Find out what’s happening in the property investment arena both in the UK and internationally
Property Price Plunge Misses Portugal
July 21, 2009Article by Ray Withers
For some reason the house price boom and bust cycle that has decimated most of the world’s property markets has largely bypassed Portugal real estate.The latest price statistics – for the year ending September 2008, showed house prices fell 4.8% in the period, according to the government agency Instituto Nacinal de Estatstica.
The figures also show a moderate increase of 17% between 2001 and 2006 and little or no movement in 2007.While Portugal property prices were sitting steady, those in neighbouring Spain erupted an astonishing 100% and have fallen back.Unsurprisingly, this market stability is luring Portugal real estate investment in mostly coastal resort locations for summer second homes or holiday lets.
In line with many other countries, coastal properties tend to exact a premium on those inland.
Foreigners have no restriction on property ownership in Portugal and buying and selling costs are generally low. Mainland developments include a new ‘no money down’ apartment complex at Lagos on the Algarve coast.
Starting at £2424,000, the developer is offering 100% finance and a 7% cash back to buyers – and this is a deal with low risk as the apartments are completed not an off-plan gamble that may never be finished.
With fantastic views over Lagos and the coast, the Condominio-Panorama, Lagos, is located in a quiet, established residential suburb, on one of the highest points in Lagos. As such the property enjoys panoramic views extending over the entire city, the marina and beautiful coastline as well as of the picturesque area of Monchique.
The location is fantastic, near the city centre, a kilometre from the marina and five minutes from Palmares and Boavista Golf courses. Several fantastic beaches are in the vicinity of Lagos with Meia Praia and Dona Ana the most famous two. Meia Praia is one of the biggest bays in Europe, due to its width the sea is calm and the lack of rocks make it an ideal destination for nautical sports.
Dona Ana is incredibly popular with tourists; intriguing rock formations surround the beach. Depending on how you look at them, the rocks take the form of all different shapes.Property options include two and three bed apartments, duplexes and penthouse suites.