Have property prices dropped in Portugal ??
Mar 4th 2013, 7:11 am
#61
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Re: Have property prices dropped in Portugal ??
Not wishing to knock anybody at all but just over the bridge from Portugal is Ayamonte and Costa Esuri both of which have masses of unfinished projects......
Speaking from a personal point of view, my brother has discovered that his house and land in Spain are illegal projects even though he has full legal documentation. I think Mike has a point. I don't know of anyone in that situation here in Portugal.
But anyway, back to the actual topic. The answer is 'Yes'.
Speaking from a personal point of view, my brother has discovered that his house and land in Spain are illegal projects even though he has full legal documentation. I think Mike has a point. I don't know of anyone in that situation here in Portugal.
But anyway, back to the actual topic. The answer is 'Yes'.
Last edited by The_Hog; Mar 4th 2013 at 7:13 am. Reason: spelling
Mar 4th 2013, 7:32 am
#62
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Re: Have property prices dropped in Portugal ??
You obviously cant see very far then .... I wonder where on earth you have been in Spain to see this "dismalness". Its certainly fine where I am, and having travelled Spain a lot I fail to see how it can be generalised like that ... hope this aint going to be a knock Spain part of the knock Portugal thread 
Costa Esuri has been mentioned. It is like an abandoned film set. Must be miserable living there. Almost buy one get one free
I am sure there are areas of Spain that have faired better but I can only comment on what I see.
Mar 4th 2013, 8:16 am
#63
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Re: Have property prices dropped in Portugal ??
Not wishing to knock anybody at all but just over the bridge from Portugal is Ayamonte and Costa Esuri both of which have masses of unfinished projects......
Speaking from a personal point of view, my brother has discovered that his house and land in Spain are illegal projects even though he has full legal documentation. I think Mike has a point. I don't know of anyone in that situation here in Portugal. http://smileys.on-my-web.com/reposit...confused-2.gif
But anyway, back to the actual topic. The answer is 'Yes'.
Speaking from a personal point of view, my brother has discovered that his house and land in Spain are illegal projects even though he has full legal documentation. I think Mike has a point. I don't know of anyone in that situation here in Portugal. http://smileys.on-my-web.com/reposit...confused-2.gif
But anyway, back to the actual topic. The answer is 'Yes'.
Trouble with Spain was that many people came here and bought cheap without a solicitor ... what on earth could they expect!
Mar 4th 2013, 8:25 am
#64
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Re: Have property prices dropped in Portugal ??
Can we get back on topic now?
Mar 4th 2013, 9:51 pm
#65
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Re: Have property prices dropped in Portugal ??
There are gadzillions of bank repossessed properties for sale in Portugal.
In 2011, nearly 7,000 Portugal properties were handed to banks in Portugal due to the owners’ financial difficulties. This number was up by almost 18 percent over the total number of home and land parcels handed back to banks in 2010.
I expect the figures for 2012 and 2013 will show a very large rise on these numbers.
Note these numbers do not indicate the total number of full paid up properties which their owners are desparately trying to sell at hugely discounted prices.
In 2011, nearly 7,000 Portugal properties were handed to banks in Portugal due to the owners’ financial difficulties. This number was up by almost 18 percent over the total number of home and land parcels handed back to banks in 2010.
I expect the figures for 2012 and 2013 will show a very large rise on these numbers.
Note these numbers do not indicate the total number of full paid up properties which their owners are desparately trying to sell at hugely discounted prices.
Mar 4th 2013, 10:35 pm
#66
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Re: Have property prices dropped in Portugal ??
There are gadzillions of bank repossessed properties for sale in Portugal.
In 2011, nearly 7,000 Portugal properties were handed to banks in Portugal due to the owners’ financial difficulties. This number was up by almost 18 percent over the total number of home and land parcels handed back to banks in 2010.
I expect the figures for 2012 and 2013 will show a very large rise on these numbers.
Note these numbers do not indicate the total number of full paid up properties which their owners are desparately trying to sell at hugely discounted prices.
In 2011, nearly 7,000 Portugal properties were handed to banks in Portugal due to the owners’ financial difficulties. This number was up by almost 18 percent over the total number of home and land parcels handed back to banks in 2010.
I expect the figures for 2012 and 2013 will show a very large rise on these numbers.
Note these numbers do not indicate the total number of full paid up properties which their owners are desparately trying to sell at hugely discounted prices.
However, there were over 103,000 orders issued for repossessions in England & Wales in 2012, and with a population of only approx 5 times greater than Portugal, statistics would suggest the UK situation is 3 times worse. However, the figures - no matter how accurate - only tell part of the story, a bit like a Daily Mail headline!
