Edificio Cibeles, Portugal (PressExposure) February 07, 2012 -- There may be doom and gloom in most of Europe but there are some people who are taking advantage of the whole situation. Real estate Company CSF property has reported an increase of 28% in the number of clients enquiring about properties on their web site http://www.csfproperty.com this is based on 2011s results.
The problems in the Euro zone are causing house prices in Portugal to tumble. This means there are some amazing bargains to be had by people looking to invest or just pick up a holiday home at a fraction of the price.
Director of CSF property Francisca Barros Puma says "2012 will be an interesting year in the Algarve property market, over the last 2 years the prices have been reduced on new build properties in prime locations. Now is the time for investors to acquire the best deals CSF property have access to beach houses to luxury properties at the high of the market which where on the market for 795,000 and now you could pick one up for 345,000".
The Algarve property market has suffered a slowdown in the last 3 years but now the prices have been lowered to reflect the markets conditions. It's a buyers' market and now is an ideal time to make a move on a property.
The Algarve property market will stand up over time due to the strict building conditions that make it a niche market. A main factor in this is no new builds going up anymore so there is very little choice in the way of buying a new property. If you want to own a property in a country you don't live in you will want something new as there is little or no maintenance making it a better investment and much easier to rent out.
Property prices Algarve
In 2009 you would expect to pay 300,000 Euros for a 2 bed 2 bath apartment now in 2012 you could buy the same property for 199,000 Euros. This makes buying properties in the Algarve a much better investment as the rental yields on this are much higher than they were a few years back. Rental returns in the top locations are as high as 12% and in the low areas 3%.
Property prices would be expected to increase at a level of 5-10% per year so now really is a good time to get on the ladder in Portugal. As an investment, holiday home or to retire it's a good time to buy.
Mortgages in Portugal
When getting a mortgage for your property you can expect to borrow up to 70% of the purchase price for a maximum of 30 years, dependent on your age. It's not difficult for non-residents of Portugal to get a mortgage. When looking at Portugal property for sale make sure you have enough funds for a deposit, legal fees and any arrangement fees which will be required. CSF property can help you find a mortgage or finance solution suitable for your needs.