27th January 2010: Luxury Algarve Property News
Premium homes at the top end of the Algarve property market are continuing to attract a good level of demand from Brits seeking a home overseas. The ‘Golden Triangle’ of central Algarve in Portugal, which includes Quinta do Lago, Vale do Lobo and Vilamoura, is typically the most popular place to own a property.
These areas actually had a good year in 2010 in terms of property sales and there are signs that 2011 will be the same, principally because they provide an exceptional standard of residential property and leisure service and although the market is slower than before, there are always clients in the market for quality.
So property prices in these areas are now holding up but there are still opportunities to bag a bargain. After the economic crisis we saw a sharp fall in asking prices with new listings coming to market around 10-20% lower than previous valuations. Many owners are now also in more motivated positions and are willing to negotiate beyond these corrected prices so there are now many buyers looking to take advantage of these cheaper prices.
According to Santander Totta, a leading provider of mortgages for people buying real estate in Portugal the last three to four months has seen a dramatic increase from those looking to buy at the top end of the market as the Algarve continues to attract mainly lifestyle buyers. A recent survey by the National Statistics Institute actually found that property prices in the Algarve climbed by an average of 0.8 per cent during October 2010. 2011 may actually be the best time to invest in an Alarve property.