Published on June 30, 2009
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS Q U A R T E R L Y M O N I T O R PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 2nd Quarter Q 10 10 10 QUESTIONS DEVELOPERS AGENTS 2009 Q U A R T E R L Y M O N I T O R PORTUGAL RESIDENTIAL TOURISM MARKET CONFIDENCE ANALYSIS 2nd Quarter of 2009 vs 1st Quarter of 2009 associates ASSOCIATES 1
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS CONTENTS Q U A R T E R L Y M O N I T O R Introduction 3 1 – Market confidence in the residential tourism market 4 2 – Market interest in the regions of Porto, West (Oeste), Lisbon and the Algarve 5 3 – Decision‐making factors that influenced buyers in the 1st quarter of 2009 6 4 – Markets that represented a threat to Portugal in the 1st quarter of 2009 7 5 – Sales ‐ level of business activity 8 5.1 – Sales – volume by property type and price per square‐metre 5 1 Sales volume by property type and price per square metre 9 5.2 ‐ Sales – market interest in the 1st quarter of 2009, by country 13 5.3 – Sales – market confidence for the 3rd quarter of 2009 14 6. – Holiday rentals – level of business activity 15 6.1 – Holiday rentals ‐ volume by property type 16 6.2 – Holiday rentals – market interest in the 1st quarter of 2009, by country 19 6.3 – Holiday rentals – market confidence for the 3rd quarter of 2009 20 7 – Marketing measures that are being considered for implementation 21 8 – ILM Advisory ‐ 8 ILM Advisory final conclusions 23 ASSOCIATES
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS INTRODUCTION Q U A R T E R L Y M O N I T O R Developed by ILM Advisory, the 10‐10‐10 serves as a quarterly marketing barometer with the objective of evaluating the level of confidence in the domestic residential tourism industry by monitoring the performance and tendencies in the sector. y y g p The 10‐10‐10 encompasses a series of initiatives that ILM Advisory is developing as part of its Portugal Residential Tourism Market Intelligence report, which aims to supply market information by collating all the latest data and relating it to the residential tourism industry. In order to carry out this survey, ten questions were put to the following 10 promoters/investors operating in Portugal, as well as 8 market‐ leading estate agents; 10 Promoters: 8 Real estate agents: • Norte Golfe Promoções Turísticas e Imobiliárias, S.A. ‐ Porto • Abacus Savills – Lisbon Bom Sucesso ‐ ÓÓbidos Empreendimentos Turísticos, S.A. ‐ Ó Óbidos • Atlantic Estates ‐ Algarve, Lisbon and Costa de Prata ORIZON CAMPOREAL S.A. ‐ Óbidos • Garvetur ‐ Sociedade de Mediação Imobiliária S.A. – MSF ‐ TUR.IM, SGPS, S.A. ‐ Lisbon Algarve Newlyn Portugal ‐ Algarve • IRG International Reality Group – West (Oeste), Lisbon, Pestana Imobiliária ‐ Algarve Algarve, Madeira g Vale do Lobo, Resort T í ti d L V l d L b R t Turístico de Luxo, S A ‐ Al S. A. Algarve • Sadlers Mediação Imobiliária ‐ Knight Frank – Algarve Grupo Oceânico – West and Algarve • Winkworth – Algarve and West (Oeste) Aquapura – Porto and the north • Consultan – Alentejo Litoral Grupo Duarte ‐ Algarve • Engel and Volkers – West (Oeste) ASSOCIATES 3
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 1 – MARKET CONFIDENCE IN THE RESIDENTIAL TOURISM MARKET Q U A R T E R L Y M O N I T O R 2nd quarter of 2009 compared with the 1st quarter of 2009 Comparing the 2nd quarter of 2009 h d f CONFIDENCE with the previous quarter, we found that 39% of those surveyed reported less confidence in the market, 50% felt the same level of confidence and 11% were more optimistic. 50% AVERAGE The graph shows that from the perspective of the real estate agents, market confidence is marginally up compared with that of the promoters. Individual comments: Promoters “Hesitating but becoming more stable.” “The same, despite the expectations of growing interest among buyers.” “Continues to be difficult due to the absence of bank loans.” Estate agents “The market is still showing a distinct lack of confidence, which will eventually be overcome, slowly but surely.” “Better than the first quarter, with more business being done.” “The Portuguese market will continue to stabilise.” “Th P k ill i bili ” “If the properties are well located and reasonably priced, there's good interest. In the case of the properties being over‐priced, there's little interest.” ASSOCIATES 4