Mar 4th 2013, 11:51 pm
#67
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Re: Have property prices dropped in Portugal ??
......and this is one of the reasons why property prices have fallen!
However, there were over 103,000 orders issued for repossessions in England & Wales in 2012, and with a population of only approx 5 times greater than Portugal, statistics would suggest the UK situation is 3 times worse. However, the figures - no matter how accurate - only tell part of the story, a bit like a Daily Mail headline!
However, there were over 103,000 orders issued for repossessions in England & Wales in 2012, and with a population of only approx 5 times greater than Portugal, statistics would suggest the UK situation is 3 times worse. However, the figures - no matter how accurate - only tell part of the story, a bit like a Daily Mail headline!
Mortgage possession actions, October to December 2012
Possession claims issued: There were 14,130 mortgage possession
claims, continuing the downward trend since 2008.
Reference
Of course you can make up anything you like which supposedly supports you case. BAH!
Mar 5th 2013, 2:01 am
#69
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Re: Have property prices dropped in Portugal ??
As I said, figures only tell part of the story.
My source is the same as yours - but not all orders for repossessions are because of defaults on a mortgage. However, the England & Wales figures you give are, but only for a single quarter, whereas the Portugal figure you give is for a whole year. The mortgage figure for the whole of 2012 in England & Wales is 59876, which still compares favourably with your Portugal figure.
England & Wales repossessions have slowed down dramatically in the last 4 years, and I imagine that will reflect itself in the market value of UK properties. In Portugal you say they're increasing, and presumably that will be reflected in property values too. But as I said before, the pound has also dropped dramatically against the Euro in the last 5 years, which will go some way to compensating UK owners who bought Portuguese properties prior to 2008.
My source is the same as yours - but not all orders for repossessions are because of defaults on a mortgage. However, the England & Wales figures you give are, but only for a single quarter, whereas the Portugal figure you give is for a whole year. The mortgage figure for the whole of 2012 in England & Wales is 59876, which still compares favourably with your Portugal figure.
England & Wales repossessions have slowed down dramatically in the last 4 years, and I imagine that will reflect itself in the market value of UK properties. In Portugal you say they're increasing, and presumably that will be reflected in property values too. But as I said before, the pound has also dropped dramatically against the Euro in the last 5 years, which will go some way to compensating UK owners who bought Portuguese properties prior to 2008.
Mar 5th 2013, 2:34 am
#70
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Re: Have property prices dropped in Portugal ??
[England & Wales repossessions have slowed down dramatically in the last 4 years, and I imagine that will reflect itself in the market value of UK properties. In Portugal you say they're increasing, and presumably that will be reflected in property values too. But as I said before, the pound has also dropped dramatically against the Euro in the last 5 years, which will go some way to compensating UK owners who bought Portuguese properties prior to 2008.[/QUOTE]
A figure quoted on last weeks TV News was average 28 per day
Auction prices of repossesions are sliding as well.
A figure quoted on last weeks TV News was average 28 per day
Auction prices of repossesions are sliding as well.
Mar 5th 2013, 4:21 am
#71
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Re: Have property prices dropped in Portugal ??
Why bother but here goes, 7800 is not gazillions , Mnay of the bank repossesions are not p[rivate homes but are infact take backs from developers where the loan to sale value is high and as such the Bank cannot afford to discount the price. Example. I was shown properties on friday now in the hands of a bank where the price they want is higher than the prices the developer last offered. The banks can offord to sit on their property stockpile as in their balance sheets a loan is now an asset.
The law has also changed in favour of the private owner making it harder for banks to reposses.
What could affect property prices in some areas are UK owners with no mortgage or UK loan taking advantage of the lower sterling value to cut prices for a quick sale.
So SR it is may not be the Portuguese who are to blame but your own countrymen, what are you going to do about that ???
The law has also changed in favour of the private owner making it harder for banks to reposses.
What could affect property prices in some areas are UK owners with no mortgage or UK loan taking advantage of the lower sterling value to cut prices for a quick sale.
So SR it is may not be the Portuguese who are to blame but your own countrymen, what are you going to do about that ???
Mar 5th 2013, 4:30 am
#72
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Re: Have property prices dropped in Portugal ??
Yes ,prices have dropped and will continue to drop .
We are being told here in Ireland that we have reached bottom ,but its not true .Unemployment,emigration and austerity have crippled the economy and the same will happen there . Small shops will close and the boarded up fronts will become eyesores and lead to the closure of more and more stores . Its a knock on effect .-fewer visitors ,spending less,restaurants,bars cafe's closing ,property prices falling . Electricity and water charges rising ,Tolls . Car hire more expensive .
On the bright side 1) If you are looking to buy ,go for it . Great deals to be had . 2)Great people,great weather ,great lifestyle.
