You may have noticed if you are looking to buy a property in Portugal's Algarve region that good ones are thin on the ground. Property prices are on the rise again and there are far more buyers than properties for sale. This has marked a return of buying off-plan property in the Algarve and now may be the time to strike when it comes to land to buy in Portugal. This route can be the solution for many buyers' lack-of-decent-property woes as opting to buy plots for sale in Portugal can increase your choice of properties to buy and give you more of a say in what your Algarve home will look like in the end. If you want to put your own stamp on your future Algarve home then buying off-plan could be the best solution for you, but you have to be patient enough to wait for it to be built.
Buying land in the Algarve: The Pros
The most obvious benefit of buying plots of land in Portugal to build a house on, or buying off-plan from a developer is price. If you have the courage to build your own place the financial gain is potentially even bigger, but you will need a deep well of time and patience to draw from as Portuguese bureaucracy can be very complicated. Buying off-plan property from a developer will take away that potential headache, but at a cost, although the price will not be as high as buying a property that is ready to move into. The other major benefit is that buying off-plan in Portugal or designing your own house for a plot of land for sale in the Algarve gives you some freedom to choose the style of house you want and the finishes you want to give. It makes your home more yours than any ready-made house ever could.
Land to buy in Portugal: The Cons
There are pitfalls that you need to avoid when buying off-plan property in Portugal or hiring a construction company to build a house for you on a plot of land in Portugal. You must learn as much as you can about the developer you are buying an off-plan property in the Algarve from. Do they have a good track record? How long have they been in the market? What other developments have they built in the past and more recently? Don't be afraid to ask for references and to check up on them. This advice applies to both property developers and choosing a construction company to build on a plot of land for sale in the Algarve. It pays to do your homework so as to avoid situations where you have paid out but the developer/builder has gone bust or run off with your money. There's nothing like dishonesty or bankruptcy to burst your dream second-home bubble. Once that base is covered you will need to wait for the house or apartment to be built and as things stand at the moment the whole process can take up to 18 months. Can you wait that long? If you can, read on.
Now you've decided how do you buy an off-plan property in Portugal?
Putting down a 20% deposit is standard to buy an off-plan property in Portugal. That deposit secures the property for you and then you will sign a contract that outlines a payment schedule for the following payment stages. The final instalment is usually due on completion of the property and exchange of contracts. To Go For Homes can advise you on how the process works so take a look at our off-plan property listings, ruins and plots of land for sale in the Algarve. We can point you in the safest and most hassle-free direction for you.
Properties to highlight
Two-bedroom off-plan apartments in Lagos with shared pool. Ready to move in by July 2019. Ten-minute walk from bustling Lagos town centre.
Off-plan Western Algarve apartments with three bedrooms, communal roof-top pool and private parking.
Off-plan one-bedroom premium golf resort apartments in Alvor. Prices starting from 150,000 euros with expected completion in 2021.
6000m2 plot of land (570m2 construction area) in Lagos with an approved project for a 4 bedroom villa with pool. Within walking distance to the sea.
3015m2 plot of land (331m2 construction area) near Lagos with an approved project for a 3 bedroom modern villa with pool and garage. Sea views and within walking distance to the golf course.
Two-bedroom sea-view apartments in modern building within walking distance of Lagos. Sold off-plan and due for completion in June 2021. Prices starting at 340,000 euros.
Stylish and modern two-bedroom apartments in a building with just four units set in a brand new golf resort in Silves. Apartments come with golf privileges and discounts and fantastic views over a nearby lake.
2002m2 & 2004m2 plots of land (300m2 construction area each) in Carvoeiro with an approved project for luxury contemporary villas with pool. Sea views and within walking distance of modern conveniences.
1500m2 plot of land (350m2 construction area) in Albufeira with a licence to construct a luxury 5 bedroom villa with pool. Within walking distance to the beach and easy access to modern conveniences - including a Michelin Star restaurant.
177m2 plots of land (84m2 construction area) near Vilamoura with a project for 2 bedroom dwellings with access to a pool and clubhouse. Close to golf course, international school and equestrian facilities.
Two bedroom luxury golf course apartments in Vilamoura with shared pool and private underground parking. Close to the beach and all modern conveniences.
11,820m2 plot of land (700m2 construction area) near Quinta do Lago with a licence to construct a three storey property and pool. Located within the natural reserve of the Ria Formosa, this property will benefit from amazing views!
Three bedroom off-plan luxury dwellings in Santa Luzia with pool and private parking. Withing walking distance to the beach and close to Tavira. Ready to move in by the end of 2019.
Two bedroom off-plan apartments in a closed condominium in Olhão with access to a heated pool and garage. Within walking distance to markets and the city centre. Estimated building completion in 2021.
Under Construction: Four bedroom duplex apartment in a closed condominium in Luz de Tavira with access to a pool and sea views. Close to Tavira and all modern conveniences. Estimated building completion: End of 2019.
Under Construction: Three bedroom dwelling in Luz de Tavira with a pool and views over the Ria Formosa. Close to Tavira and all modern conveniences. Estimated building completion: End of 2019.