Portugal

Hi,

I was wondering does anyone know much about the portuguse market.. A friend of mine wants me to go half on a seaside apartment with a 2 year rentals contract from a tour agent.
I was just wondering if anyone knows how the market is going over there??

If you want to benefit from using the property for personal use, then it might make sense, but as an investment decision, you're unlikely to see any major capital appreciation in the short term.

Portugal is a beautiful country, has everything one could ask for, beaches, sun, health care OK & just 2 1/2 hours away.

But, but Portugal is riddled with scam merchants ready to show you magnificant apts, villas anything u want but beware, we have discovered a great scam where the selling agent, finance advisers and lawyers are all together in this one enormous awful tale.

They have ruined many Irish, English, Scottish who have bought for their retirement.

I cannot mention names but <.....mod note: please do not mention or allude to any individuals or companies, thanks ajapale.....>

I personally would not purchase in Portugal as bureaucracy is both very tedious and old fashioned to us.

If you go to buy off plans pay 30% down and look for a Portuguese mortgage, it could be up to any length of time before you get your place and you have to renew your mortgage details every 6 months so at the start you are given mortgage approval but come 3 years down the line anything can have happened and you can be refused that mortgage you were first given approval for 3 years previously and hence your 30% is down the swanny.

Portuguese government is turning a blind eye to what is happening to their tourist industry and these 'parachuters' as they are called, these scammers I have been talking about.

So my advice is take your 2 week vacation annually and have no problems.

The Portuguese property market is safer for buying and selling away from the high pressure buy off plan guys on the Algarve. in land Portugal, especially the central region is a lovely place to live, weve been here nearly 5 years now and love living here, its a lot more laid back and relaxed than the coastal resorts. property prices are still good, with a slow steady rise in prices each year, the buying process is fairly straight forward and is safe. with none of the problems that people experiance in some other countries, as to ownership of land etc.

all in all a good choice of location for a place in the sun or a retirement home.

Thank you for your help, I now have futher info.. The apartments are in FIGUEIRA DA FOZ, Its a summer get away for portuguese.
They are roughly 1000 euro sqm and they say there is a renewable rental agreement which covers the mortgage..
So if the rental agreement is on the level if there is such a thing, it sounds ok...
all advice welcome..

It is the same world wide. Any developer offering rental incentives, means that you are paying for these in the price.

I think the silver coast still has lots of potential but due dilligence as essential particularly when it comes to rental promises

The silver coast is a nice place and does offer some good properties at reasonable prices, although i would avoid the overcrowded resorts, not a great place to live, too busy in the summer and dead in the winter. better off finding a town with life all year round.