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 2 – MARKET INTEREST IN THE WEST (OESTE), LISBON, ALGARVE AND PORTO REGIONS Q U A R T E R L Y M O N I T O R Performance of the 1st Quarter 2009 and expectations for the 2nd Quarter 2009 SLIGHTLY STRONG INTEREST WITH TENDENCY TO MAINTAIN PORTO PERFORMANCE OR A SLIGHT INCREASE. SLIGHTLY WEAKER INTEREST WITH TENDENCY TO MAINTAIN PERFORMANCE OR A SLIGHT INCREASE. LISBOA SLIGHTLY STRONG INTEREST WITH TENDENCY TO MAINTAIN PERFORMANCE OR A SLIGHT INCREASE INCREASE. WEAK INTEREST WITH TENDENCY TO INCREASE INCREASE. ASSOCIATES 5
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 3 – DECISION‐MAKING FACTORS THAT INFLUENCED BUYERS IN THE 1ST QUARTER OF 2009 Q 9 Q U A R T E R L Y M O N I T O R Promoters and Estate Promoters Estate agents agents Factors Average Ranking Average Ranking Average Ranking RANKING Property price 8 2 6 2 7,1 2 1. MARKET CONFIDENCE Market confidence 9 1 7 1 8 1 2. PROPERTY PRICE Currency fluctuations 5 4 6 2 5,8 3 3. CURRENCY FLUCTUATIONS Real estate market prices 3. SAFETY 5 4 6 2 5,2 6 y g in the country of origin 4. CLIMATE 4 CLIMATE Variety of residential 5. VARIETY OF PROPERTIES AVAILABLE 5 4 6 2 5,3 5 properties in offer 6. REAL ESTATE MARKET PRICES IN THE Ease of access to and COUNTRY OF ORIGIN from the nearest 5 4 5 3 5.2 6 international airport l 6. 6 PROXIMITY TO AIRPORT Ease of access to the 7. EASE OF ACCESS 5 4 5 3 5 7 property 8. OTHERS Climate 6 3 5 3 5,5 4 Safety 5 4 7 1 5,8 3 Other(s) 4 5 1 4 2,6 8 Other factors mentioned: ‐ Services and infra‐structure available for residents ‐ Location of property ‐distance from beach, golf course, etc. ASSOCIATES ‐ Quality 6
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 4 – MARKETS THAT REPRESENTED A THREAT TO PORTUGAL IN THE 1st QUARTER OF 2009 Q 9 Q U A R T E R L Y M O N I T O R Tradicional Markets Total Average Ranking Spain 79 4,9 2 RANKING France 60 4 7 Italy 65 4,3 5 1. TURKEY 2. SPAIN Emerging Markets Total Average Ranking 3. GREECE Ciprus 57 4,4 4 Turkey 61 5,1 1 4. CYPRUS Greece G 57 4,8 48 3 5. ITALY Bulgaria 42 3,8 8 6. MOROCCO & NORTH AFRICA Malta 41 3,7 9 7. FRANCE, USA & THE CARIBBEAN 8. BULGARIA Other Total Average Ranking 9. MALTA Morocco & North Africa 46 4,2 6 10. DUBAI EUA & Caribbean 48 4 7 PALOP's 21 2,3 11 11. AFRICAN & PORTUGUESE SPEAKING Dubai 21 3,5 10 COUNTRIES ASSOCIATES 7
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 5‐ SALES – LEVEL OF BUSINESS ACTIVITY Q U A R T E R L Y M O N I T O R 1st quarter of 2009 compared with the 4th quarter of 2008 SALES VENDAS For the majority of promoters, the level of sales and business activity was 5% down, comparing the 1st quarter of 2009 against the last quarter of 2008. In contrast most estate agents contrast, 60% surveyed reported an increase of more INCREASED BY than 10% for the same period. MORE THAN 5% The Algarve was the region that registered the l d h largest increase in business activity. Individual comments: Promoters “Pessimism suggests that there are no real signs that the market is picking up although we do expect things to Pessimism suggests that there are no real signs that the market is picking up, although we do expect things to start turning around in due course.” “The British market seems to be improving, while the Irish market continues to drop off.” “Similar, but we're expecting sales to pick up in the second quarter.” Estate agents “We don't expect any variations in the domestic market during the next quarter of 2009.” “Definitely more requests and more decisions to buy.” ASSOCIATES 8
