I would always suggest borrowing in the country you are buying albeit its in Euro's what ever but better to sucure your loan against the property you are buying if possible rather than refiniancing your home. You would definatly have a unit buy mid 07. Jones of Portugal market the project dont know much about them but they are behind alot of quality in Portugal and have been established for donkeys years. Personally if it was me unless i really had to own in Portugal I would buy elsewhere and get more for my money.
 
Thanks icecool, I will certainly search Jones of Portugal - have you heard of ivernico? also operating in the Algarve. Yes I like the Algarve away from the maddening crowd and I think Spain has reached over-sell. Your tips on mortgaging in the land of Purchase are valid - I have done some research and will do more on this. Regards
 
Hi there, I would be weary of paying the paddy price for property in this area, on a local level I know you can buy cheaper. They see dollar signs when foreigners bid on property. Get a Portuguese friend if you have any to bid for you....Otherwise be very careful.

Goodluck.
 
I have been looking around the algarve of late (ie. Google Earth), and while I have found irish websites a bit steep, ie. the Paddy Price, I have to say that the Remax site has some good places on offer.

I think with the Algarve is that you are buying into a prestigous area and therefore you will pay more. Experience has taught me that you do get what you pay for, and that's why I am interested in the Algarve.

Of course with all that, I will make a trip to the Algarve, hopefully next month, and to see things for myself.

Now for the last minor detail of the bank giving me all that money!
 
Hi,

I too have been thinking of buying in the Algarve and have also been looking at the Remax sites. It seems you can buy a one bedroomed apartment for about eur85,000.00. Is this realistic?

I have a very low mortgage and by releasing the equity in my own house could raise €100K (and just about pay this back). My husband & I are fairly low earners with combined income of about eur70K per year, we have two young childrens and would be considering doing this as an add on to our penison. Thinking that we could sell it when we retire to supplement our pension but use it in the meantime for family holidays and possible rent it also. On average we spend eur2 to eur2.5 k per year for a package holiday where as we can get to the algarve for about €840 flights only. Are we mad?

Thanks and Regards,
Denise
 
 
Hi icecool,
I was also looking at Portugal (the other half is a golf fan). Tried to find info on Boa Vista, lots on renting/staying there but nothing on sales, can you help me out? And by the way where would you go to get more for your money?!

thanks, OHT.
 
I am new to this Thread and I know it's is old - But I am Hopeful that someone will read it. I am currently looking to buy in Portugal's Algarve. I have made my mind up on the area and am hoping that prices will now be more realistic. However I have come across the web site of ivernico mentioned here in 2006. Has anyone Heard of them? Has anyone dealt with them? I am particularly interested in a villa of theirs near the Monte-Rei golf course. I am a little familiar with the area? Answers,Suggestions, Advice welcome.
 
The only advice I have is to visit the area several times before you buy. I have been going for years to different parts of the algarve and I am becoming increasingly tired of the security problems. We rented a villa there last easter and it used to take 30 mins to close all the security shutters when leaving the premises or when going to bed.
 
in general keep away from appartments.
I am like a broken record!
For the past few years I have been spouting the same advice.
Buy a villa with private pool.
Research occupancy rates via www.holiday-rentals.co.uk
We are now booked already for high season 2009 and spring 2009.
People do not want to share a pool and want privacy especially with kids, period.
 
some parts of the Algarve are better than others for crime, property prices, scenery etc, for me I like the eastern Algarve better than all the major tourist spots, allthough not enough to live there! I like the laid back lifestyle of Central Portugal better, better value for money too. been here in Tomar region of central Portugal for nearly 5 years and love living here.
 
I am sitting here at the minute in Lagos. Its a lovely old town with some absolutely fantastic beaches. I believe they are going to build a bridge to go over the channel that divides the old town from the beaches on the far side. I could definitely see opportunies there. There seems to be ALOT of property for sale here, especially apartments. They seem slow to adjust their prices downwards as its clearly not shifting. This end of the Algarve is far far nicer than the resorts closer to Faro. More upmarket feel to it.
Wish the sea was a bit warmer though as the Algarve has Atlantic currents.
 

Lagos is indeed a nice place, but i agree about the atlantic being a little chilly and wild, some of those waves are dangerous.
 
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