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Although
there have been some reductions in prices to property
throughout
Portugal these are mainly in traditional
tourist resort areas which had
become heavily reliant on overseas buyers whom have put
off the purchase until the markets settle down a little.
Prices
of property in Portugal follow the
same rule of thumb as the United Kingdom and other
northern European countries. Properties in more
desirable areas - ones with a good selection of
amenities, facilities, schools and access to employment,
will in general always command higher prices than those
in less desirable areas - ones with
limited employment opportunities for locals, less easily
accessible and with fewer amenities and facilities.
Although you may not be
familiar with the
geography of Portugal when you start
your search for a property to make a home, it is well
worth a little research on the web learning firstly the
regions, then the major conurbations as this will help
in understanding the differences in property prices.
If you are already scouring
the web for property advertisements without defining an
area you could be fooled into thinking you have found a
bargain when a property in a remote region is listed
against a property in a more popular, central one.
For
example a beautifully restored three bedroom property
complete with central heating, double glazing and large
private garden with a choice of villages in the
surrounds in a more remote area area of
Portugal could
set you back only 155,000€ compared to 185,000€ for a
similar
property in a less remote area.
On paper you may think
there is no big difference apart from the price, however
when you consider the property in the more remote area
would mean a 40 minute drive to the nearest supermarket
and town each week for your supplies in comparison to a
10 minute drive the differences become apparent.
In general property in less
accessible, rural areas of
Portugal, where there is less
demand from the local population due to limited
employment opportunities aside from agriculture property
will inevitably be cheaper.
And, properties which are in need of major renovation work
you can also expect to be significantly cheaper though
you need to think long and hard about your purchase.
Although you may save
thousands on the purchase cost it may cost you dearly in
the longer term. Remember where ever you decide to buy
a
property in Portugal do research to ensure the property you are
looking to purchase is worth the money you will be
paying. Don't just look at the price out of context and
in relation to the rest of the country. Compare it to
other similar ones in the locale. And, if you feel it is
a little above what you think it's worth, put in a
cheeky offer. After all the owner can only say no.
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