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Page 1 (Original Post)

rab from N Ireland (Contact Member) -

I am trying to find out if the economy in Portugal is being effected by the credit crunch? Things I notice at home like pubs being quiet house prices falling people staying at home?

I ask this question as I have just begun to buy an apartment in the Algarve and am unsure should I continue.


Reply #1 James Strong (90.28.175.55) -

Dear Rab,

With news yesterday that Ireland has now fallen into recession, the best place for your money is anywhere but Ireland right now. Property in Portugal and France should report marginal growth this coming year 2009, while Spain, UK (and Ireland) and Germany may see a reverse in their fortunes.

The US govt. $700billion bail out for the financial sector may have a large impact on the way things are in the next few months.

You need to ask yourself the question of:

If I bail out of my property purchase what are the costs involved?

Will I lose my deposit?

What is the reason for my purchase? (Investment for the long term, golf holiday usage for the next 10 years?)

If you are in it for the long term then probabbly you are ok. The credit crunch wont go on forever.

If you are in it for the short term probabbly not the right market. There are many others around the world that are reporting solid growth. The question is what will happpen to the market in 2 years time?

Kind regards

James

james@off-plan.com

www.off-plan.com


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