Não é possív el apresentar a imagem. O computador pode não ter memória suficiente para abrir a imagem ou a imagem pode ter sido danificada. Reinicie o computador e, em seguida, abra o ficheiro nov amente. Se o x v ermelho continuar a aparecer, poderá ter de eliminar a imagem e inseri-la nov amente. PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 5.1 SALES – AVERAGE VOLUME BY TYPE AND AVERAGE PRICE PER SQUARE‐METRE Q Q U A R T E R L Y M O N I T O R 1st quarter of 2009 Apartments and villas account for most of the sales by estate agents and promoters. The average price per square‐metre varies between 2,800 euros and 3,269 euros according to the estate agents g surveyed, y , while promoters report a price range of between 3,119 euros and 3,296 euros across the range of properties on offer. Regarding the pricing of properties during the 2nd quarter of 2009, promoters are more confident than estate agents that the market will stabilise or even increase. Individual comments: Promoters “Positive results can always be expected regarding the shared property market.” Estate agents “We're aware of the fact that there's currently a big difference in price in the Algarve, although it varies according to the area.” “In general, prices are between 20 and 25 per cent below the asking p price, with many deals being done at between 10 and 15 per cent less , y g 5p than the asking price.” ASSOCIATES 9
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 5.1.1 ‐ SALES – VOLUME BY TYPE (APARTMENTS) Q U A R T E R L Y M O N I T O R Sales activity for the 1st quarter of 2009 Demand for apartments with four or more bedrooms is low. Most properties sold were two‐bedroom apartments (36 4%) followed by apartments with three (36.4%), bedrooms and less than two bedrooms, both of which accounted for 22.7% of total sales. Comparing information provided by promoters and estate agents, there are some noticeable differences on the graph, particularly in the sales volume of four‐ bedroom apartments. According to those surveyed, sales volume will remain stable (67%) or will increase (27%). Individual comments: “In general, there's a rise in demand for apartments, with sales prices at average or below.” “We've seen a definite interest for apartments with more bedrooms in the best locations. We believe that there will continue to be interest in properties of a higher quality.” ASSOCIATES 10
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 5.1.2 – SALES – VOLUME BY TYPE (TOWNHOUSES) Q U A R T E R L Y M O N I T O R Sales activity for the 1st quarter of 2009 In general terms, demand for townhouses is mostly for properties with three bedrooms. Estate agents report more interest for townhouses with two bedrooms, accounting f 40% of total sales. for f 67% of estate agents and promoters believe that this level of sales volume will continue. ASSOCIATES 11
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 5.1.3 – SALES – VOLUME BY TYPE (VILLAS) Q U A R T E R L Y M O N I T O R Sales activity for the 1st quarter of 2009 Demand for villas is more varied and mostly centred on properties with four or more bedrooms bedrooms. Based on information provided by estate agents, the sale of two‐bedroom villas accounts for 11.1% of total sales. Villas are the most sought‐after property at the top end f of the market. 82% of estate agents and promoters agree that sales of villas will continue at the same level, while 18% believe , that the figure will rise. ASSOCIATES 12
