Text by Cerro Novo Properties
Since 1981, Cerro Novo has seen incredible change in the Algarve real estate market. Even in the challenging times, we’ve continued to invest in our people, premises, and technology to stay one step ahead of the market. With the dedication of our in-house team, plus a large network of associated professionals supporting clients before, during and after the property purchase or sale, Cerro Novo continues to see high volumes of enquiries from regional and international Clients.
As we head into 2024, the stuttering worldwide economy plus the imposition of local market headwinds such as tighter AL legislation and the potential conclusion of the NHR regime will ultimately result in a changing real estate landscape for our clients. Looking positively, change within our sector always provides new opportunities for buyers and sellers. These wider market moves have also led to an increase in property availability for the first time in over four years. This really is a good time to buy.
For buyers, a return to owner residence means your neighbours will more likely be people who simply love Portugal, our lifestyle and who wish to set up a long-term home here. With both D3 and D7 visas offering immense flexibility in longer EU stays and travel, the Algarve remains a relocation and retirees dream destination.
For investors, new licensing regulations mean that apartments within touristic condominiums and some townhouses are in high demand and offer excellent short term rental opportunities. Buy to let properties for longer term investments (passive income) are also a burgeoning market in the Algarve, especially in town centres and near good transport links.
For sellers, changes to local letting legislation means that larger villas and some townhouses are very much in favour. Apartments and townhouses within touristic condominiums also remain in high demand. Apartments in residential condominiums, especially those in coastal or convenient locations are also highly sought after by buyers looking for a premium, secure bolthole.
We invite you to visit our offices at Cerro Grande (in between Albufeira’s Old Town and the Marina) six days a week, right through the 22nd December. During the festive season, we will be online, and our team will be available to answer enquiries and pre-book viewings throughout. Our office reopens as usual from Tuesday 2nd January.
Make 2024 the year to make the move to a new way of life, here in the glorious Algarve. In the meantime, let us be the first to wish you and yours a Merry Christmas and a Happy, Healthy New Year.