At the end of last year, the Portuguese national bank, Banco de Portugal, warned of the risk of a
downward correction of house prices (see here). Despite the fact that the pace of growth of prices is slowing down, experts say that real estate continues to be a safe investment.
With this in mind, it could be a good time to sell your property in Portugal. However, there are some points that should be considered, whether you have already made your decision or are still on the fence:
- Setting the stage
Repainting the walls, repairing any damages, making use of natural light, removing personal items: your property should be as attractive and presentable as possible, so that potential buyers can imagine themselves living there. Professional photographs, which show the property in its best light, are also vital. After all, first impressions are everything.
- Demand for space
Residential properties with plenty of room – both inside and out –, with space for a home office and away from big cities, are seeing a lot of demand compared to apartments. Energy efficiency and the use of ecological materials are also a concern for today’s buyers. If your property has these characteristics, it could be a good opportunity to sell.
- Prices may go down
The shift between supply and demand has naturally caused fluctuations in the property market, a trend accelerated by the pandemic. There has been an increase in the supply of real estate in the Portuguese market in recent months, leading to more stable prices and a wide range of properties that are excellent opportunities for both national and international buyers. Some experts feel it could be worth selling sooner rather than later.
- Bringing in the experts
Selling a property independently brings its own set of risks. A reliable agent, with know-how and experience in selling homes in Portugal, will make sure everything runs smoothly. From valuing the property, marketing it and reaching hundreds of potential buyers, to dealing with bureaucracy and legal matters, a reputable real estate agency such as Algarve Homes Sales will ensure the best possible outcome.
For advice on selling a property in the Algarve, get in touch with the team at Algarve Home Sales.