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 5.2 SALES – MARKET INTEREST IN THE 1ST QUARTER OF 2009, BY COUNTRY 9, Q U A R T E R L Y M O N I T O R PORTUGAL ENGLAND IRELAND SPAIN SCANDINAVIA GERMANY BENELUX SIMILAR TO WEAK INTEREST WEAK INTEREST SAME OR LESS SIMILAR SIMILAR SIMILAR TO STRONG WITH TENDENCY WITH TENDENCY INTEREST WITH INTEREST WITH INTEREST WITH STRONG INTEREST TO REMAIN THE FOR EVEN LESS TENDENCY TO TENDENCY TO TENDENCY TO INTEREST WITH WITH SAME OR REMAIN THE REMAIN THE REMAIN THE TENDENCY TO TENDENCY TO INCREASE SAME OR SAME OR SAME OR REMAIN THE REMAIN THE INCREASE INCREASE INCREASE SAME OR SAME OR INCREASE INCREASE Interest shown by France, East European countries and Russia during the first quarter of 2009 varied between weak and the same level of interest and the prospect for the second quarter is expected to be the same. OTHER COUNTRIES AND REGIONS THAT HAVE SHOWN INTEREST IN PURCHASING PROPERTY IN PORTUGAL: MIDDLE EAST, CANADA AND SOUTH AFRICA ASSOCIATES 13
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 5.3 – SALES – MARKET CONFIDENCE FOR THE 3RD Q U A R T E R L Y M O N I T O R QUARTER OF 2009 CONFIDENCE IN THE SALES FOR THE 3RD QUARTER OF 2009 56% OF THOSE SURVEYED CLASSIFIED THE LEVEL OF CONFIDENCE IN THE REAL ESTATE SALES FOR THE 3RD QUARTER OF 2009 AS AVERAGE Individual comments: “Slight increase due to the recovery of the British market.” “We're prepared for this year to be relatively negative in terms of sales ” We re prepared for this year to be relatively negative in terms of sales. “Due to uncertainty and lack of confidence in the market, we expect the price of property to continue sliding.” “Slight but significant improvement.” ASSOCIATES “It will increase gradually.” “It will not fall. It will increase slowly.” 14
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 6. HOLIDAY RENTALS – LEVEL OF BUSINESS ACTIVITY Q U A R T E R L Y M O N I T O R 1st quarter of 2009 compared with the 4th quarter of 2008 The renting of holiday homes only RENTALS applies to 8 of the participating companies, of which 25% report an increase in this sector. The Algarve registered the biggest rise in holiday 87.5% rentals. A RISE OF According to 80% of promoters MORE THAN 5% surveyed, the level of business activity in the holiday rentals sector increased by between 5% and 20%, while estate agents reported a rise of 10% or more. Individual comments: “Demand increased during the high season.” “People don't want to sacrifice their holidays.” “More direct bookings.” “Customers tend to book their holidays for the period after the New Year celebrations wich accounts for the rise.” ASSOCIATES 15
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 6.1 HOLIDAY RENTALS – AVERAGE VOLUME BY PROPERTY TYPE OF TOTAL BUSINESS ACTIVITY Q U A R T E R L Y M O N I T O R 1st quarter of 2009 For promoters, the holiday rentals sector is mostly centred on demand for apartments (37.8%). Business among estate agents was more diverse, with villas and apartments accounting for 18.8% and 16.2% of holiday rentals, respectively. ASSOCIATES 16
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 6.1.1 – HOLIDAY RENTALS – VOLUME BY TYPE (APARTMENTS) ( ) Q U A R T E R L Y M O N I T O R 1st quarter of 2009 compared with the 4th quarter of 2008 The types of apartment sought for holiday rentals are very varied. The demand for apartments smaller than T2 is mainly thought promoters, while estate agents achieved more rentals for apartments with four or more bedrooms. Regarding future prospects for the rental of holiday apartments, 50% predict the same volume, while the other 50% expect to see a rise in business. Individual comments: “The rise reflects the good price on offer, which has dropped about 10% on the year. Townhouses are considered too expensive.” ASSOCIATES 17
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 6.1.2 – HOLIDAY RENTALS ‐ VOLUME BY TYPE (VILLAS) Q U A R T E R L Y M O N I T O R 1st quarter of 2009 compared with the 4th quarter of 2008 t of 2009 o d ith th 4th t of 2008 In common with the rental of holiday apartments estate apartments, agents report that the largest percentage of demand is for villas with four or more bedrooms, accounting for 66.7% of all business in this segment. For promoters, all the demand has been f villas with for three bedrooms. 40% of those surveyed expect business to be the same in the 2nd quarter, while 40% expect to see a rise. q , 4 p ASSOCIATES 18
