Was in the bank today and chatting to the manager thoughts turned to the property market.
It’s basically dead. He’s completed 3 transactions so far this year: as opposed to his normal 3 or 4 a month. ERA and Remax, the two big estate agent chains, have closed at least half their places. The banks have repossessions coming out of their ears.
The real problem is finance. This bank, a national one, is looking for 60-75% deposits. Essentially, not even worth trying to aim for. Either you’re a cash buyer who downgrades a little or you don’t bother.
I’ve seen one place, not quite in the golden triangle, but close to it. In the Vilamoura/Boliqueme area at least. Down from 950,000 asking to €299,000 just to get it away. 4 bed farmhouse on decent sized garden (English country garden size, 1/2 acre). The only thing even slightly odd about the place is that water is from a borehole, not mains. But that can be an advantage if you actually want to water your garden.
If you’ve ever thought about wanting a holiday place, or even something a bit more than that, down here in the Algarve then now is a really good time to be looking. If you’re a cash buyer that is.
Some quite astonishing deals out there from pressed sellers. Haven’t really bothered to look at flats but wouldn’t be at all surprised to find 1 bedders in town going to €40k or a little more.
If there actually is anyone in the market I’m sure we could come to some sort of a deal over our (actually, my mate) doing a search around the bargain bins for you.
Ruins in the country at €20 k (but that’s deep country), flats in town at €40k and above, entire villas (no, not just townhouses, proper villas) near the sea and the golf at €250k and up seems possible with a lot of digging around to see who really has to sell.
Just through having been here a long time we know the builders (indeed, my mate is one), maintenance people etc. Even, though whisper this quietly, who to bribe and how much to get planning on the swimming pool you want and all that.
Hmm. Perhaps this is something that should be thought about a little more? Given that we do in fact have all the knowledge to be property buyers for people?
If, that is, there is anyone actually looking for property down here. Which is rather the point of this post. Halloo?