Securing a new-build apartment in the Algarve

Today Marina Pasquill, our Portugal Property Expert, explains it’s a good idea to act fast to secure that investment property or new home…

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Have you been toying with the idea of buying new build property in the Algarve? If so, now is the time to act and without delay. There a number of luxury, new-build, key-ready properties available, but they are running out fast!

New properties across all of the Algarve are running out. In fact, I predict that they will all be completely gone by the end of this year. For this reason, if you want to buy a new-build property and don’t want to go the off-plan route – you need to do it now! I know several developers who have sold out of all of their current products and have already started to sell off plan. This is why I am telling people that if you have your heart set on a new build, and you see one you like, make an offer on the property and proceed quickly, or risk losing out.

Why is there such a shortage? The thing about Portugal that not many people understand is that when the crisis hit, rather than continue to build like they did in Spain, they stopped building. Most of the developments were turned into phases. The developers sensibly didn’t want to borrow any more money so they decided to sell what they had before starting to build again. It was the sensible thing to do but it means that now property is running out, and it will take at least two years for some of the new ones to be key ready and sellable.

I know that many of you will feel that buying off-plan is not for you, so the best thing to do is to start looking now to find something that is key-ready. Otherwise, your only options for the next (inevitable) two-year interim period will be buying a property off plan or the re-sale market.

The next couple of months are really your last chance if you want to buy something new. Historically August is quiet on the Algarve, and then we see a lot of sales in September and October. If you don’t want to miss out, contact an agent, and get searching today!


Further reading for Buying In Portugal

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Viewing Guide

Finding the right property can be a challenge. What do you need to think about early on?
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Hidden Costs

The price of the property as listed is never the price that you will end up paying. There are a host of other costs.
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Legal Matters

Buying a property in Portugal has very different legal requirements to the UK.
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Currency Zone

Did you know that you could save thousands of pounds when emigrating by using a currency specialist?
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