So who is buying property in Portugal this year…?

Once again we are seeing a wind change in the property market. Over the last couple of years the French market has been dominating not only the space in magazines but also keeping most of the estate agents busy, however, we are starting to see a step change this year.
In 2014 & 2015 the French market grew from almost zero through to almost 25% of the market. The number of French registration plates on our roads was as good an indicator of how many French were spending time here as any.
Well the number of cars hasn’t subsided but the number of enquiries has started to level off. This is clearly down to an increase in the number of agents promoting to French clients but it is also down to the fact that the rush has now become a steady flow of clients.
Having said that here at B&P we are experiencing another fantastic year and are currently running at over 30% up on 2015. So what is driving this increase?
In a normal year we sell to an average of around 15 different nationalities. This year is no different and at the close of Q1 we have already sold to French, Belgian, American, German, Swiss and of course to UK & Irish buyers. But the new rush is coming from Scandinavia.
The Scandinavians have been buying for a few years but it is only this year, 2017, that we have started to see a definite consistency to their buying patterns. Swedish buyers in particular have been looking for a few years. Their buying style is different to that of the French. The French would come with cheque book in hand. They would want to see a wide number and style of properties but once they were here they usually bought. The Swedes have a slightly different approach. Most prefer to do a lot more homework. They want to make several visits to the property and rarely make a quick decision. They also appear to have higher budgets and are looking for penthouses and sea view apartments as well as 3 & 4 bedroom villas.
Don’t expect to get an offer within hours of viewing your property. It can take several weeks and in some instances a month or so before you hear back from them. This is their nature. They like to consider their purchase, weigh up the alternative properties and be ready to move when they decide.
The Scandinavian market was running at around 15% of our business over the last 2-3 years however we have seen this grow to around 25% in the last 6 months. I see this market being a little longer than the French rush of 2014. Swedish clients in particular tend to follow each other. So the increase we are seeing is just the beginning. For sure the Swedish clients are more demanding than the French and most certainly take longer to decide but this market is here to stay. So expect to see a few more Volvo’s driving around the western Algarve this winter.
This increase in sales we are experiencing means we need new properties to sell. There is a shortage of top floor apartments, sea view apartments and mid-range villas on the market. If you have been thinking about selling your property now is the time. Please contact me at the B&P office on the avenida or email me at mail@bpaproperty.com

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