Property
A good time to buy? Autumn is upon us and is historically a busy time for real estate agents. How has the Covid-19 pandemic effected the sector, and is now a good time to buy property in the Algarve. By Robert Bijker, Happy Homes Algarve PROPERTY MANAGEMENT ALGARVEAN COTTAGES
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f you ask an estate agent if this is a good time to buy, the answer is almost always yes. However, as we all know, markets go up and down, it is part of a normal cycle. When the property market was in the doldrums following the aftermath of the subprime mortgage crisis in late 2008 as well as during the European banking crisis in 2012, many would-be buyers stayed on the sideline as they were afraid that there was more downside to come. At this moment regardless of the pandemic – or maybe because of the pandemic and the unprecedented financial support and negative interest rates – there are ample buyers around even though property prices have risen considerably. In hindsight, it is apparent that the last downturns offered a buying opportunity but inevitably when the next downturn occurs many people will, again, be hesitant to commit themselves to buying a property. It is part of human nature that emotions get in the way. Autumn has just started, which is historically a good time for buying and selling property in the Algarve. In October you often have beautiful weather with plenty of sunshine and a comfortable temperature between 20 – 25º degrees Celsius. For those who prefer to avoid the summer rush and heat it is an ideal time to plan a stay in the Algarve and do some property hunting. If this is the right time, the time to buy a property is something only you can decide for yourself. As we do not live forever, trying to time the market may be of less importance to you than buying your dream home in the Algarve and enjoying the pleasure of staying in your own place in the sun. After all, if you hold onto your property over a long period of time, the moment of purchase and purchase price become less relevant if history is any indication. The increasing cost of land, building materials, labour and inflation means that the replacement value of an existing home is likely to be higher in 10 years from now. It is encouraging to see more buyers in the Algarve over the past 6 months, and if the Covid-19 restrictions are further relaxed we can move to a more normalised life, similar to the one we had before 2020. It is therefore likely that demand will rise, while supply
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