Buying in the Algarve Portugal

divjoy

Hi,

Were interested in buying a 1 or 2 bed bed apartment with shared pool in the Algarve for our retirement in a few years.

We've been to Portugal a lot and really love the Albufeira and Olhus d'Aqua areas but would consider other areas such as Lagos and Alvor.

From the research I have done so far property can be pricey, although there seems to be a fair number of bank repossessions still coming up.

Anyways has anyone any advice or stories of their experience of buying in the Algarve, what to watch out for the pitfalls etc.

Costs wise there seems to be a lot of people involved in the process. A firend recently bought a property in Ireland for €160K and his sols fee and stamp duty fees totaled €5k, in Portugal for the same price, its more like €10K!

Estate Agents have the prices marked well up yet there are ten of thousnads of propeorties for sale in the ALgarve and we are wondering if there is much room for negotiation on the prices?

All help appreciated
G

ctlsleh

divjoy wrote: »

Hi,

Were interested in buying a 1 or 2 bed bed apartment with shared pool in the Algarve for our retirement in a few years.

We've been to Portugal a lot and really love the Albufeira and Olhus d'Aqua areas but would consider other areas such as Lagos and Alvor.

From the research I have done so far property can be pricey, although there seems to be a fair number of bank repossessions still coming up.

Anyways has anyone any advice or stories of their experience of buying in the Algarve, what to watch out for the pitfalls etc.

Costs wise there seems to be a lot of people involved in the process. A firend recently bought a property in Ireland for €160K and his sols fee and stamp duty fees totaled €5k, in Portugal for the same price, its more like €10K!

Estate Agents have the prices marked well up yet there are ten of thousnads of propeorties for sale in the ALgarve and we are wondering if there is much room for negotiation on the prices?

All help appreciated
G

Just wondering how you got on and if you have any advice you could share?

Marcusm

I bought a house in central Algarve which completed in December. In typical fashion, the vendor was also Irish. We saw about 20 places on that occasion (having seen 10-15 on a trip in 2019). Estate agents are very variable, even more so than my Irish experience. The one we bought though was absolutely excellent, knew a lot about local properties, could identify limitations (lots of planning irregularities, some major some minor). Legal process is typically involved as it’s a civil law jurisdiction. Costs are approx 8% when account is taken of legal fees, inspection fees, transaction taxes (incl non-habitual residence/second home tax).

What locations are you considering?

ctlsleh

Marcusm wrote: »

I bought a house in central Algarve which completed in December. In typical fashion, the vendor was also Irish. We saw about 20 places on that occasion (having seen 10-15 on a trip in 2019). Estate agents are very variable, even more so than my Irish experience. The one we bought though was absolutely excellent, knew a lot about local properties, could identify limitations (lots of planning irregularities, some major some minor). Legal process is typically involved as it’s a civil law jurisdiction. Costs are approx 8% when account is taken of legal fees, inspection fees, transaction taxes (incl non-habitual residence/second home tax).

What locations are you considering?

Thanks, would you mind sharing any estate agents you’d recommend?
Also looking in central Algarve, preferences would be Vilamoura, go,there a lot,for holidays and stay at the Hilton resort, love it there

Marcusm

ctlsleh wrote: »

Thanks, would you mind sharing any estate agents you’d recommend?
Also looking in central Algarve, preferences would be Vilamoura, go,there a lot,for holidays and stay at the Hilton resort, love it there

Vilamoura is where I bought, on one of the roads behind the Hilton with South American names. I have also stayed at the Hikton as my brother and family have been going there for years.

The agent we bought through also does holidays, rental management and refurbs. He is a straight talking, no nonsense Dutchman who has been there for 25 years. The office is in the same complex as Willies/Cafe del Arte right behind the Hilton. If you can’t find the name, ask for a PM (don’t think I can name on thread).

Not sure what you are looking for. Our main search was at the back end of last summer (when flying was permitted, before anyone asks). The sales market has, apparently, picked up although rentals are still at a snail’s pace. Bedrooms, bathrooms, apartment versus house? Own pool vs shared pool? Need local finance or not? All important due diligence to do in advance.

Belkin1975

https://www.boards.ie/discussion/comment/116810794#Comment_116810794

I’m thinking on buying in Vilamoura. Do you rent yours out?

Marcusm

https://www.boards.ie/discussion/comment/119913681#Comment_119913681

No but a lot of people do. Most/many of the estate agents do management too. Be careful would be my advice. From what I have seen over the past two years a lot of informal and formal rental arrangements come a cropper, especially where the holidaymakers are Portuguese. Not unusual to get 10 in a 2 bed and 15-20 in a small 3 bed irrespective of what limits you try to put. If it’s purely commercial you may not care but if you use it yourself prepare to be despised by your fellow owners.

poker--addict

https://www.boards.ie/discussion/comment/119913681#Comment_119913681

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beertons

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