Carvoeiro property prices

chrism · Post by **chrism** » Tue May 27, 2008 6:56 pm

Hi all..

I am thinking about selling my 2 bed apartment in Carvoeiro, any idea on how the property market is doing over there at the moment?

Is it going the same way as the UK?

Appreciate any advice..

Thanks

Chris

Bruce Wallis · Post by **Bruce Wallis** » Tue May 27, 2008 7:02 pm

Probably worse.
Everything priced in euros is 20% more expensive, and most of the potential buyers were English....so work it out for yourself!

widge · Post by **widge** » Wed May 28, 2008 12:21 pm

Bruce has a good point. Why not market your property in Ireland, they love the Algarve, enjoy frequent flights and are in euroland so no exchange issues.

Barry · Post by **Barry** » Wed May 28, 2008 2:06 pm

The current exchange rate would still be a problem if Chris needs to transfer the funds from the sale back to the UK, rather than reinvest them in the eurozone. Depends on your intentions, Chris.

laserblazer · Post by **laserblazer** » Wed May 28, 2008 3:25 pm

Barry wrote:The current exchange rate would still be a problem if Chris needs to transfer the funds from the sale back to the UK, rather than reinvest them in the eurozone. Depends on your intentions, Chris.

That doesn't make sense to me surely he'll get more for his euro?

widge · Post by **widge** » Wed May 28, 2008 4:08 pm

Spot on.

Interstingly when the Euro launched in January 1999 it was worth 72 pence, it peaked in April this year at 81 pence & it's low point was May 2000 when it only exchanged at 57 pence.

So providing he brings his euros back to UK now he should get more pence for his euros than he got when he exchanged his euros for pence when he bought.

Bruce Wallis · Post by **Bruce Wallis** » Wed May 28, 2008 6:34 pm

The point is that you may get more pounds for your Euro if you manage to sell, but unless you can get a Eurozone buyer....ie Eire, his apartment is effectively 23% more expensive to a sterling buyer than it was this time last year.....SO....the market slows down and it becomes a buyers market...SO he may well need to reduce his Euro price to compensate or attract the sterling zone buyer. On top of that there may well be a natural price slump due to lack of activity of the market.
Does that make sense?

OR....to put it another way....if you can sell at around your Euro asking price you're quids in.....if not.........

Graham · Post by **Graham** » Thu May 29, 2008 9:46 am

Surely it is swings and roundabouts - if you can find a buyer from the Eurozone then great, if not, a UK buyer will have to pay 23% more than this time last year BUT if you brought the money back to the UK you would get far more Sterling than you would have done last year - therefore you can afford to drop your Euro price and still get the same sterling result.

Another thought - why not price in £ and take all the exchange rate gamble out for seller and buyer?

widge · Post by **widge** » Thu May 29, 2008 10:18 am

Graham, there is certainly some logic in your argument but i suspect it may be impractical. Would it be possible to transact all the conveyancing etc in £GB in Portugal? Could you transact the deal in the UK?

Whichever way you look at it if the deal is done in euros and you have your savings or earnings in £GB it'll cost you 23% more than last year!

lisalalovely · Post by **lisalalovely** » Sun Jun 01, 2008 12:03 pm

WE are coming to the Algarve next week and are interested in a property. Do you have a link to a website and can you tell us what price you are thinking of for your apartment.
Cheers

sam · Post by **sam** » Fri Jun 06, 2008 8:50 am

We bought our apartment 15 years ago. The transaction was done in £sterling, and for portuguese records conversion to escudos was done at the time of sale. I assume this can still be done.

Have just returned from Carvoeiro and there was an interesting article in one of the papers suggesting that with the current exchange rate it may be worth taking out or extending mortgage on portuguese property in euros to pay off or reduce UK mortgage in £sterling. A bit of lateral thinking!

Pabbers · Post by **Pabbers** » Tue Jun 17, 2008 9:00 am

You can definitely buy in £ sterling - we bought 4 years ago and pegged the price with the UK seller in sterling so we all knew where we were. Our lawyer in Carvoeiro had both sterling and euro bank accounts to facilitate such transactions.

Mark@mortgages · Post by **Mark@mortgages** » Thu Jul 03, 2008 12:24 pm

sam wrote:We bought our apartment 15 years ago. The transaction was done in £sterling, and for portuguese records conversion to escudos was done at the time of sale. I assume this can still be done.

Have just returned from Carvoeiro and there was an interesting article in one of the papers suggesting that with the current exchange rate it may be worth taking out or extending mortgage on portuguese property in euros to pay off or reduce UK mortgage in £sterling. A bit of lateral thinking!

Hi Sam, if you need any help please pm me.

Carvoeiro property prices

Carvoeiro property prices

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