Castro Marim Area

[sabres]

I would appreciate a quick reply from anyone re the property outlook for luxury villas in the Castro Marim area. Is it still going strong? Is it overbuilt with prices softening? What would you guess for values in the next few years? Thank you.

 

[Lysos]

The Eastern Algarve appeals to families wanting a traditional bucket & spade holiday and golfers. (From experience families staying in your villa are less hassle than golfers !).

Quality villas with private pools on large plots (not on an estate) within easy reach of the coast & facilities should let for @ 16 weeks of the year (we've had 18 so far !). It's a buyers market so haggle. Was in an estate agent's in Tavira last week and he was dealing with a German couple trying to sell but had no viewers. He said market activity was down at least 25% and advised them to drop their asking price by 15%, which they agreed to do. Even then I would have only offered 10% below the new asking price. There's plenty of resale property around and unsold new property that has been on the market for a year or more. Avoid new builds on golf courses.

 

[sabres]

Thank you for taking the time to reply quickly. If you get 18 weeks of rental does that mean you carry the property without rental for 34 weeks?

 

[Lysos]

Hi Sabres,

Basically - yes !. Don't expect to make a profit from holiday rentals. We cover the mortgage & running costs, and use it for the odd week in winter and if there is a break in rentals (just grabbed 5 days - flew with XL, got back just in time !). For long term rental anywhere in the world you have to look to the major towns & cities, not holiday resorts.

 

[sabres]

Castro Marim

Thanks for your reply Lysos. Would you happen to know anything about villas in the Castro Marim Golf Club? Thanks.

 

[Lysos]

Castro Marim is one of my favourite courses, but I wouldn't want to stay on it. The villas on the golf course are nothing special and very overpriced, I think. Contrary to agents hype golfers don't necessarily want to stay on a course; they like to be in a location that is convenient for a number of different courses. Buy a resale villa within @ 10 minutes of the coast to appeal to the widest market.

 

[GenCPT]

Thank you for taking the time to reply quickly. If you get 18 weeks of rental does that mean you carry the property without rental for 34 weeks?