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FEBRUARY 2010
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23
Re: How are sales being made in Portugal?
INDUSTR
Y
PEOPLE
DESTINA
TION
Dear editor, Dear editor,
In the context of the new residential property reality in Europe, it is clear that We have hundreds of miles of wonderful seashore, we are steeped in historical
BUSINESS
the eff ects have not been as severe in Portugal. This is largely due to the fact castles and wonderful architecture, not to mention the ten months of sunshine
that since 2000, Portugal has seen the off er in new properties increase at a and mild winters. It’s a paradise for retirees, campers, tourists and investors alike.
steady - and yet rational – pace which, ultimately, has resulted in the absence The problem lies in the lackadaisical attitude of developers and builders
of an unrealistic increase in residential property prices in Portugal. coupled with poor construction methods. Building down to a price rather than
As a general rule, contrary to what has more frequently occurred in some up to a quality is par for the course and even then prices are far too high. If they
other countries and despite some delays, developers have been delivering cut out selling the ‘view’ and built using modern technology and lowered prices
properties and transactions have been taking place. In some cases, this has things would improve.
obviously had to involve a restructuring in the developers’ fi nancing, but It might help as well if the government spent a bit more of their budgets on
in other cases the success of a specifi c transaction has only been obtained advertising Portugal as major retirement country.
through commitments and other compromises being reached with buyers such Graham Cockroft, Managing Director,
DE
as extension of deadlines, reduction on prices and off er of furniture packages. Wholesale Villas VEL
Inevitably, players in the Portuguese residential market, have had to face a
OPER
new reality where fi nancing is harder to obtain either to the developer or the Dear editor,
buyer, where the buyers look for more protection by way of bank guarantees, We have to face it, times are over that profi ts can go sky high. We have to lose
for example, and where a wider off er of products and acquisition schemes is the irrational thoughts behind a sale of a property. For example, Mr. Smith
paramount. bought his property 10 years ago for 100,000 euros. During the golden years he
Rui Parente can sell for 600,000 euros. In this current market, Mr. Smith can sell his property
Neville de Rougemont & Associados R.L. for (only) 400,000 euros. Instead of seeing this as a profi t of roughly 300,000
euros and the joy of 10 years of sun and enjoyment, he looks at this as a loss of
200,000 euros. Therefore he decides not to sell.
M
Dear editor, The same counts for the brokers and related businesses working with high ARKE
Buyers are becoming more sophisticated, both in their knowledge of the commissions on every sale. Professional behaviour which includes good
market and their expectations, so professionalism and attention to detail is knowledge of the market, rules, laws and good and decent service is what
TING
paramount. Our clients realise this and are seeking to re-position their products should be the key point. Also the relation between (local and international)
to refl ect the changing market place.  Those doing so are consequently the fi rst reliable agents and brokers and related businesses should be more concentrated
seeing improvement in results and will achieve greater sales in the long term. on networking. Globalization is a fact.
Constantino Jordan, Managing Director, Marcella Spee Horta e Costa, Commercial Director,
Constantino Jordan, Property & Tourism Advisory AZUL Properties
FEB10_OPP_MAG.indd 23 28/01/2010 15:19
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