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DESTINATION FOCUS : PORTUGAL www.opp.org.uk
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FEBRUARY 2010
Property price comparison – Lisbon vs Algarve
Algarve region includes municipalities of Albufeira, Faro, Lagoa and
Y
the towns of Almancil, Vilamoura and Vila Real de Santo Antonio; Lisbon
region includes the districts of Lisboa, Cascais and Oeiras.
Location Property type Size Price (null)
INDUSTR
Algarve Apartments 45 sqm 104,265
Algarve Apartments 70 sqm 160,575
Algarve Apartments 120 sqm 209,640
Algarve Apartments 200 sqm 299,200
Algarve Villas 150 sqm 413,400
Algarve Villas 250 sqm 634,250
PEOPLE
Algarve Villas 450 sqm 1,102,950
Location Property type Size Price (null)
Lisbon Apartments 65 sqm 135,070
Lisbon Apartments 120 sqm 341,760
Lisbon Apartments 200 sqm 450,600
TION
Lisbon Villas 150 sqm 380,850
Lisbon Villas 250 sqm 442,750
DESTINA
Lisbon Villas 350 sqm 521,500
Lisbon Villas 500 sqm 750,500
Source: Global Property Guide, Sept 1, 2009
But it’s also been a tough year for are offered a 0.1% share of the future Europe are keen to help and advise, commission rate, offering 10% to those
the developers who have invested sale, but the developer claims the low but the time has yet to arrive when the supplying leads and 40% to those
heavily in promotion. Miguel Pereira initial payment (£6750) and low stage advice given is actually taken.” who pre-qualify. It won the OPP Best
de Abreu, CEO of resort developer payments (€2,590) have helped it to Infinito is actively building its Estate Agent Award last year because
BUSINESS
Quintas de Obidos, told OPP last month close the first phase. international network to bring more of its network of 60 international
that it achieved 21 sales out of 79 units “For Portuguese developers, I don’t foreign buyers into Portugal, but some agent partners, multi-lingual support
last year. While he maintains that not think the answer is in dropping prices developers are still wary of overseas team and its comprehensive approach
lowering prices, keeping construction to compete with Spain, Cyprus and agents. “We need everyone but some to marketing – even organising
to schedule and an investment in Bulgaria,” says Artur Simes, owner of of the rates being practiced in the consortium stands at shows with
targeted PR helped to maintain agent Atlantic Estates. “For one, I’m international market out there are several developers sharing costs and
confidence, the big question is whether not sure margins are large enough wow!” says Claudio de Sousa, owner of promoting the destination as a whole.
discounts would have achieved more. to discount. But, more importantly, Madeira developer Hi Life Homes. “Key developers in the Portuguese
OPER
Oceanico’s discount offer on its Prestige Portugal is less affected by the crisis “The norm in Portugal is 5%, but property market need to come
VEL
Residence Club in the Autumn of last and does not have the massive we as property developers question together in an association, pool their
year yielded good enquiries but zero excessive inventory of other markets. the overall efficiency of estate agents. limited marketing funds, and develop
DE
sales, according to sales and marketing “We have to be creative in focusing Considering 7%-9% commissions, effective strategies for promoting
director, Nikki Dale. on our strengths, which for Portugal overall margins for the developer to and educating Germans, French,
In December last year, Vigia means, lifestyle and value stability.” reduce.” Austrians, Swiss and more,” says Simes.
announced a Boxing Day sale to slash Master agents like Atlantic Estates “Other residential tourism businesses
prices of holidays and services for End the stalemate - which works with Vigia, Pestana and (including estate agents) should
fractional property at its Parque de Anderson agrees that, in general, Vale do Lobo - charge a standard 5% work together to generate their own
Floresta resort. In the same month, the discounts are not the answer, but
TING
developer at Ponta do Pargo Resort in some are committing commercial A lot of developers did nothing last year. Some can afford
Madeira, Morgan Forbes, increased the suicide by refusing to move on price. to wait but this is an option for less and less. There’s a need
ARKE
price of a 13th share (to £17,914) to “As businesses, it’s incredible that they to change and do something different together, preferably
M
coincide with planning consent for the can survive; in fact this may be the last under an umbrella brand of Portugal. We need to realise that
new Nick Faldo designed 27-hole golf generation that can get by on their Portugal itself is competing with other destinations, and other
course in the region. Investors in the family’s land banked assets,” he says. destinations are winning.
five star resort with luxury apart-hotel “Most agents working throughout Lucilia Cruz Pinto, Viva In
FEB10_OPP_MAG.indd 34 28/01/2010 15:20
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