The overseas property market is changing rapidly – any glance at the newspapers in the UK will tell you that conditions are far from easy for buyers and builders alike. In order to survive, the industry will have to adapt and make sure that it is reaching the new parts of the market to attract the customers it needs.

The same goes for overseas property agents and developers, and given the recent scandals and hard times experienced on the Iberian peninsular, it could be surprising to find that Portugal is looking ahead to the future with optimism. In fact, given the style and status of some of the new developments that are being promoted, Portugal’s property market gives the impression of being a country on the up.

The recent release of the Palacio da Quinta resort (labeled a “six-star resort, and scheduled to be fully open in 2010) and spa on the Algarve is a perfect example of the confidence Portugal has to continue attracting new blood into the market while still playing to its strengths. For one thing, this is a hotel and apartment development on the Algarve that isn’t part of a golf course – in fact, none of the apartments overlooks a fairway or green at all. While this is something of a departure for the region, golf lovers will find there is plenty to keep them occupied, as the site sits adjacent to one the more famous courses in this part of the world – Quinta do Lago.

Similarly, buyers of the 79 apartments that will go along with the hotel will have some of the most luxurious facilities available on the Algarve. Each apartment has a private terrace Jacuzzi to compliment the marble flooring and high-end fitted kitchens and bathrooms. Each apartment also comes with two underground car parking spaces, but if you don’t have your own car in the Algarve, there are a couple of services offered by the 24 hour concierge that could help you out. There is a chauffeur service attached to the hotel, and should you wish to arrive in even more style, private jet and yacht charters can be arranged.

Even though the one-bedroom apartments start from £800,000, most potential property buyers will be likely to take up the finance options that have been organised through the developers to allow borrowing of up to 80 per cent of the apartments’ value. While the traditional markets for property in Portugal have been for larger, spacious projects on golf courses or within sight of the rolling Atlantic, the movement of buyers throughout the rest of the country to find the best deals has introduced a different type of development into the market.

In Central Portugal, an hour away from Porto, is the seven-hundred year old medieval village of Póvoa Dão. This hilltop settlement, which has traces of Roman occupation and confirmed Roman pathway running through it is being restored along the lines of the original buildings and offered for sale as 45 authentic cottages built from local materials. This is the first time such a village has been restored in this way, and it is important to note that this is a restoration project, and not a new development. Such is the commitment to preservation of the original village that the two remaining inhabitants of the old village have been embraced by the developers, and are now an integral part of the success of the project. Mr. Soares and Mrs.Mercinda have had their rustic cottage completely renovated by the Catarino Group to introduce modern facilities for the first time, and are now employed tending the 120-acre farm surrounding the village on behalf of the developer. The farm grows the organic vegetables used in the village restaurant.

Prices for the cottages start at a very reasonable €165,000 (£132,000), which should attract a different kind of overseas property buyer to the region, while at the same time creating a development that should have a life and a real atmosphere throughout the year.

In a market where adapting to conditions is likely to be the key to prospering into 2009, the property market in Portugal seems well-placed for the future.

Many holiday villas in Portugal are situated in the Algarve region, where they are neatly decorated with whitewashed render and topped with orange coloured pan-tiled roofs.

The Algarve coast is very popular with northern European visitors looking for the warmth of the sun in a quieter location than its bordering neighbour, Spain.The Mediterranean climate here ensures that Portugal is blessed with almost 230 days of sunshine each year, plus very little rain. Most tourists who visit Portugal will head for the coast.

With clean sandy beaches, quaint fishing villages and manicured golf courses, it’s easy to see why the Algarve is often the No1 attraction. Lisbon is the cosmopolitan capital, situated on the River Tagus, with Oporto being the centre for exporting locally grown Port wine. Nearby is the pretty coastal resort of Cascais.

Holiday apartments in Portugal can be booked close to glorious beaches that are ideal for family beach-holidays and offering alternative attractions for the children nearby. The resorts of Tavira, Figueira, Silves, and Vale de Parra are also popular holiday areas that cater well for groups and families of all ages. Albufeira and Vilamoura, arguably two of the Algarve coast’s most well known resorts, are both an easy drive from Faro Airport, and benefit from superb beaches and plenty of fun facilities for all.

There are many magnificent golf courses that will really test the serious player. The mild climate permits play all year round and, boasting around 70 courses it’s why Portugal has quite naturally become a golfer’s paradise. Portugal is also spoilt with many gorgeous villas having their own private swimming pool, ideal to return to after a game on the fairways.

For further information about self-catering holiday apartments or villas in Portugal, visit www.holidayrentalcentre.co.uk or contact the writer.

I’m going to be in Lisbon this weekend and I understand that Portugal isn’t really big on Halloween. Nevertheless I was wondering if certain clubs/discos host Halloween themed parties.

