As specialists in west coast property, Guthrie Rocha predict that 2024 will be an interesting year for property sales due to an inevitable price correction.
Having seen a crazy price hike when the average villa went from 400,000€ up to 700,000€ between 2021 and late 2022, buyers are returning. “We have actually seen a return of a lot of buyers to the table, who had been kicked out of the market when villas went up by over 50% in the post-COVID era, with people wishing to buy property in an under-developed area close to nature,” says director Pedro Barata da Rocha.
Due to global market conditions, the property market has inevitably slowed down. However, because there are not many new builds in this area due to building restrictions, stock is always relatively short. Realistic pricing is now key, according to Pedro. “Most of the properties we have for sale still have demand if priced right.” He believes there has been a lag time for vendors to get their heads around this reset in pricing. “I think sellers now understand it’s real and is actually healthy for our area.
“We seem to have buyers that actually feel incentivised to finally do the move for a simpler life when life is harder in the city or their countries,” Pedro says. “So, it’s an interesting shift. As long as they can afford the property, they have realistic expectations as they look to implement a new lifestyle, away from the rat run and commercialism. They are looking to integrate into a community sustainably.”
Located in Vale de Telha, Guthrie Rocha serves a relatively new and vibrant community of expats who are looking for a life change by moving into the coastal-countryside in the western Algarve, which is slightly cheaper than the prime coastal areas. Pedro’s email signature – Start each day with a grateful energy! – is unusual for a real estate agent.This sentiment may reflect the mentality of his client base.
The Guthrie Rocha business model certainly works, having been considered one of the best SMEs (small and medium-sized companies) operating in Portugal by Executive Digest magazine in a performance and growth study carried out in a universe of 150 thousand companies: https://toppme.pt/empresas/guthrierochaproperties/
Pedro predicts that 2024 will definitely be an interesting year, with a lot of struggles but also lots of rewards as they help their customers and community find their dream home in an area that offers a unique pace of life.
