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Owning an apt in Albufeira - newbie questions! |
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Teresa 
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Joined: 06/March/2019 Location: Canada Status: Offline Points: 124 |
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 Topic: Owning an apt in Albufeira - newbie questions!Posted: 06/March/2019 at 20:34 |
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Hi everyone,
I'm hoping I'm posting in the right place (first post here) and that I may get answers to some questions... My father recently passed away and has left us with an apartment in Albufeira (north end of Oura strip on Sa Carneiro). I don't even know where to begin with my questions!  My brother and I are debating whether to keep it or sell it. I would love to keep it! I have visited many times, my children have gone with friends and I was hoping to use it much more often upon retiring. But, I'm not sure if I'd be better off selling it... I suppose I'll begin with the most generic question... what do I need to know?!? Does anyone here have an apartment that they rent out? What should I be aware of? Can you recommend any rental agencies to assist in the rentals? What about development? Over the years, I've certainly seen the impact of the economy on the area surrounding the strip. What are your thoughts on development, the overall economic environment, etc. Aside from these questions, I've skimmed through the forum and think it's wonderful that so many post here and that it seems many of you meet up when in Albufeira! What fun!!  Thanks!!
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cubsur
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Joined: 26/January/2006 Status: Offline Points: 26924 |
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Posted: 07/March/2019 at 08:47 |
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"Does anyone here have an apartment that they rent out? What should I be aware of?" I know several here do and will no doubt be able of offer detailed advice, but in general terms if you plan to rent to tourists you can make a lot of money (a 2 bedroom apartment can easily go for €1200 a week in summer) but the bureaucracy, laws, rules and regulations are a minefield best stepped across with a reputable agent and good accountant. You will have to register the property and declare earnings for income tax etc. Private rentals (ie long term and not to tourists) can also be done through agents but without the intricacies. If you sell, it's the buyer who must exercise due diligence about likely future nearby building and construction projects.
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ClaireKildare
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Joined: 17/February/2015 Location: Co Kildare Status: Offline Points: 202 |
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Posted: 07/March/2019 at 13:56 |
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The top end of the Strip is enjoying a boost with the new Jupiter Hotel and a few new restaurants, it needed it. In general property prices are increasing in Albufeira, there are a few new developments starting and in general in outlook is positive. I don't rent my apartment but I agree with Cubsur, money can be made but you have to do things properly. Another aspect to consider is the legal ownership of the apartment, make sure it has been transferred to you if you intend to keep it. In your position I would keep it, an opportunity to make some money, an appreciating asset and a the use of it whenever you want. Win, win.
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Teresa
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Joined: 06/March/2019 Location: Canada Status: Offline Points: 124 |
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Posted: 07/March/2019 at 16:21 |
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Thanks for your responses.
Can anyone recommend some good agents? And are most rentals are done through AirBnb or strictly through rental agencies? Claire, I agree with you... my strong preference is to keep it. My only hesitation is that I have no clue what I'm getting into! And, as I'm so far away (Canada) plus a language barrier - while I do understand Portuguese decently, I'm far from being fluent. I've visited many, many times (actually, will be there end of May) and love it. Plus, from a sentimental perspective, I am pleased that it allows my kids to maintain a small tie to their grandparents' heritage. Personally, I love the apt's location as it is so accessible to everything I need (although, I do sometimes wish it was in Old Town :) ) . Thanks again! |
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tonisdad
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Joined: 24/November/2010 Location: United Kingdom Status: Offline Points: 1060 |
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Posted: 07/March/2019 at 18:44 |
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Teresa
Sorry about your Father. As Claire said the new Jupiter hotel may give the top end a boost. But is it not mostly all inclusive or bed and breakfast? So not much good as a boost to local businesses. That end of the strip has been dying the death over the last few years, all the rabble seem to congregate in the middle and other end. In fact a friend is opening a bar at the North end and I fear the worst for him and sincerely hope I am wrong. Regards renting, apartments are ten a penny from about October through until start of June. Portuguese rationale seems rather than rent full time make the big bucks in the summer and let the place stand empty and damp all winter/spring.Our complex is 90% empty most of the time..bliss. Language is no barrier whtsoever all professional people are English fluent. The amount of Canadians in Albufeira is tremendous over the winter and rising. A few couples we know are doing three months. We had a cracking party Canada day in the Coyote bar 150+ .....pictures somewhere on facebook. Maybe you could find a fellow countryman looking for a few months over the winter, Grab the big bucks in summer and leave a bit of time for yourself and family rest of the time. But as Cubsur said the red tape over here is a minefield. Good luck. |
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Teresa
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Posted: 07/March/2019 at 19:28 |
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Thanks.
The apt is on Carneiro, just south of Manel do Frango restaurant. I have also seen the strip north of Descobrimentos losing it's steam. I recall visiting years ago when that section of the strip was fairly active and full with restaurants and shops. Last two visits (although last time was 2-3 years ago), lots and lots of empty store fronts and closed restaurants. Initially, I assumed it was due to the global financial crisis and European economic issues but... I would have expected a tourist area such as Albufeira and Oura strip to have rebounded a bit more. Any thoughts as to why it has not? And, true enough, all inclusives do not add much to local street front restaurants, cafes...
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Teresa
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Posted: 07/March/2019 at 19:32 |
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And, nice to know fellow Canucks are hanging out over there! :D
My son actually befriended a Portuguese expat, who had lived in Canada for many years, and now owns a bar on Oura Strip... they bonded over NHL Hockey Play-offs being shown on the guy's tv screens! :D I believe his bar was Blue Jays??? I also had the opportunity to meet him - super guy, if you're ever in the area! :)
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tonisdad
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Joined: 24/November/2010 Location: United Kingdom Status: Offline Points: 1060 |
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Posted: 07/March/2019 at 19:56 |
Just my thoughts on it and there are other people on here have far more experience/ knowledge of the area. I don`t know if you remember/are aware about 5 or 6 years ago there was a gang marauding in that area mugging/stabbing people and I think the muck stuck so to speak. One of the people on here had a business up there he might know far more than me but it looks really really run down up there now.
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tonisdad
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Posted: 07/March/2019 at 20:02 |
Not sure if this works if doesn`t somebody will be able to find it and paste it.
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Teresa
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Posted: 07/March/2019 at 20:14 |
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hmmm, not surprised re the gangs. I do recall there being a problem with some robberies/violence and, unfortunately, my son was a victim as well... ended up with a broken jaw last year. Was the action of only one guy rather than a guy and was midpoint of the strip (south of Descobrimentos) but, I suppose the problems are still there.
I'd thought the city/police had tried to clean up the area to maintain a 'family friendly' environment. I suppose time will tell... Hopefully, I'll find a bit of an improvement over my last trip when I'm there in May.
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ClaireKildare
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Posted: 11/March/2019 at 11:01 |
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Yes the Jupiter is AI, but some guests will "escape" I'm sure. There is also the increased footfall of staff so there will be more life in the area. The fact that the area was so empty added to the problem of anti social behavior, I remember gypsies camping on the waste ground behind the top of the strip. Was one of the attacks caused by a drunken tourist losing his way and crashing through their camp?? I remember when the top of the strip was a more family area with Coconuts 1 and 2 etc, and the bottom bit was the Party crowd. The families seem to have migrated to the Old Town. I would like to see the place come back to life though the last time I was there was last July, I had been visiting in the area and walked down from Erins Isle in the mid afternoon, a gang of young Portugeuse were shouting and fighting their way down the road. Badly behaved teenagers looking for attention, but I would not had felt confident to pass them if I was alone. GNR need to stamp out stuff like that.
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Teresa wrote: