Latest investment in the Eastern Algarve

Good News for Property buyers in the eastern Algarve, Ria shopping has just opened in Olhão, it’s an investment of over 30 millions and occupies an area of 9 thousand square meters, and it’s about 15km from Tavira. The RIA Shopping is divided in 6 floors 3 under ground witch caters for parking for 1100 cars, and the 3 above. This centre has 80 stores that include a supermarket, food, fashion. It has 3 cinemas one of them it’s a 3D the first in the Algarve, to open 7 days a week.

The centres motto is “LET YOURSELF BE SEDUCED”

So! When you next visit Algarve and preferably, are visiting your property in the Eastern Algarve, you now have the comfort and convenience to shop in Olhão and do not have to go halfway across Algarve to Algarve Shopping Centre.

Finally to those thinking of purchasing in Tavira , Taviras own Shopping Centre is nearing completion and should be ready for you during this coming summer.

The bottom line is, Eastern Algarve is the place to be!!

Written by the Algarve Team

What to expect from a viewing trip to the Silver Coast of Portugal

A viewing trip is usually between 3 and 5 days. One of our Sales Representatives will meet you at the airport and take you to your hotel. This Sales rep. will be the person responsible to guide you throughout your tour.

Where to buy?

One of the first things that you need is knowledge on the different locations according to the type of property you intend to acquire. Your representative will take you to different locations giving you a guided tour of the city or village, taking you to the nearest beach and any other places of interests. He will show you 1 or 2 properties in every location that you like, usually the best ones available within your budget. It is essential you see these properties to enable you to familiarise yourself with the value of property in a specific location. The most important thing is for you to choose which location you like best and, consequently, where you would like to buy your house. So if we do our job well, at the end of the first or second day you will be able to tell us where you want to see more properties.

What to buy?

There are no 2 properties alike but since there are not two persons alike either, I seriously believe that there is a buyer for every property. What you might classify as a “no way” someone else will consider their perfect property.
There is always some give and take when choosing property. You can be close to everything but get less value for your money, or you can be reasonably close and get a better house. For lifestyle clients this is always a difficult decision. Investment-wise, and especially when you are buying to rent, it is clear that a central location becomes a must.
When viewing property in a specific location we aim to provide you with as much information on that location and surrounding area as we can to enable you to make a knowledgeable and wise decision.

How to buy?

There are two other important stages that we will cover.

We will advise you to use a bilingual law firm and, if you don’t have any contacts here in Portugal, we will suggest one that has worked with our clients for several years. They will be working on your behalf and we will take you to meet them so that they can explain the buying process to you, including the costs involved.

In the eventuality that you require a mortgage, we can take you to a branch of one of the biggest banks here in Portugal so that you can speak with them in person. We also work with a mortgage adviser that can do a simulation on the spot and get pre-approval from the bank.

By the end of your tour you will have all the required information in order to enable you to reach your decision. Since Portugal is a great unspoilt country with so many advantages, such as proximity, weather, food, friendly people and much much more, I’m sure you will agree it is a great place to live and visit more often.

Buying and selling property, when is the best time?

People have always bought property when the market is growing, or even booming, but the reality is that markets are roller coasters and it is in times like these that you can make good money in the property market.

• When to sell
The best time in the market to sell property is, of course, when prices are high but how do you know if its not going to rise even further? This is what everyone wants to know and it pays to be realistic regarding the value of your property, what you paid for it and how fast it has appreciated in value (capital growth). Remember it is only a gain when you actually sell it - otherwise it is just a potential gain and it can fall fast! Waiting for signs of depreciation is never a good idea. Usually you will only know after a few months and by then the supply is growing fast and prices are dropping.
My advice is to set a target and sell once you have reached it. Remember, greed can lead you to miss the opportunity of a very good sale. Set a value target and a time frame.

• When to buy
The same logic is applied here – the time to sell is when there is a downward trend, like now. Markets have fallen, prices are low and it is impossible to lose money. Markets can still depreciate but not significantly and once the market starts picking up it can still take a few months to know whether you have benefited. If you wait for the market to start picking up you will miss the best and fastest growth.
In the current situation, market prices are incredible and developers are actually loosing money by selling but they need to keep working and for that they need cash flow.

• Silver Coast of Portugal Market
I work in the Silver Coast of Portugal and I have seen deals that were unthinkable three years ago. Properties that are being sold far below their real value in plots worth half of the selling price. Clients that came out wanting to buy second-hand houses because they thought they could get more for their money, have ended up with new properties far better than what they initially where looking for on the resale market.

In my honest opinion the market is already changing as there is less supply, with some developers already holding out for the asking prices, instead of selling for lower prices but this is something to confirm 3 months from now.
Portugal has a solid banking system and here you can still get a mortgage, as long as the property value is right and you have a steady income. Banks are lending up to 80% of the valuation on the property, subject to certain conditions and after assessing your financial situation.

All this to state that if you dreamed of a second home in Portugal and you didn’t buy two years ago, you belong to the lucky few that can now get a bargain and appreciate a great investment as well as a great country.

Portugal Property Blog

Prestige Portugal is about to launch The Portugal Property Blog stay tuned for the official release of our new communication platform.
We will be blogging about the Silver Coast, the Lisbon Coast, and the Algarve.
Feel free to contribute with ideas, comments, suggestions, etc...