Market information Strange things have been happening in the property market in the last couple of months, as the level of enquiries, viewings and sales has noticeably picked up across the market. Whilst there is no single contributing factor that has created this, there is definitely more confidence in the market, and as a result of this we are seeing sales progress to completion. Interestingly, a lot of "old" properties that have been on the market for a while are selling. In addition to this the amount of new properties being offered for sale is increasing, although this is normal for this time of year.
In the current market, we are often asked how a purchaser can get the best deal possible. Our advice (and we have seen smart purchasers heeding this) is to make sure you do your homework and preparation, and present a reasonable offer, reinforced by an ability and desire to proceed quickly. Vendors want to turn property over as they see the market wake up, and when a proposal is given that confirms the purchaser has funds, a lawyer in place, and a realistic time scale, vendors want to make deals.
Those who are looking for "bargains" and repossessed properties will be sorely disappointed, and whilst we have seen some speculative offers in the last two months these have all been refused.
We are finding that vendors are generally accepting realistic valuations, and new properties coming on to the market are priced based on the current market conditions. This in turn leads to a more stable and sensible market.
Two of the key topics that affect the property market here, the availability of finance and the exchange rate, have only shown slight changes recently.
Mortgages are being approved, although the spreads (the amount of interest added to the bank base rate to calculate an overall mortgage rate) have been increasing, making a mortgage here more expensive than it has been recently.
The exchange rate (€ to £), seems to have settled at around 1.15, but has shown peaks higher than this (source: www.xe.com).
Price reductions As the property market naturally gets busier, which is to be expected in the Spring, we expect to see fewer price reductions. However, as vendors prepare for the busiest months of the year, prices are being reviewed in advance of this period. Some examples of these are shown below.
New 3 Bedroom Villa, excellent quality, near S.Brás. Reference 1025-0791 Price reduced by 300.000 euros to 600.000 euros. For full details please click here
Spacious, modern 4 Bed Villa with 30.000 m2 of land and stables, near Loulé. Reference 1001-0994. Price reduced by 80.000 euros to 795.000 euros. For full details please click here
10 Bedroom self-contained tourist resort, Almancil. Reference 1001-0755. Price reduced by 200.000 euros to 795.000 euros. For full details please click here
4 Bed Rustic Villa in a small village near S. Brás. Reference 1025-1119 Price reduced by 49.000 euros to 450.000 euros. For full details please click here
4 Bed Villa with excellent sea views, Estoi. Reference 1025-1107. Price reduced by 51.000 euros to 399.000 euros. For full details please click here
In addition to these reductions, the owners of the following properties are prepared to consider offers:
New modern villa, close to the beach, in Varandas do Lago. Reference 1009-0438 Current asking price €1.3m. For full details please click here
5 Bedroom Villa with 9,600m2 of land, sea views, Santa Barbara de Nexe. Reference 1025-1099. Current asking price 845.000 euros. For full details please click here
4 Bedroom Villa, refurbished throughout, near Loulé. Reference 1025-0593 Current asking price 599.000 euros. For full details please click here
New properties We have added the following interesting properties to our portfolio recently:
Quinta set in 13.000m2 of private land, with guest annex and pool with fabulous views. Reference 1001-1148. Price 785.000€. For full details please click here
4 Bed villa, built in 2002, pool, central heating, near S. Bas. Reference 1001-0720. Price 300.000€. For full details please click here
New 5 bed villa, all mod cons, panoramic views, near S. Brás. Reference 1025-1146 Price 795.000€. For full details please click here
Totally private rustic style villa, with amazing sea and country views, near Loulé. Price €1.750.000. For full details please click here
2 Bedroom traditional house, close to Loulé, excellent sea views. Reference 1025-1134. Price €299.000. For full details please click here
Please contact one of our sales staff if you require more information about any of these properties.
