Where in the Algarve?

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Zoot
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Where in the Algarve?

Post by Zoot »

We have been living for 16 years in SW France where the Summers are fab, and usually Springs and Autumns too. But Winter can be chilly so we have a plan to buy a winter bolt hole somewhere further south in Europe, with the Algarve being one of the options.
I'd really appreciate 'insiders' views on where we might start looking for a 2 bed apartment. These would be on the wishlist: location, in or near a moderately sized town, on the coast. Not on a vast holiday complex! And of course the mildest of winter weather!
Very vague I know but all suggestions much appreciated.
kteee
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Post by kteee »

I've sent you a PM
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Partridge
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Post by Partridge »

We're next door to the Algarve (Spanish Algarve) but the whole coast is the Atlantic so would not be as warm as say the Med coast. We've sunbathed on the beach in early November and had glorious weather in January but equally I've been flippin cold in January :)
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mpprh
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Post by mpprh »

Why not look at Cyprus or Malta ?

They both have M&S !

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Zoot
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Post by Zoot »

Thanks for those.
I have been looking at Costa de la Luz; very attractive but according to the property portal site www.Kyero.com average property prices are 72% above the average for Spain which pushes our modest budget off the cliff!

Hadn't considered Malta or Cyprus.
Z
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Partridge
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Post by Partridge »

Zoot wrote:Thanks for those.
I have been looking at Costa de la Luz; very attractive but according to the property portal site www.Kyero.com average property prices are 72% above the average for Spain which pushes our modest budget off the cliff!

Z
Really ?? I find that hard to believe seeing as most property around us has dropped minimum 30% and the bank repos on a nearby development even more than that. I don't know your budget but you could get a 2 bed beach or golf apt on Isla Canela for around 150,000 + euros and over at Costa Esuri (not as close to the beach and far bigger development) for probably less than 100,000.
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James3214
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Post by James3214 »

Personally, in this buyers market and if you have the time then I would go and stay down there for a while and look around, then just get the word out to agents and locals and just take your time and put in silly offers if you find a place you like.
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Partridge
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Post by Partridge »

Couldn't agree more James ! Also, a private buyer is always more welcome as lots of agents charge 5% or at least 3% minimum. Staying in an area for a good few weeks will give you a very good feel for an area, especially if you do it out of season when you would be looking to use it yourself, you never know if somewhere might be too quiet for you.

I should add we do have ours for sale but it's not the bargain end of local property so this is definitely not a sales pitch but if you want any info or advice re our part of Spain then I'm happy to pass on any knowledge that might be useful.
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Tizfata
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Post by Tizfata »

James3214 wrote:Personally, in this buyers market and if you have the time then I would go and stay down there for a while and look around, then just get the word out to agents and locals and just take your time and put in silly offers if you find a place you like.
James, this is a very savvy advice!
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Zoot
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Post by Zoot »

Yes sound advice.
Slightly off topic but I'd be interested in people's views.
Part of the plan would be to use the property as a summer rental to generate income towards running costs etc. I've been researching other areas in S Spain, namely Almeria and the Costa Calida, and looking at occupancy and income generated from rentals of 2 bed apartments with a shared pool. Using the spain- holiday website it's possible to see 2010 availabilty charts and quite easy to calculate gross income produced. I've been very surprised by the results! For example a resort on the Almeria coast, that I know quite well, from 5 samples, produced a mean income of £3265 and an average just over 7 weeks of bookings. Other coastal centres produced similar figures.
Hardly worth taking the money out of the bank :x
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Partridge
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Post by Partridge »

I'd say those figures were about right for a bog standard, advertise on one site, 2 bed apt with lots of competition. It's about what people down our way get.

On the plus side, that figure will almost certainly easily cover the running costs i.e insurance, ibi tax and community charges. Also, with a bit of effort re decor and advertising you might be able to double those rentals in terms of income, possibly in terms of weeks rented.

I'm of the firm belief that France yields far better income precisely because most properties are not on developments and the rental season is longer. At the end of the day it all depends what you want it for, if it's to make a profit then without capital appreciation that probably won't happen, if it's a bolthole to buy as your own with no mortgage and rent out to pay the expenses then that's different. Of course, if you're in it for the long term then possibly prices will rise again.
Don't waste energy on things you can't change.

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Zoot
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Post by Zoot »

Thanks Partridge; exactly the conclusions I'm coming to! (please excuse the split infinitive)
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