Portuguese properties
 

I've been looking at properties for several months now and have just tormented mysel further today. I'm sure they have increased in price in general. Does it seem like that to those of you living in Portugal.

Re: Portuguese properties
 

https://cimg5.ibsrv.net/gimg/british...67e4bbf47a.png

Actually moderated over the last few months of pandemic but until then "Yes" steady increase

Re: Portuguese properties
 

Yeah, prices seem high to me, especially in comparison to Spain. I think there's been a lot of increase over the past few years, and from conversations with agents the market has remained buoyant even with COVID.

Re: Portuguese properties
 

When I first started looking prices started lower than they seem to now for what I'm looking at. That's only over the last few months.

Re: Portuguese properties
 

Don't forget that these are asking prices and have you actually made an offer? Depending where you are looking, it's pretty normal to knock off 50% from the asking price. This is the same in Spain but Portugal does seem to have less choice, so prices can be a lot higher.

Re: Portuguese properties
 

If you are waiting for the prices to reduce I think you will have a long wait.

We are hardly in a position to complain about it, but the sad fact is that the housing market, certainly in the areas such as Algarve, Lisbon and even Porto, is driven largely by foreigners who have pushed up prices to where they are. You can still find somewhere fairly cheap ( like 50 grand or less ) in out of the way villages in the North , Centro, and maybe nearer the border. And actually there may be some very nice villages and houses there, if you don't need or desire proximity to the big lights.

It doesn't help that you have utterly mad ideas infecting the Governing Classes such as the Golden Visa, offering residency to foreigners who 'invest' half a million in a house. Just as with the same madness in the UK Government encouraging Russians and others to 'invest' in London property with their dirty money it damages society in multiple ways at the same time : helping to push prices beyond the reach of locals, and at the same time bringing undesirable people and their families into the country setting up trouble for the future.

Re: Portuguese properties
 

You'll be fortunate to be able to get something at half advertised price, unless the vendor is totally detached from reality on the asking price, we found Portuguese owners very reluctant to negotiate on a reduction, and one house in a friend's area has just sold after 7 years on the market at near the asking price which they never dropped in that time period.

They got there in the end but only when the price was a true reflection of the current market. 🙄

Re: Portuguese properties
 

I'm not esdpecially waiting for them to reduce, it's just seems that they've increased during the pandemic. I'm not even looking at the Algarve, Lisbon or Porto.

Re: Portuguese properties
 

We won't be making an offer until next year. The intention is to come before the deadline, rent and get residency and look at leisure.

Re: Portuguese properties
 

Well out of interest where are you looking and what do you consider high / increasing ?

I would be surprised if the prices are increasing in remote villages in Alentejo, Trás os Montes and so on.

Last time I looked there were some spacious looking apartments in Guarda for 50 grand or less. And actually that seemed like a really nice city to me, with some decent cultural options, as well as a train station.

Re: Portuguese properties
 

It really depends but most people try their luck, especially in countries like Portugal and Spain. It's a different story in cities like Lisbon and families who inherited won't sell quickly but we're in a crisis.
People are losing jobs and many have to sell their weekend homes. The situation was similar in 2012 and we knocked another 30% off the land in Spain, although it was already a realistic price.
In more touristic areas quite a few Portuguese hope the foreign buyer will come along but would actually sell cheaper.

Re: Portuguese properties
 

Next door the old farmer held his price from 2008 until 2018; buyer was a Portuguese family who now resides there.
I've never heard of anyone in this area ever getting a significant reduction off the asking price.
During the crisis unsold developments [apartments + villas] were going for really low prices as banks were lumbered with them after foreclosures.
Like new coastal apartments at 50,000 and new villa with pool at 200,000, barely covering construction costs.
In the last few years, prices have buoyed up again, and if the Covid crisis has any effect it's hard to see.
So far.

Re: Portuguese properties
 

Well this was last year:

The average price of property rocketed by 15.4 percent in the space of a year in Portugal. But while real estate continues to result in relatively decent profits for sellers, new data also indicates that their expectations of the property’s worth and its actual selling price have widened further this past year.

Expectations in Portugal are usually that a potential buyer of property will offer less than the price listed by the seller.
A decade ago, prior to the economic crisis, the so-called buyer-seller expectation gap stood at around 10 percent.

But since the onset of the well-documented property market boom, sellers appear to have even greater unrealistic prospects of their property’s actual value.

In Lisbon, this differential between buyers and sellers has now climbed to 22 percent, while in Porto, this figure has risen to as high as 30 percent.

These values are calculated by comparing declared values once property deeds are signed against values contained on the Residential Information System, showing listing prices.

In my opinion it doesn't cost anything to ask.

Re: Portuguese properties
 

I agree.. very much doubt you would get 50% off a property in Portugal,possibly in Spain but not here.It's not in the Portuguese mindset to haggle over a price. Even on 2nd homes that they only use once/twice a year they are very likely to just stay with the property rather than sell.
You might get reductions in tourist areas where expats want to get rid of a second property,but then they are more expensive than the central/north areas.
We bought in the Central area.We did get a reduction off the already reduced price but that was because the seller had already bought himself a property in Lisbon and wanted to move.( they were also Portuguese Canadians).

Re: Portuguese properties
 

Well as always it's all about timing and location. Right now it's becoming a buyers market again, so this is all just speculation like the property market in general. Of course those wanting the perfect property and not willing to do a bit of work will have to spend more. I have to admit that I once also listed our land on a British website just to test and valued it around 200% above what it was worth at the time LOL.