In the current market, there are a number of vendors who, for various reasons, will want to achieve a ‘quick’ sale. Although not easy, it can still be done!
The real estate market in Portugal, and the Algarve, has taken some hits and been affected by a general lack of confidence from foreign investors.
Yet, what we have seen over the last six months or so is that the savvy investors have returned to the region and are picking up super deals in prime locations.
Many buyers in the current market are working on a middle to long term plan, meaning they will use the property for private/holiday use, perhaps rent it out during a few months to cover the running costs and in five to 10 years’ time, once Europe has stabilised and markets recovered, to sell the property again with a profit.
The buyer’s markets have definitely changed from the bulk UK/Irish buyers to the other Northern European markets. As real estate agents, we deal with many nationalities and we can see the differences in the property set up, and how they are maintained, but also how clients from a particular country judge properties.
The blue and pinkish colours you will find in a lot of properties decorated by UK buyers will more than likely not appeal to the Dutch for example. There are many ‘features’ in a certain property which will attract a certain nationality but will put others off completely.
To sell in this market, the property should preferably be decorated in a neutral tone, so that potential buyers can see themselves living in it.
If the property needs some maintenance/updating, we recommend this is done, within limits of course, so the property looks presentable.
Then, last but certainly not least, the price.
The current market is very much price driven, the location (town/area) in the Algarve where the property is located is of a much lesser importance then pre-recession.
To put the right price on your property is vital for attracting visits and offers. If priced too high, you are unlikely to get much response.
Current buyers are looking to buy at very ‘sharp’ prices to cover themselves against a further drop in price and increase the potential gain when selling in the future.
When receiving what you consider a low offer, it is often worth reconsidering as the next offer could be lower. In fact, your first offer is very often the best offer.
Bart van Linden can be contacted on 282 353 019 or email
