Real Estate & Mortgage News in Portugal from Propertyshowrooms.com

Portugal property sales see fall in demand

Wed, 4 Jan 2012 00:00:00 GMT

Property for sale in Portugal has seen a fall in demand, prices and supply, the November Royal Institution of Chartered Surveyors (Rics)/Ci Portuguese Housing Market Survey (PHMS) has revealed.

The survey showed that November experienced the fastest decline in sales activity since the report began in September 2010.

In particular, the survey notes that new property in Portugal is undergoing a change, with prices falling more rapidly than they were prior to September.

During November, prices for new homes dropped faster than those for existing domiciles.

Commenting on the findings, Rics senior economist Josh Miller states: "The lettings market is likely to continue experiencing high volumes of activity for the time being."

Indeed, he explains that as sales volumes are declining, lettings are increasing, with tenant demand growing as more people fail to qualify for mortgages.

This trend was previously seen in October's PHMS, which suggested that demand for lettings would increase due to consumers' lack of mortgage finance.

Investors planning to purchase Lisboa property or residential buildings elsewhere in Portugal may therefore have the opportunity to take advantage of these market developments.

Portuguese property market 'on the road to recovery'

Fri, 23 Sep 2011 00:00:00 GMT

The Portuguese property market is beginning its recovery, with one expert in the sector noting that the Algarve in particular has seen a rise in buyer activity.

Managing director at Infinito Real Stephen Anderson explained that a busy summer has helped boost sales, although he cautioned that, while there is room for negotiation over house prices, investors need to be aware that these assets are often already heavily discounted.

He added that one of the key issues is the availability of finance, which means cash buyers are more likely to be able to capitalise on the low market.

"Significantly, once the banks do start to lend again, the Algarve will be best positioned for a quick recovery, which provides a window for investors to make the most of property prices at the lowest they are likely to be," Mr Anderson commented.

At the end of last month, Global Property Guide reported on statistics from the Instituto Nacional de Estatistica, which revealed that the Algarve was the only region in Portugal to see its residential real estate values rise in the second quarter of the year, compared to the first three months.

However, the research also showed that values in the area remain 5.45 per cent below their peak levels.

Algarve homes increasingly popular with Brits

Mon, 3 Jan 2011 00:00:00 GMT

An increasing number of buyers are looking to buy property in Portugal's Algarve region.

That is according to Santander Totta, a leading provider of mortgages for people buying real estate in Portugal.

It says that, after the economic crisis saw a sharp fall in the cost of homes, many people are looking to take advantage of the cheaper prices.

Speaking to aplaceinthesun.com, Simon Perks, the bank's general manager, said: "In the last three to four months we have seen more interest from those looking to buy at the top end of the market as the Algarve continues to attract mainly lifestyle buyers."

Nigel Salmon of Portuguese property agency Girasol Homes, supported his comments, saying that Brits in particular are looking to buy retirement or second homes in the area.

"Most people buy for the right reasons and the opportunity of lots of properties to choose from and buying for genuine retirement or a quality second home is the main catalyst. There may be more needy sellers and builders which may offer some additional opportunity, but on the whole, the [Algarve property] market looks reasonable for 2011," he said.

A recent survey by the National Statistics Institute found that property prices in the Algarve climbed by an average of 0.8 per cent during October.

Overseas property buyers 'should get expert advice'

Thu, 6 Sep 2007 00:00:00 GMT

Overseas property buyers are more likely to get a good deal if they seek independent advice first, according to an expert.

Clive Statham, managing director of Anglo Portuguese Mortgage, said independent advisers were familiar with the various mortgage products available in different markets and could guide investors through the best options.

He stated that it was essential for people who chose to take out a mortgage to see an external adviser not directly linked to the estate agent and bank, as they could look around and find the most suitable deal.

Speaking to Homes Worldwide, Mr Statham added that if people spoke to specialists in particular countries, they could benefit from their local expertise.

He commented: "An independent advisor will be aware of the clients' needs and will be able to discuss these with a variety of banks to find the most suitable product."

Recently, Jackson International urged investors to be diligent when buying abroad and to act the same they would when buying a house in the UK.