Thanks to its international airports and blooming touristic sector, Portugal has become one of the most popular destinations for other Europeans, and regions such as the Algarve witness a never before seen evolution of the real estate sector. Some are looking for houses for sale in Algarve to spend their holidays there, while others are more interested in generating income, so they make the investment because they want to rent out the room. There are also the business owners whose companies have offices in the Algarve, so they need a place to stay when they go on work visits. No matter the reason why people look for villas for sale Algarve, they all have one thing in common: they are more likely to be interested in new properties rather than old ones. This does not come as a huge surprise, because most real estate experts strongly advise against the purchasing of old property, saying that they only save money on short term.
Old properties might be cheaper, but they will require considerable repairs and remodelling in the near future, especially if you plan to rent them. The houses and villas built more than one decade ago will save you some money at first, but they are not the safest choice, because they are not made with high quality, sustainable materials. Sustainability does not refer just to the amount of time it takes until the house needs some repairs, but to the endurance it has to have in case of fires, earthquakes or floods. Newer homes are more resistant, which makes them safer.
New properties are also seen as the future of real estate due to their energy efficiency – and when you buy a five-bedroom villa, you don’t want to lose energy, because it will cost you a lot. Companies that build houses in Algarve today have to respect strict EU regulations that refer to the thickness of the walls and windows and even to the implementation of solar panels. These regulations have only come into effect recently, so old properties are not as energy efficient as the new ones. By paying more now, buyers reduce monthly bills in the long run.
Real estate investors are especially concerned about the resale value of a villa or house, so they only accept properties whose value will increase in the future. Modern houses, built with study, high quality materials, have a bigger chance to be sold at a higher price in the future. Currently, Algarve real estate is quite affordable, but experts estimate that prices will go up in the future. Those who buy a new house now can actually expect to make a great deal in a couple of years. Last, but not least, there is also the fact that people who move into the Algarve want to start a new life and buy a house in which no one else has lived and which they can decorate as they want. With old properties, a common concern is furniture and remnants of the previous owner’s lifestyle, so people would rather pay more to get a newly built house that they can make their own.