Several surveys of the Algarve Property market and our own experience as a leading real estate agency in the region, show that the market has for the most part bottomed out.
In 2014 we witnessed the upward trend started in 2013; more enquiries, more offers leading to real transactions. Key purchasing motives have changed to primary residence and retirement related buying which together accounted for nearly 40 percent of transactions.
The top five purchasing considerations were: the price/value for money, lifestyle, product quality, running costs and the fact that the Algarve is only a couple of hours away from most European capitals.
Although the UK remains the main market with about 50% of all transactions, there is an evident increasing market demand diversification in the nationality of new buyers originating from countries such as Canada, South Africa, Switzerland, France, Russia, Sweden, Norway and Benelux.
Market demand has however been frustrated by pricing factors (vendors asking for very high prices wrongly believing that the good old times are back)), lack of finance and unreliable banks in addition to concerns about the Euro and the Euro Zone financial/political issues.
The next couple of years are certainly going to be very active as informed buyers keep on looking, offering and investing in the best properties.
We expect 2015 to be an excellent year in property sales in the Algarve, as our property consultants are already extremely busy with enquires and preparing visits for the first quarter, with potential investors still looking for good deals in reduced price properties and bank repossessions.
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