Everything changed in 2020, but generally speaking, the real estate market remained much as it did before: houses were bought, sold, and rented. The Portuguese property market remained resilient. The question is, given the challenges of 2020, what opportunities will the new year bring?
Unlike other sectors, the property market held its own during the pandemic, despite concerns to the contrary (read more). Real estate professionals learned to adapt, relying on technology and incorporating digital tools into their work, and for many home-buyers, priorities changed.
In an article for Idealista, António Marques, sales director of the platform, explained: “What helped was that we have already experienced other crises; we have lower fixed costs compared to other sectors; but mainly it was the increase in a trend that was the digitisation of the sector, especially in terms of marketing, which has accelerated and will continue at levels that would take another 10 years in a normal reality.”
New needs – and new opportunities
There has been continued investment in property throughout the pandemic, but needs have changed. Worldwide lockdown caused many buyers to reassess their requirements, and that was reflected in the type of homes that were sold across the country.
Houses over apartments, countryside over cities, gardens, pools, terraces, balconies – more space in general. These characteristics featured heavily on buyers’ checklists throughout 2020 (see here), when individuals and families were forced to work remotely and spend more time at home.
Although prices in the Algarve have remained stable (and even increased), the market seems to be cooling (see here). The next year – particularly after April, when more properties are expected to come on to the market – could be a good time to purchase a larger property in less dense locations.
Professional real estate advice has never been more valuable. For more information about buying or selling a property in the Algarve in 2021, get in touch with Algarve Home Sales.
