By BART VAN LINDEN [email protected]
Bart van Linden is a director of Exclusive Algarve Villas, a local real estate company focused on selling high end properties and investment related real estate throughout Portugal.
With the New Year, many potential property buyers will start browsing again in the hope of fulfilling their dream of owning a property in the sunny south…..of course, at a discount!
Most European countries have now exited recession or, like the UK, are on the way to a slow exit. It is expected that 2010 and 2011 will be the years of recovery.
With confidence slowly returning to the markets, the tourism and real estate sectors are expected to recover, although, most likely, this will be in 2011 while 2010 will be a year of mixed factors.
What we have seen so far in Portugal is an interesting buyers’ market through most of 2008 and 2009.
2010 will see the luxury property sector slowly recovering. This year, retirees, experienced investors and cash rich lifestyle buyers will be making up the majority of the buyers’ market and they will be looking to pick up deals.
Discount, discount, discount, location and construction quality seem to be what ‘recession buyers’ are after at the moment. A well located, quality built property in a desirable location for an attractive discounted price should, in 2010, attract a buyer.
In 2009, there was a huge gap between what a vendor wanted to receive and what a buyer wanted to pay. Vendors still seem to have very high expectations of getting an overpriced property sold in a distressed market. Buyers, on the other hand, seem to be looking for massive discounts that simply cannot be found in Portugal.
But after a lot of rain, sunshine will slowly come back and the Algarve will remain a desirable location for buyers looking for quality instead of quantity – and all that is available in 2010 at a reasonable price. Sunshine and a relaxed lifestyle are still free!
Best wishes and good health for 2010.
Bart van Linden can be contacted on 282 353 019, 912 826 969 or email at [email protected]