Rorypens

Hi,

I wonder if anyone can offer me some advice on the "standard" wiggle room on prices in the western Algarve? By "wiggle room" I mean that in certain markets the property agents will say "you can safely offer 30/20/10 % below asking price". Is there much "wiggle room" in western Algarve price in your opinions?

I am looking at detached pool villas around 500k euros.

Thanks for any insights/oipinions you can share. Indeed for any insights into the pricing of property in the area.

Shanorme

We tried but the sellers were not willing to budge much at all. Less than 5% off.

Shanorme

To be fair though, the bank valued it at within 3k of the price we paid.

I get the impression the sellers had already dropped the price massively before we viewed it.

Moses2013

Can't comment on the Algarve alone but it's no different to any other place and if you don't ask you don't know. But unless people are desperate to sell, they will never drop the price and especially in your price range (500K), this could be important:

It’s not uncommon to see firms offering properties to Golden Visa applicants for the convenient sum of €500,000 that in reality is barely worth €400,000-€450,000.

dingg

There isn't a real answer to the question.

It all depends on the circumstances of the seller.

We tried and tried to come to a deal with a Portuguese gent to buy his house but he wasn't budging at all, his house is still for sale.

A friend knows a house for sale in her street has been for sale for 5 years at the same price, it seems to me to be quite attractive now and was on our list but we were lucky to buy from a French fellow who just wanted out and we negotiated a good discount.

Eta this is Leiria and not the Algarve.

liveaboard

When we bought our house, they dropped the asking price 10%.
The brother in law next door wouldn't drop his by a penny; he held for 10 years as the 'crisis' came and went, then he got his price.

So there is no standard. It's real bargaining, where you do your research, face off, bluff, offer, counter.

Have fun!

Rorypens

Thanks everyone ;+)

GeniB

The property market is booming in the Algarve right now ,and as is the usual case owners are, if not greedy ,at least looking to get top prices for their properties ,often regardless of condition or position etc. There is therefore very little 'wiggle room' to be had in general.. However there will always be someone who needs to sell..and someone with ready cash who can buy .This is where the deals are to be had,No point in trying on a property that's in a very desirable area ,or condition .Portugal is not in the same category as Spain,owners often do not need to sell,can hang on until they get the price they want, or simple take it off the market as our neighbours did two years ago, when they couldn't get the price they wanted. They then knocked it down and have built a very modern house in its place.

chislenko

Sometimes people don't help themselves. There is an apartment for sale in our block (British owners, a holiday home) and they are asking a completely nonsense high price for it.

Local estate agent is doing his best, bringing loads of people to see it but they all say no!

To me if they just stick it out for this high price the owners could have it on their hands for years paying all the associated running costs. Why not price it realistically and get it gone. Although none of us have a crystal ball selling it a bit cheaper when the pound / euro was nearly at 1-1 would have seen them turn a profit when they sent the money back to the UK.

liveaboard

Some years ago, a ruin was sold near me for 250,000.
Madness I said; what sort of moron would buy a ruin for 250,000??
He just sold it for 495,000. Not a stone has been moved.

Next to it, a villa is for sale for 425,000, which also seems way too high. It's owned by 2 economists who work for the central bank.

So maybe they have a better grasp of the market than we do.