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 6.2 – HOLIDAY RENTALS – MARKET INTEREST IN THE 1ST Q U A R T E R L Y M O N I T O R QUARTER OF 2009, BY COUNTRY PORTUGAL ENGLAND IRELAND SPAIN SCANDINAVIA GERMANY BENELUX INTEREST INTEREST EITHER INTEREST THE INTEREST INTEREST THE INTEREST INTEREST EITHER THE THE SAME OR SAME WITH EITHER THE SAME WITH EITHER THE EITHER THE SAME OR STRONGER WITH TENDENCY TO SAME OR TENDENCY TO SAME OR SAME OR STRONGER O TENDENCY TO REMAIN THE STRONGER O REMAIN THE STRONGER O STRONGER O WITH REMAIN THE SAME LEVEL OF WITH SAME OR WITH WITH TENDENCY TO SAME OR INTEREST TENDENCY TO INCREASED LEVEL TENDENCY TO TENDENCY TO REMAIN THE INCREASED REMAIN THE OF INTEREST REMAIN THE REMAIN THE SAME OR LEVEL OF SAME OR SAME OR SAME LEVEL INCREASED INTEREST INCREASED INCREASED OF INTEREST LEVEL OF LEVEL OF LEVEL OF INTEREST INTEREST INTEREST Market interest in East European countries during the first quarter of 2009 remained the same and the tendency for the second quarter is for the level of interest to be sustained or to decrease. Market interest in France during the first quarter of 2009 remained the same and the tendency for the second quarter is for the level of interest to be sustained. Market interest in Russia during the first quarter of 2009 ranged between the same and stronger and the tendency f the second quarter i f the l d for h d is for h level of i l f interest to b sustained or to i be i d increase. ASSOCIATES 19
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 6.3 – HOLIDAY RENTALS – MARKET CONFIDENCE FOR Q U A R T E R L Y M O N I T O R THE 3RD QUARTER CONFIDENCE IN THE RENTALS FOR THE 3RD QUARTER OF 2009 70% OF THOSE SURVEYED CLASSIFIED THE LEVEL OF CONFIDENCE IN THE REAL ESTATE RENTALS FOR THE 3RD QUARTER OF 2009 AS Q O 9 MEDIUM TO HIGH Individual comments: “Bookings made later this year and more demand for a better price/quality ratio.” ASSOCIATES “Better year for rentals, with more demand from the Portuguese.” 20
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 7 – MARKETING MEASURES THAT ARE BEING CONSIDERED Q U A R T E R L Y M O N I T O R Promoters: “Institutional presence at trade fairs ” Institutional presence at trade fairs. “To continue with PR activities and customer presentations. We're targeting the German and Angolan markets.” “Target the fractional ownership market.” “Promote activity packages (golf, children's soccer school, etc.) and payment plans.” “Do business without spending money.” “Target the golf market.” “Be present at the real estate trade fair, run a media campaign in large circulation newspapers, do an extensive e‐mailing and Internet promotion, organise special events on‐site.” i i i l i ” “Reduce sales and marketing costs, be alert and study the development of the domestic market, redefine our sales and marketing strategy in the United Kingdom and Ireland, evaluate our product range, price and conditions of payment.” g g y g ,p p “Marketing activities tailor‐made for and targeted at customers selected by the estate agents we work with, partnerships with entities that have the same clients in order to project a positive message, take advantage of hotel guests interested in this type of product and use selected media to promote our strategy.” “Local marketing activities, targeting of key markets, sales calls, partnerships, strengthening the sales team and presentations to the public through our partners.” “We're going to concentrate on tourists visiting the Algarve because we consider them to be high‐potential prospective buyers.” ASSOCIATES 21
