Vilamoura Property

Vilamoura Property As the property slump continues all over the world, investment and interest in the Algarve area is still relatively high and although property prices have fallen over the last 12 months, this area is holding up better than the vast majority of international property markets.

This has been helped by the fact that Ryanair is introducing three further routes to Faro Airport in the Algarve from Glasgow, Liverpool and East Midlands Airports in addition to the current links from London Stansted, Shannon and Dublin. Because the Algarve is receiving more flights, and therefore more visitors, this reinforces the underlying strength of the region and the fact that demand from tourists and property investors still exists.

The end of last year also saw the opening of a new Formula 1 racing facility in the Algarve and the McLaren team and Lewis Hamilton have already carried out a test drive at the new Autodromo Internacional Algarve track. It is hoped that the mix of motor racing, golf and budget travel to the Algarve should keep their property market relatively buoyant until the worldwide economy picks up.

Many properties have been reduced in price because the vendors are being more realistic and less speculative, with properties that are in plentiful supply suffering much more in the current market than those that are more unique, well located and well constructed quality properties. If you are looking for a holiday property or rental investment then now is the time to shop around and find yourself a good deal.

Over the past few years the average increase in the Algarve property market is about 7% per annum when cheaper destinations have claimed 40% in a year. However this has proved to be a steady increase, which is far more sustainable in these unsure times.

Property in Vilamoura

There is a wide selection of Vilamoura property to choose from if you are looking to buy a holiday home with a number of modern developments offering secure apartments usually set in well maintained gardens with communal swimming pools and parking.

One bedroom apartments in these modern complexes start at around €125,000 and go up to to just under €200,000. If you are looking for something with a sea view then expect these prices to rise. Usually these kind of apartments in Vilamoura come with an equipped kitchen, fitted bathroom, a good sized lounge and a bedroom with fitted wardrobes.

Villas start at around €300,000, and for that sort of money you are looking at buying a three bedroom, three bathroom villa with a nice garden and pool.

If the property you are buying is for a holiday home then the key areas to consider are the immediate surroundings. Where are the nearest shops and restaurants?

Can you walk into the town or the marina and if not then how much is a taxi going to cost? Which way the apartment faces is also of major importance. East facing gives you the morning sun which might be a welcome break in the summer when the afternoons and evenings get hot, west facing gives you evening sun, north facing gives you no direct sun and south facing is the most popular orientation as you get sun more or less all day.

Please remember one thing though: Although in the UK and northern Europe it is great to have sun all day it can be too much here on the Algarve and you good find yourselves spending a fortune on air conditioning.

One final word, if you are buying on a complex be sure to find out a bit about how the development is run and what the annual charges are. If possible I would try and speak to the actual President of the residents' association before making an offer.