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Time Is Of The Essence In Portugal
February 26, 2010Article by Ray Withers
Portugal property is set to benefit massively from the pound strengthening against the euro, but buyers are advised to act quickly, both because the currency balance could tip the other way soon and because Portugal property developers are becoming more confident, and could start lessening their special offers soon.
The warning comes from renowned international property investment consultancy Property Frontiers. Director of the firm David Cox said:
“The problems Greece is having with its budget deficit has led to a loss in investors’ confidence in the euro zone, which has led to the pound regaining some of the ground it lost to the euro during Britain’s dark days of economic crisis. To be precise, one pound is currently worth almost 1.14 Euros. This makes Portuguese property 4 percent cheaper than when the pound couldn’t cross the 1.10 euro threshold, and almost 9% cheaper than when it hit the 1.05 euro mark several months ago.
“This is of course great news for those looking to buy a property in a euro zone country like Portugal. But they must act quickly, because the UK also has a big deficit to bring under control, and a general election looming; any promise made on the campaign trail or similar event could soon bring a fall in the value of the pound. In Portugal’s case time is even more of the essence; demand has been rising for Portuguese property since last April, and developers’ confidence is rising, thus, they could start lessening their offers at any time.”
Property Frontiers are currently marketing several top-quality properties for sale in Portugal, including the spectacular Silver Coast Heights development.
The Silver Coast is widely regarded as the next Algarve, and Silver Coast heights is excellently placed to capitalise on its growing reputation. The development offers 3 bedroom villas within a fully-equipped luxury resort on the Lisbon coast from as little as £428,000. 70% finance is available, and as a sweetener the developer is paying the cost of the mortgage during construction.
The development is a big hit in the current climate, because it asks buyers to pay just a 5% deposit to reserve, and they pay nothing more until completion. There has been a lot of publicity for Portugal property this week when agents revealed that the 15% costs traditionally associated with Portugal property purchases are a myth; the real figure is closer to 5%. The agents have urged buyers to do their own research into the buying costs of the individual property they plan to purchase.