Where are the buyers going to come from?

shanagarry · Post by **shanagarry** » Tue Jul 12, 2005 5:43 pm

We have just returned from 3 heavenly weeks in our beloved Cvo - with a little conundrum giving us cause for concern.

On my drive to the Gym in CC every morning I was diverted all round the houses due to the considerable mains water pipe installation taking place around that part of town. On investigation it seems that new property development on a grand scale is about to commence.

I made my usual foray to all the estate agents in the village and noticed little or no change to the properties on offer - allbeit the numbers of estate agents seems to have grown in the 7 weeks since my previous visit.

If the existing properties are not being sold (and that could be down to unrealistic pricing) where are all the buyers for the new properties going to come from?

Portugal is no longer the 'inexpensive' place to visit and property is not too far away in price from UK levels - or am I missing the point?

What is constantly appealing are the people, the place and the environment - the day we buy our single ticket cannot come soon enough.

tricky · Post by **tricky** » Tue Jul 12, 2005 6:39 pm

The increase in the UK of people buying overseas properties or second homes has been phenomenal in the past three years. Many people have converted pension fund monies into overseas properties hoping for a better investment -lets hope it is. The leader in the overseas property market has been Spain for quite some while, but this seems to be changing. Buyers were lured into purchasing new build properties at reasonable prices, but due to over building and that fact that the original buyers now want to trade up, re-sale properties are now on the market alongside new build, the spanish property market is saturated and this is putting people off. Recently there has been a move to the baltic states,
croatia, bulgaria etc as well as Turkey and Cyprus, but people are finding out that buying property in these areas is not as easy as it seems.
Low cost airlines have also played a large part in fueling overseas property prices. It still amazes me however, that in the National Press each week there are numerous Ads for overseas properties all over the world, but very little for Portugal. Lets hope it stays that way, but what is better?, to see developments empty or sold?. The new developments in Tax pension laws in 2006, where you can offset your pension against property may fuel another property boom.

Guest · Post by **Guest** » Tue Jul 12, 2005 7:38 pm

I toally agree with tricky on this, if your thinking of buying, buy now. There are deals to be had! Property is a long term investment say 5-10 years. The rest of the EU particulary the germans and the Dutch will come back in at some point and that with the Brits and the Irish will spark off a bit of a boom. Remember that the closer the property to Carvoeiro centre, the better. Mike,Chislehurst

optimistic · Post by **optimistic** » Tue Jul 12, 2005 8:10 pm

As with most things it pays to shop around.

It is still possible to buy a good size 3bd ( 3 bath ) villa with pool ( albeit not on a holiday complex ( with all the associated charges ) for under 400,000 euros in the CVO area

Try buying something similar in the Uk for under 300,000 pounds.

Like for like Algarve properties although more expensive than spain, greece , turkey etc are still good value.

Which is why it was No1 last year.

Guest · Post by **Guest** » Tue Jul 12, 2005 8:26 pm

A three bed /Two bath (New) Villa near me in Carvoeiro single storey and right on the road..no land but a small pool..... .....just up from Colina village..........sold for almost 400K £ yes pounds..........so Villas are selling and it certainly is near to UK prices..........

guest too · Post by **guest too** » Tue Jul 12, 2005 9:57 pm

Remember that the closer the property to Carvoeiro centre, the better.

Better for what Mike - rowdies and traffic noise? Twenty-five years ago I might have agreed, but today give me the outskirts anytime.

widge · Post by **widge** » Wed Jul 13, 2005 7:40 am

Can you advise what this property development on a grand scale might include and whereabouts it is happening?

shanagarry · Post by **shanagarry** » Wed Jul 13, 2005 8:52 am

Widge

It is on the road that runs from where L'Orange restaurant is to Carvoeira Clube with the 'War Memorial' in the middle of the road and close to Boavista. I do not know the proper name for that area - as it has continually spread over the years and looks to be about to do so again.

optimistic · Post by **optimistic** » Fri Jul 15, 2005 8:20 am

when visting our plot in may we had numerous diversions getting to it due to the roadworks.

Our builder informed us that eventually all the properties in tha Boavista, Mateo Serrao areas with Fossas will eventually be on mains drainage.

He was not aware of any major developments in fact they are always looking for plost which are becoming harder to find.
The building work we have see is towards Pestana, vale of olives etc.
Although it is optimistic not to think that eventuallyall the CVO districts will merge into one and even link up with Lagoa ( just look at ALbufeira and Lagos )

shanagarry · Post by **shanagarry** » Fri Jul 15, 2005 9:11 am

Hi Optimistic

You will have seen the sign near to what we call the 'War Memorial' close to Boavista that tells you they are going to build Townhouses and Apartments adjacent to where the water drains are being installed?

Development of the area is inevitable for the reason that we have all bought property there - I have no problem with that as long as it is tasteful and has the infrastructure to support it.

My point, which was logically answered but still leaves me wondering if we are creating a new market for new buyers or just moving all the disaffected souls from Spain to Portugal - there is a significant difference. I for one sincerely hope it is the former. Should the latter group 'up sticks' and move to the Algarve we will then be subjected to their constant droning and whingeing about the Spanish Government taking away their ???? acres of land for development

kteee · Post by **kteee** » Fri Jul 15, 2005 9:20 am

The development is L-shaped, starting close to the Santa Maria statue, going around the back and side of Vila Nova, and emerging between Vila Nova and QDP.

The area was fenced off a few months ago and they started work a few weeks ago - not too noisy yet although it may get worse. I heard it is a development of 100+ townhouses/apartments with communal pool, shop, restaurant etc.

Pessimistic · Post by **Pessimistic** » Fri Jul 15, 2005 10:37 am

How are the sales for Carvoeiro Golden Club apartments/townhouses going around the corner?

Last time I was there it seemed they were having trouble shifting them. They were also going to be leaving the pool and other facilities until last, so wasn't much chance of renting them out in near future. What's the lastest?

Optimistic, I hope you not using the builder a friend of ours used in Mato Serao/Boavista area. The pool now has a nice big crack in it and the terrace looks like a lunar landscape.

He uses/recommends a lawyer, who is equally useless and so need I say more about the building contract and trying to get the problems reparied.

optimistic · Post by **optimistic** » Fri Jul 15, 2005 11:01 am

Thanks for info re new developments, will look for them when we are back in august.
As for builder quality so far so good, offer 10 year guarentee, but then so do they here in the uk !!!..
We have a lawyer unconnected to our builder.

We often pass the Boavista bar which does not appear to have opened for years.

Where does one go for a quick meal/drink it that area, cannot run to L,orange every night ???

kteee · Post by **kteee** » Fri Jul 15, 2005 12:08 pm

There is the restaurant at Vila Nova, plus the square at Monte Carvoeiro - otherwise it's the stroll down to Carvoeiro with a hike back up!

shanagarry · Post by **shanagarry** » Fri Jul 15, 2005 12:34 pm

The Boavista bar has a for sale sign on it - so it won't be opening for the foreseeable future.