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Algarve Property Is Pulling Out Of The Slump
August 28, 2009Article by Ray Withers
Algarve property prices are out of the slump, according to figures released for the latest quarter.Portugal’s ever-popular holiday district proved prices are recovering by recording a 2% jump in the quarter ending June 2009, according to the respected Global Property Guide.
Prices for homes in the Algarve, Portugal, now stand at an average
£1,258 (1,429 Euros) per square metre
The guide suggests new property construction contracts in Portugal soared 12.3% for the quarter.As a whole, Portugal home prices are up 1.01% during the same quarter, showing a drop of only 0.43% year-on-year to June 30, 2009.For the same period in 2008, the drop was 7.24%.
Portugal is one of seven countries in property price recovery, says the guide.The others are China, Australia, New Zealand, France, Sweden and Hong Kong.The Global Property Guide uses price-changes after inflation to give a more level picture of house prices rather than for sale prices that estate agents favour.Property Frontiers, the Oxford based international property consultant, has several typical Algarve developments available:
Forte Do Vale
Forte Do Vale is a new apart-hotel that is built and running in Albufeira with a selection of studio, one and two bed apartments offered at 20% discount with 100% finance. Prices start from £ 155,000.Investors are also offered other incentives – like up to six weeks free use a year and a free furniture pack.
Vale Da Pinta
Vale Da Pinta has a reputation as one of the leading golf courses and resorts in the Algarve.The development comprises one bed apartment and two and three bed villas ranging from £200,000 – £371,000 with 100% finance available. The development is halfway between Lagos and Albufeira. The properties are also priced at 20% under market value.For golfers, Vale Da Pinta has a top name for a great course.
Condominio Panorama is a completed development on the hills overlooking the city of Lagos and the sea.Comprising two and three bed apartments priced from £242,173 to £306,406.The purchase price represents a 20% discount on open market value, plus Property Frontiers is offering a 7% cash back on completion as an extra incentive.