Carvoeiro Algarve

[PeterBarton]

Hi

I am thinking of buying a property for a holiday rental in Carvoeiro.

Having spent the last couple of hours reading doom-laden information from as far back as 2008 and knowing Portugal is in the Euro zone, I am beginning to think better of it. However, it could be that certain localities buck the trend...

Please, can anyone give me any advice and information about owning property in Carvoeiro and what the area is like for tourism? Would it be a good purchase?

Cheers
Peter

 

[Lysos]

Peter,

I assume you are considering this as an 'investment' ?. If so, don't !. Property prices have halved over the last 5 years, but that still doesn't make short term rental properties a sound buy.

Do some comprehensive research on just how many weeks rental you can expect & what your running & maintenance costs would be (more than you think). Factor in the new tax rates being introduced as part of the new 'austerity' package. I'll be very surprised if you still think it's viable.

 

[PeterBarton]

Thank you for your kind advice. I will do my research, but somehow I think I will not end up surprising you.

Regards
Peter

 

[thedon]

another option

Hi Peter, the moderator is right, you need to do your homework.
However, you could do what I did...buy a property in the Eastern Algarve - I chose Olhao, and use it for rental in the summer months and as a retreat for yourself in the off season.
Also, the values in the East have dropped, but not as dramatically as in the West Algarve. This is because of the built in boom factor rises in the West, which didn't happen in the East (to the same extent). Cheers, the Don.

I am thinking of buying a property for a holiday rental in Carvoeiro.

Having spent the last couple of hours reading doom-laden information from as far back as 2008 and knowing Portugal is in the Euro zone, I am beginning to think better of it. However, it could be that certain localities buck the trend...

Please, can anyone give me any advice and information about owning property in Carvoeiro and what the area is like for tourism? Would it be a good purchase?

Cheers
Peter[/QUOTE]

 

[PeterV]

AUSTERITY PLANS Portugal or Cyprus

I assume the AUSTERITY plans do not apply to Portugal alone. The Governments of Spain, France (FRusterity?),Greece and Ireland are doing the same.
And I would not be surprised when Cyprus is going the same.
When broke go for those people who have money: home owners.
And as long they go after 2nd or 3rd homes, I guess it is OK. For decades foreigners have rented out their investment homes without paying taxes anywhere.
But when they OVERtax people's first homes, it could become a serious problem.

The purchasing price of a home should be about between 100 and 120 months of rental - what do you think?

Peter,

I assume you are considering this as an 'investment'? If so, don't! Property prices have halved over the last 5 years, but that still doesn't make short term rental properties a sound buy.

Do some comprehensive research on just how many weeks rental you can expect & what your running & maintenance costs would be (more than you think). Factor in the new tax rates being introduced as part of the new 'austerity' package.
I'll be very surprised if you still think it's viable.

 

[Veronica]

Questions about Cyprus should be asked in the Cyprus form if you expect to get informed answers.
However, I can tell you that Limassol is very expensive as it is the main commercial centre of the island with many offshore companies operating from there.
For properties at sensible prices you need to be looking at the Paphos area.

 

[PeterV]

Rent or Buy in EU

I agree, it is more like a multi-national/EU question.
As regards taxes, rent and market prices in Cyprus, I will copy this post to the Cyprus Forum as well and welcome your suggestions there.

Questions about Cyprus should be asked in the Cyprus form if you expect to get informed answers.
However, I can tell you that Limassol is very expensive as it is the main commercial centre of the island with many offshore companies operating from there.
For properties at sensible prices you need to be looking at the Paphos area.

 

[Kristine]

Have you also visited this site carvoeiro-property.com yet?