At Shelter Offshore we’ve noticed an overall growing trend change for UK buyers in overseas property markets to move away from off-plan projects towards completed projects and the restoration of traditional properties. Estate agents in Portugal are reporting a similar trend
Overseas property and travel site Homes Worldwide have reported that more UK property buyers are looking away from the busy resort areas of Portugal to more traditional Portuguese properties in rural locations. They report that investors are increasingly beginning to realise that they can get a lot more for their money in the more remote areas of central Portugal, especially if they’re willing to take on a property that needs some renovation work.
In Portugal as with many of the more popular retirement locations your money goes that much further and that includes labour costs so house restoration may not be anywhere near as costly as a similar project would be in UK.
Estate agent William Fitzherbert-Brockholes, who runs the estate agent Property For Sale In Central Portugal with his wife Gill said, “People can buy a ruin in central Portugal for as little as €5,000-€10,000”
Or for those who would prefer their new home abroad to be ready too move in he said that a completely modernised property can be obtained from €120,000.
It seems that as more and more Brits choose to retire abroad or to invest in overseas property they are becoming more astute and adventurous moving on from five to ten years ago when the majority of buyers would have preferred to be hand held around a range of off-plan property development specifically aimed at the overseas property buyers, we’ve certainly seen a growing number of enquiries about estate agents who specialise in resell properties in all of the property markets that we cover at Shelter Offshore.
When buying a restoration or resell abroad always take great care to ensure that the title has no encumbrances and be sure that your budget for renovation is a realistic one.
