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You may recall we recently posted that EU Property Solutions achieved an excellent settlement on behalf of a borrower in Portugal. This was our first settlement in Portugal and accordingly it has driven the team to explore the region and understand what we can achieve out there and of course assist borrowers struggling with property debt.
A Senior Advisor has just returned from the Algarve a met a variety of potential associates as we develop a network in the area. We met a company director of a firm assisting purchasers in locating and financing property purchases and also a rental and sales agent working in Vale de Lobo, Quinta do Logo and Dunnas to name a couple. What we took out of our meetings are as follows:
- People do have property debt issues in the area – but bury their head in the sand and do not take action.
- Not as big as impact as in Spain but property prices are down from peak
- No bargain properties available – usually starting over €100,000
- Mixture of Portuguese and Overseas investors buying second properties
- Banks no longer lending to foreign investors and playing games with new mortgages – for example lease a property for a period instead of offering mortgage product.
Agreements have been reached with these firms to introduce business and we hope to be able to assist more clients with Portuguese property issues in the future.
At home in the London and new Belfast office the team have been working hard and moving many cases forward. We expect to have a number of cases completing soon with a real focus on Spanish banks. We continue to achieve excellent results.
If you or anyone you know has any European Property Debt issues that need resolving then please call us on +44 (0) 330 1241230 to arrange a free initial consultation.