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Algarve Beach Property Gives The Rest A Tanning
July 31, 2009Article by Ray Withers
Restraint is a keyword for property in Algarve since the early Nineties when strict planning laws were introduced to stop building out like along the Costas in Spain. The results of this policy are rising property prices over the years as supply outpaced demand but crucially, the quality of finish and hard work to blend new buildings in to their surroundings has retained a character that has sadly dropped away in rival Spain.
Like anywhere, property prices vary, with the most expensive in the big city centres and along the coast. Generally, property prices are more expensive than Spain, and although Algarve property has suffered in the recession, no prices in Portugal have dropped even in line with the lowest falls in Spain. Most British expats and second homers tend to buy new builds on the Algarve, but for those who prefer to renovate, plenty of property opportunities at reasonable prices are waiting inland.
New build supply is restricting buyers moving to the Algarve, which is only a couple of hours hop on a budget airline to Faro from many British airports. The Algarve is relatively expensive area, due to the constrained supply, a potential for all-year rental income due to the warm climate and the tough planning regulations that have helped the Algarve to remain relatively unspoiled.
Lagos in the west and small towns in the east are still inexpensive compared with more central areas. Extending the A22 motorway along the Algarve coast has made many areas more accessible and has pushed up property prices in areas that were formerly unreachable.
A popular development with British buyers is Condominio-Panorama, Lagos. Built high on hills overlooking the city of Lagos with wide-ranging views over the area and out to sea.
The newly released development is low risk for expats looking to retire or second homers as the flats are already completed and ready to move in, so there is no ‘off plan’ risk of the project halting.
Prices start at £242,000, are 20% below market value and the developer will give the purchaser 7% cash back to cover purchase taxes for two-bedroom apartments. Other larger properties include three-bed apartments, duplexes and penthouse suites.
Lagos is one most popular Algarve areas with a variety of activities and attractions for all age groups. The coastline has miles of white sandy beaches and the Algarve is home to 10 of the top 100 golf courses in the world, according to the prestigious Golf World Magazine. The Association of Golf Tour Operators voted the Algarve the best golfing destination in the World.