Find out what’s happening in the property investment arena both in the UK and internationally
Property in Algarve Picking Up
April 16, 2010Article by Ray Withers
Property in the Algarve is benefiting from the reduction in property prices, and the continued stability of the market, according to experts.
Charles Weston-Baker of Savills has been quoted as saying:
“‘The Algarve and Marbella are enduringly popular, but became very expensive; now, they offer great opportunities. Many people are putting their money in the Algarve’s Quinta do Lago. Now the froth has gone — the annual price rises of 15%-20% have come to a halt — people who have long wanted to own in these prestigious resorts finally can.”
That is a fairly accurate statement, but according to UK based global property agent Property Frontiers, it is not only those who couldn’t afford to buy at the top of the market that are buying now, but also the wealthy who could’ve bought then, but are buying now because of the advantage those with cash have for procuring prime quality properties at bargain prices.
Director of the firm David Cox says:
“We are seeing many high end buyers on property in the Algarve at the moment. They are making substantial cash-offers, and using the advantage the fact that they are ready and able to make payment as an advantage to get the best properties for the best prices. And who could blame them?
“The Algarve is one of the world’s best known and most prolific tourism hotspots, as well as one of the world’s greatest golf tourism hotspots. And they do say more deals are done on the golf course than the boardroom, etc. Thus, having a really high end property there is like the ultimate status symbol, and will undoubtedly allow the owners to do business deals that wouldn’t be possible otherwise.”
Property Frontiers are currently marketing several high end properties for sale in the Algarve, including the Academy Villas and Apartments development, located on the Pestana’s Vale Da Pinta championship golf course.
The development offers 3 bedroom villas at the 20% discounted price of £371,560. Buyers receive membership to Carvoeiro Championship courses, the one mentioned above and the one at Gramacho.
The development is ready for a revival in the mortgage sector, with 100% mortgages being available with interest payable over only a 5 year period. 1 bedroom apartments are also available, as well as 2 bedroom villas, prices from £345,500 and £371,650 respectively. The firm says that only a few units are remaining so any interested parties should make their interest known sooner rather than later.