3)Still cheaper to live there than in UK,Italy, Germany etc. 4)The price you pay is what the property is worth to YOU ,not its market value .
We would lose a substantial amount if we had to sell it ,but we dont dwell on that . We enjoy every minute we spend there,and thats all that matters
We are being told here in Ireland that we have reached bottom ,but its not true .Unemployment,emigration and austerity have crippled the economy and the same will happen there . Small shops will close and the boarded up fronts will become eyesores and lead to the closure of more and more stores . Its a knock on effect .-fewer visitors ,spending less,restaurants,bars cafe's closing ,property prices falling . Electricity and water charges rising ,Tolls . Car hire more expensive .
On the bright side 1) If you are looking to buy ,go for it . Great deals to be had . 2)Great people,great weather ,great lifestyle.
3)Still cheaper to live there than in UK,Italy, Germany etc. 4)The price you pay is what the property is worth to YOU ,not its market value .
We would lose a substantial amount if we had to sell it ,but we dont dwell on that . We enjoy every minute we spend there,and thats all that matters
I liked your post. I think its very accurate.
regards
Mar 10th 2013, 12:07 am
#73
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Re: Have property prices dropped in Portugal ??
Yes, Portugal has been very badly hit by the recession, and is inflicting further serious economic damage upon itself with its policy of economic austerity. Dare I say, trying desparately to remain a member of the Eurozone is complete economic suicide for PT, as it for Greece.
The holiday and retirement home property market has crashed badly, more than in the UK, by as much as 35% over the past 4 years, in euro values. Deduct from that the very heavy resale costs [legal and estate agent fees] and local resale taxes, and buyers have shunned PT in their thousands, and there are vast numbers of empty unused properties for sale, awaiting buyers. Pretty much the same as in Spain. Perhaps there are bargains to be found with many thousands desparate to sell. But inquire after all the hidden or unmentioned costs of running a property: IMI, Condominum charges, internet and telephone costs, water, gas, electricity, fiscal representation, rental taxes if you want to rent, etc. etc.
To cap it all, PT is one of the most expensive countries in Europe in which to own and run a car. Eating out is not cheap, or not as cheap as it used to be. Inflation has been high over the past three years in euro-terms, and high VAT charges all make PT, as a holiday destination, not really competitive anymore, at least for Brits, who have been further knocked badly by a 20% devaluation of the pound. But come here to make your own mind up about this. Gone are the days when PT used to provide bargain holidays.
The holiday and retirement home property market has crashed badly, more than in the UK, by as much as 35% over the past 4 years, in euro values. Deduct from that the very heavy resale costs [legal and estate agent fees] and local resale taxes, and buyers have shunned PT in their thousands, and there are vast numbers of empty unused properties for sale, awaiting buyers. Pretty much the same as in Spain. Perhaps there are bargains to be found with many thousands desparate to sell. But inquire after all the hidden or unmentioned costs of running a property: IMI, Condominum charges, internet and telephone costs, water, gas, electricity, fiscal representation, rental taxes if you want to rent, etc. etc.
To cap it all, PT is one of the most expensive countries in Europe in which to own and run a car. Eating out is not cheap, or not as cheap as it used to be. Inflation has been high over the past three years in euro-terms, and high VAT charges all make PT, as a holiday destination, not really competitive anymore, at least for Brits, who have been further knocked badly by a 20% devaluation of the pound. But come here to make your own mind up about this. Gone are the days when PT used to provide bargain holidays.
Mar 10th 2013, 1:09 am
#74
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Re: Have property prices dropped in Portugal ??
S.R i think you've really been the only truthful peep on this site! we used to stay at the "pestana palace" in lisbon,a really nice hotel,but we've stayed in the city centre once,and the hotel was good,but looking to return for a weeks break in late spring i started looking at hotel prices,and i kid you not i did'nt even look for flights, PORTUGAL get real your priced 35% too high,get out of the EUSSR,get back your currency and get your country back to work, i wont be suprised if the thought police delete this answer.
Yep, you will be confronted by the expat thought police on this forum, as I have been.
Good luck, and don't be dismayed! Remember there are many thousands who read your comments, even if they don't reply to them.
Mar 10th 2013, 3:04 am
#75
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Re: Have property prices dropped in Portugal ??
S.R i think you've really been the only truthful peep on this site! we used to stay at the "pestana palace" in lisbon,a really nice hotel,but we've stayed in the city centre once,and the hotel was good,but looking to return for a weeks break in late spring i started looking at hotel prices,and i kid you not i did'nt even look for flights, PORTUGAL get real your priced 35% too high,get out of the EUSSR,get back your currency and get your country back to work, i wont be suprised if the thought police delete this answer.
