As we approach the end of year, we like to offer a brief reflection on the previous 12 months and give our observations and predictions for the Algarve property market.
It was a widely held assumption as we headed into the second Portuguese nationwide lockdown back in mid-January 2021, the situation was going to have damaging repercussions on the Algarve property market. However, even the most optimistic could not have predicted just how buoyant the market would remain throughout the year. Travel restrictions, particularly in the first half of the year, meant that we were more reliant on the permanent residents to be the property buyers and they certainly didn’t disappoint. As the year progressed and restrictions eased, we also started to see an increase in activity from those who could finally travel to Portugal again and our company sales targets for 2021, compiled before the pandemic even began, were met by early September. Interestingly we had almost the same quantity of villa sales as we had apartment sales this year, highlighting buying trends towards larger & more spacious properties.
Just 3 days before Christmas and after a year of vaccinations, boosters and restrictions, the Portuguese government yesterday announced immediate and additional measures to combat the spread of yet another variant. As frustrating and damaging as the constant shifting of rules and regulations are, what this year has demonstrated however, is that there is real determination from people to try and function as normally as possible. Indeed, during the warmer months, you could almost be forgiven for assuming we were heading back to some degree of normality as the restaurants, bars, cafes, golf courses, health clubs, shopping centres bustled. In spite of the fallout from Covid, confidence within the real estate market shows no sign of diminishing as we enter 2022. Exactly as we had this time last year, we are receiving solid enquiries from buyers, particularly throughout Europe, that are planning on visiting the Algarve as soon as restrictions ease once more. All indicators point to yet another strong year for Algarve property sales with prices expected to rise due to the continued high demand combined with a shortfall of properties. As a result, we are looking for additional, quality properties for sale in the East and Central Algarve to add to our impressive portfolio. At Compass Property Sales we offer tailor made marketing packages adapted for individual property owners addressing individual requirements including viewings, approach, marketing, etc. At Compass Property Sales we offer a free, no obligation property assessment and consultation to all owners so please do not hesitate to contact us if you are considering selling your property.
Finally Sandra, Tanja and myself would like to take the opportunity to wish each and every one of you a Merry Christmas and a very healthy, happy and prosperous New Year.