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 7 – MARKETING MEASURES THAT ARE BEING CONSIDERED Q U A R T E R L Y M O N I T O R Estate agents: “Organise one‐to‐one marketing activities where we can approach people and sell them our product directly. We're thinking about avoiding heavy media campaigns and using more marketing.” “Net‐marketing, press relations, networking activities and the launch of a client loyalty programme.” “N t k ti g l ti t ki g ti iti d th l h f li t l lt g ” “We're keeping in contact with the British media and stopping advertising in Portugal.” “Google and our website are the key methods of generating requests. Using the local media to create brand awareness and generate g listings. Greater emphasis on PR, especially in key markets such as the UK, Benelux, Scandinavia and the Middle East. Promotion in conjunction with estate agent partners in other countries via electronic communication and networking.” “Web‐marketing and partnerships with estate agents..” “More cross‐selling activities.” “Taking part in events.” ASSOCIATES 22
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS 8. CONCLUSION Q U A R T E R L Y M O N I T O R After a period of very low confidence, and according to some of the promoters and estate agents surveyed, the market could be stablized. The companies that predicted a rise in confidence in the previous edition of 10-10-10 for the 4th quarter of 2009 (signs of which are already visible in the 2nd quarter) maintain with 50% classifying the level of market confidence as “medium”. medium As a rule, there's less interest in the more established tourist destinations where there's a greater supply, particularly during a period in which price is more important for those looking to buy a real estate product, with value for money and market confidence being the main considerations when purchasing a property. Among the top-ranking destinations for the first quarter of 2009 the biggest threat to Portugal came from Turkey 2009, Turkey, which overtook Spain, traditionally the most popular location for residential tourism. The reason for this is the FOR THE 3RD catastrophic impact of the current economic crisis in Spain, which has affected both prices and the number of QUARTER OF properties available, in addition to Turkey's increased efforts to promote and sell itself as a residential tourism O 2º TRIMESTRE destination. 2009, THE DE 2009 DEVE PROSPECTS ARE APRESENTAR MORE SALES UMA LIGEIRA FAVOURABLE Regarding sales, the slight increase in enquiries and properties sold has in turn triggered a rise in market MELHORIA COMPARED WITH confidence. The Algarve is the region that has benefited most from this increase, explained perhaps by signs of COMPARANDO THE 2ND recovery in the British market. QUARTER COM O 1º TRIMESTRE ASSOCIATES 23
PORTUGAL RESIDENTIAL TOURISM MARKET INTELLIGENCE 10 10 10 QUESTIONS DEVELOPERS AGENTS Q U A R T E R L Y M O N I T O R 8. CONCLUSION 8 CONCLUSION SALES (continued) According to both the promoters and estate agents surveyed, apartments and villas are the properties most sought after, with prices per square-metre varying between 2,800 euros and 3,296 euros (for estate agents) and 3 196 euros and 3 296 euros (for promoters) The difference in these prices we conclud comes from the 3,196 3,296 promoters). prices, fact that estate agents have a more diverse range of properties to sell. It's interesting to note that in terms of pricing during the 2nd quarter of 2009, promoters showed more confidence in maintaining or increasing prices. Regarding the amount of market interest in each country, there's an equal to strong level of interest in the domestic market. Interest from the British market, despite being small, shows signs of stability or even a slight recovery, while the low level of interest in the S f Spanish market also suggests the possibility of a slight increase. f Ireland, one of the strongest markets up until 2008, still shows little interest and a tendency to diminish further. FOR THE 3RD QUARTER OF O 2º TRIMESTRE RENTALS 2009, THE DE 2009 DEVE Despite th f t th t only eight of th companies surveyed operated i thi fi ld th volume of h lid rentals
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