The latest Quinta Properties quarterly market update revealed that within the midst of global economic turmoil, Quinta do Lago once again proved itself as a sound property investment and safe haven amid the uncertainty.
In fact, business has been brisk so far this year and Quinta Properties, the Savills associate agent, confirmed that it is selling more houses than last year – sales are up 17% from 2009.
Meanwhile, the average sale price for Quinta do Lago villas (excluding apartments and small town houses) also rose in the quarter April to June by 5.7%.
“The majority of buyers are UK residents, who represent 63% of purchasers. Given this dominance, and the improving Sterling, the trend is expected to continue,” said Quinta Properties owners Alison Buechner Højbjerg and Kerstin Buechner Dias.
Alison added: “Despite the good news that average monthly sales are increasing, we cannot advise vendors enough that it is the homes that are in top condition that prove most popular with buyers.
“The global recession has seen a more cautious buyer emerge, one who is buying to use the property themselves over the medium to long-term. As a result, they are seeking a safe, top-quality investment. There is a lot of choice on the market and with so much choice buyers are going for the best properties.”
However, the fact that prices have remained relatively stable at the top-end of the market in the year-to-date also demonstrates the financial strength of Quinta do Lago vendors, according to Quinta Properties.
Forced sales have not been a feature of the local market. Therefore, while buyers are more discerning, they are finding that prices have not dropped by sizeable amounts.
Cash remains king in Quinta do Lago. Many buyers will still find mortgages slow to arrange throughout 2010.
Therefore, as seen in the first half of this year, vendors receiving offers from cash buyers should consider these seriously as mortgages are hard to obtain and at best very slow to arrange.
Quinta Properties also reported that increased sales will see a continuing shortage of premium beach front properties in the central Algarve for active, cash-rich buyers.
Kerstin said: ”Buyers are very keen for new, large luxury villas at the top-end of the market. There is now a shortage of such well-equipped, exceptional properties and this will continue.
“If you are considering selling and own such a property, please do contact us. Also, if you have the financial means and the interest, it would be very worthwhile to consider building such a project as an investment.”
Quinta Properties is a Savills associate agent since 1997. To contact Quinta Properties, please email Alison Buechner Højbjerg and Kerstin Buechner Dias at [email protected] or telephone 289 396 073. Alternatively, please visit www.quintaproperty.com to view a selection of properties on the Quinta Properties’ books.
