Interest in Algarve properties rises
By Steve Binge

Interest in Algarve properties rises

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There has been an increase in the number of people considering buying a property in Portugal's Algarve region.

According to Infinito Real, viewing figures for the final two months of 2011 tripled compared to the same period in 2010.

However, the firm's managing director Stephen Anderson explained many potential purchasers have unrealistic expectations about what they can get for their money or the level of finance they will be able to secure.

"We have found that many clients coming over on viewings have very little finance to put down and arrive under the premise they will be able to secure a high loan-to-value mortgage," he noted.

Mr Anderson pointed out such financing options are available to those who can prove they have a high income, but recommended having a deposit of at least 30 per cent in order to secure a favourable mortgage rate.

Last month, a report published by the Royal Institution of Chartered Surveyors revealed there is likely to be an increase in the number of distressed properties coming on to the market in Portugal during the first quarter of this year. As a result, supply of this asset class is expected to far outweigh demand.
 

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