Got experience in Portugal, esp. Carvoeiro and Vilamoura?

[Catherine Underwood]

Any one got property experience in Portugal, especially the Carvoeiro and Vilamoura areas? I’d love to hear about any pitfalls or advantages you know of, especially with apartments or houses for short stay rentals OR apartments for long term rentals. 

I’ve noticed there are a lot of properties that are advertised as offering guaranteed incomes where the seller does everything including management of the properties - any one got any views about this?

Ps: I know there are threads about Portugal but they are quite old, so I thought it would be best to start a new one.

Thanks!

[Diogo Candido]

Greetings @Catherine Underwood,

I personally love the area and actually lived in Algarve the first half of this year, I can tell there is a real shortage of long term rentals there, as soon as they hit the market they are gone because most owners have the properties on short term rental, or at least they have it part of the year making 1 year leases hard to find.

I wouldn't be against buying something and have the seller manage it and getting a guaranteed return, obviously they know the property and the business inside out, but I would have to understand why they are selling. Are they selling because they think this as much as they are ever going to get for the property, want to cash out and let someone else take the hit or are they just turning into property managers and want to diversify or invest into something else? Do your own due diligence and be aware that the market is not transparent and that the barrier of entrance to be a real estate agent is absolutely 0, leading to potential misinformation and speculation.

That being said I come back to the beginning, I love the area and it's seeing a lot of growth. If you need any help let me know, I'm a mortgage broker here in Portugal and find myself working primarily with foreigners.

If you have any other questions or specific things you want to know feel free to ask, I'll answer to the best of my abilities!