Hi, Can you tell me the best place in Portugal to party? Im not bothered about sights and stuff. We just want lots of drink and hot men. Thanks in advance.

The current economic climate may have many of you thinking your dream of owning a property in Portugal is slipping further from your grasp. But there is a way, even in these difficult times to achieve your Portuguese property dream without breaking your bank balance.

Renovating, restoring and modernising a run down property is a route more and more people are following, which can be financially beneficial.

Your ideal property may feature a stunning kitchen, modern bathrooms and a swimming pool, but purchasing a house completely ready to move into and enjoy, means you will have to pay full market value to a private individual or builder.

 

However by buying a property requiring modernisation and restoration work, which has potential, can save you money. Allowing you to add value with each stage of works. In most cases once finished renovation projects will have cost less than purchasing a property already completed.

Ruins & Restoration

Rural Cottages

Character Property

Historic Manors

The financial advantages of renovating and restoring are immediate as these types of properties often cost a great deal less to buy with reduced purchase price, costs and taxes. By spreading the cost of the repair work over a longer period of time can also be less taxing on your bank account. And by carrying out some of the work yourself, savings on labour costs can be made.

 

Renovating and restoring a property is not for the faint hearted though as there are many pitfalls to be avoided to create your dream property. Especially so in a foreign country where there are added complications of language barriers and different rules and regulations. But it is possible and with the minimum amount of stress.

 

By choosing to renovate a property you give yourself plenty of choice. Portugal is a country blessed with a wide range of properties many in varying states of disrepair, to suit all tastes from rustic cottages through to baronial mansions. Look at any estate agency website and you may be surprised at the amount available for sale from as little as 20,000€.

 

However the key to a successful renovation and restoration project is selecting the right property. Simply purchasing the cheapest property available is not always the most financially sensible thing to do.

 

Generally restoration property falls into two categories, those requiring full planning permission and those that don’t need permission but can be restored immediately as a DIY project.

 

“Although there are many ruined properties available in Portugal, most at really attractive prices” says Derek Harper of Chavetejo Estate Agents in Tomar. “Buying one in very bad condition without public utilities connected doesn’t always make financial sense in the long run. Getting mains water and electricity connected isn’t as simple as making a phone call and in most cases can mean a lengthy and costly planning application, delaying the start of renovation works by months and sometimes years.”

 

Choosing a property in a slightly better condition with utilities already connected can save you thousands in the longer term and mean renovation work can begin as soon as you have decided on the finished design.

 

Avoiding properties requiring planning permission also means you can save money on the renovation work, carrying out some of the less skilled jobs yourselves. However even if you choose to bring in the professionals it doesn’t have to cost the earth.

 

Deciding to employ a builder in Portugal doesn’t have to be financially painful. There is a wealth of skilled tradesmen available and despite the fall in the exchange rate, they charge a fraction of the cost of their UK counterparts. Reputable builders can charge as little as 10€ an hour with labourers earning around 8€ an hour.

 

Generally the quality of workmanship in Portugal is very high, but it is important if you do decide to employ outside help, to get at least three quotes from reputable builders as well as references from previous clients. Being able to inspect jobs they have carried out will also give you peace of mind on the quality of your finish.

 

Getting your lawyer to draw up a contract with the builder you decide to use is not only a good idea, but will put paid to any demands for extra money and allow a clear method of stage payments for the each section of the work as it is carried out.

 

Checking out local builders merchants and DIY supermarkets is a good way of ensuring you are not being over charged for goods by builders and it will help you decide on the finished specifications of your property.

 

Remembering not to get carried away on the renovation work is also imperative. Taking into account the possible resale value of the property, thinking carefully about what you want to achieve during your design period will help you budget accordingly. Common mistakes made during some property renovations are adding expensive features, which don’t necessary add value to the property.

 

If you are not going to be present in Portugal for the duration of the renovation work, but hundreds of miles away in the United Kingdom it is worth investing a little of your budget employing a project manager.

 

Although it may not be a cost you initially think about, it is well worth spending a little extra on a project manager who can oversee the job on a day-to-day or week-to-week basis, reporting back to you frequently to ensure works are carried out on time and to your specification. In the long run this can save you undue heartache and sleepless nights.

 

So if you want a home in Portugal and are willing to tackle a renovation project, now is the time to do it. Property prices in Portugal may be stable, but owners are keenly aware of the world wide economic climate and room for negotiation even on cheaper properties is more likely and you could bag your self a bargain, which you and your family can enjoy designing and renovating.

 

For more info on portugal

www.gekkoportugal.com

www.chavetejo.com

 

Tags: Portugal, Property, Renovating, Restoring
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