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Teresa View Drop Down
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Joined: 06/March/2019
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Points: 124 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Teresa Quote  Post ReplyReply Direct Link To This Post Posted: 26/April/2022 at 16:00
Not very familiar with the local economy re income vs rental expenses but, would seem, this new rule will certainly bring down long term rental prices when supply of rentals suddenly increase.  Just curious, for locals, is the cost of rent vs. income a problem?  (Especially given the volatility from covid.)
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Joined: 27/December/2008
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Points: 5052 		Post Options Post Options   Thanks (1) Thanks(1)   Quote Algarveaddick Quote  Post ReplyReply Direct Link To This Post Posted: 27/April/2022 at 08:44
I can't help thinking that the hotel lobby are very much behind this, old cynic that I am...  
Go away Duchatalet
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dpx3001 View Drop Down
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Points: 173 		Post Options Post Options   Thanks (0) Thanks(0)   Quote dpx3001 Quote  Post ReplyReply Direct Link To This Post Posted: 27/April/2022 at 10:02
Fellow cynic concurs.
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Points: 26994 		Post Options Post Options   Thanks (1) Thanks(1)   Quote cubsur Quote  Post ReplyReply Direct Link To This Post Posted: 28/April/2022 at 08:29
"..is the cost of rent vs. income a problem?"

For many, yes. According the Portugal National Statistics Office, the average monthly wage in Portugal is about €1,300 a month. In places like Albufeira, where tourist rentals dominate, a small 1 bedroom apartment long term can easily cost €800 - €900 a month. Doesn't leave a lot, does it,  especially when many people work in the tourist industry at minimum wage.
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Joined: 29/July/2008
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Points: 760 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Richardk Quote  Post ReplyReply Direct Link To This Post Posted: 28/April/2022 at 10:07
I think it only applies to apartments, villas are not affected
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dpx3001 View Drop Down
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Points: 173 		Post Options Post Options   Thanks (0) Thanks(0)   Quote dpx3001 Quote  Post ReplyReply Direct Link To This Post Posted: 28/April/2022 at 10:21
Yes, I expect houses/villas prices to go up, apartment prices to go down, since ruling only affects apartments.

I know several young-ish locals who are super happy to have permanent job for 1100 euros/month, all three of them having university degrees. None of them can afford to rent apartment in Albufeira with current prices. One lives with wife, child and parents sharing the apartment, others lease 15-20 km north where prices can be more affordable.

With long term lease contract all the utility bills come on top of lease amount, usually 60-180 euros per month for electricity/water/gas.
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Teresa View Drop Down
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Points: 124 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Teresa Quote  Post ReplyReply Direct Link To This Post Posted: 28/April/2022 at 21:12
Financially, that is really tight.  And, I'm sure, there are a higher than average number of workers earnings minimum wage, given the tourism related work.  800 euros seems very expensive for a one bedroom compared to those salary levels.  Add in current inflation for essentials, will be very difficult for people.  My city is not tourist-based (ie minimum wage is likely not as prevalent) and, yet, we have the same housing affordability issue.  People here have also moved qutie far out of the city to find affordable housing.  Now that they've moved, there seems to be a big push here from these people to continue to working from home (where possible).

Re my trip...  I've sent a message to my airbnb owner..  hoping there won't be an issue with my booking!  One would've thought all the covid rules and regulations were enough to deal with!
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Joined: 19/May/2021
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Points: 157 		Post Options Post Options   Thanks (1) Thanks(1)   Quote Bunnyrunner Quote  Post ReplyReply Direct Link To This Post Posted: 03/May/2022 at 10:14
Originally posted by peteknopp peteknopp wrote:

I think you need to rethink your maths if you think best case scenario only gives 8 weeks at full rental. Most places will work on 30 weeks a year and maybe 15 of those at top whack

You might work on 30 weeks a year Pete but you do well if you can sell June to September and 8 weeks at full whack seems right to me. July and August you can charge what you want but June and September are the shoulder seasons and you charge about 50-70% of the July/August prices. A quick look at AirBnB, VRBO or TA will back that up.
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Points: 173 		Post Options Post Options   Thanks (0) Thanks(0)   Quote dpx3001 Quote  Post ReplyReply Direct Link To This Post Posted: 20/February/2023 at 13:42
I'm curious what's the word on the street re latest developments? I am very much against too many regulation however having 6% tax on AL or 30% on lease didn't ever seem fair. Of course multi year lease contract brings tax to the proximity of AL but still didn't seem right to push owners into AL.

Business as usual with guests taking hit of 25% tax hike or converting to lease and having no tax until 2030?
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Teresa View Drop Down
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Points: 124 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Teresa Quote  Post ReplyReply Direct Link To This Post Posted: 20/February/2024 at 21:29
Overall, how have real estate prices faired over the last 6 to 12 months?  In Canada, any piece of property has jumped up, many ridiculously so, over the past year or so.  Wondering how condos have fared in Albufeira, in particular near/north of Ouro strip.
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cubsur View Drop Down
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Points: 26994 		Post Options Post Options   Thanks (0) Thanks(0)   Quote cubsur Quote  Post ReplyReply Direct Link To This Post Posted: 21/February/2024 at 07:56
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Albufeira Resident

www.algarvebus.info public transport information for the Algarve
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Teresa View Drop Down
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Joined: 06/March/2019
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Points: 124 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Teresa Quote  Post ReplyReply Direct Link To This Post Posted: 21/February/2024 at 14:48
Cubsur, unfortunately, your reply came with an error code (ERROR 403 - Forbidden Error).  Saying I am attempting to access restricted content...

Do you know if this means I need to change a setting?

Thanks
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