Unsold Algarve Property? Smart Moves to Attract Serious Buyers

Selling a property in the Algarve can be a smooth process, but what happens if your property doesn’t attract buyers? If your home has been on the market longer than expected with little to no interest, it might be time to reassess your approach. Here are key steps you can take to improve your chances of selling your Algarve property.

1. Review Your Asking Price

Pricing is one of the most critical factors in selling a property. If your home isn’t selling, it could be overpriced compared to similar properties in the Algarve. Check recent sales data and consider a price adjustment to align with market conditions, deep dive into specific areas related to your property. 

In 2024, Lagos, in the Western Algarve, experienced an increase in property prices, making it one of the fastest-growing areas in the Algarve. The average price per square meter in Lagos is now €5,220. However, with limited new developments and high demand, properties priced competitively are more likely to attract buyers.

2. Refresh Your Marketing Strategy

A strong marketing strategy is essential for attracting buyers. If your listing isn’t generating interest, evaluate your online presence. Ensure high-quality professional photos are being used and consider investing in virtual tours or drone photography to showcase your property’s best features. Additionally, listing on international property platforms can help reach a wider audience of potential buyers.

The Algarve's real estate market continues to be influenced by international buyers, with over 50% of property investments coming from abroad. Highlighting your property's proximity to amenities, schools and cultural attractions can make it more appealing to these buyers.​

If working with a real estate agency, pick a reputable agency with strong digital exposure. Tell-tale signs are those who have regular social media updates with good engagement, and those who rank highly on Google (organically), a sign they’re investing in their SEO.  

3. Improve Your Home’s Presentation

First impressions matter. If your home appears outdated or cluttered, buyers may overlook its potential. Simple changes like repainting walls, improving landscaping and staging the home with neutral decor can make a significant difference. In the Algarve’s competitive market, well-presented properties tend to sell faster. De-personalising is a good strategy - buyers want to imagine how the space can work well for them. 

4. Expand Your Target Audience

If your home isn’t attracting local buyers, consider marketing it to international audiences. The Algarve is a hotspot for expats and investors and promoting your property in international real estate networks or publications may increase its visibility. Working with an estate agent experienced in the overseas market can also be beneficial.

5. Consider Seasonal Trends

The Algarve’s property market experiences seasonal fluctuations, with peak interest usually during the spring and summer months. If your home has been on the market during the off-season, relaunching your listing at the right time could attract more interest.

The Algarve's property market continues to see growth, with limited new developments and high demand. Timing your listing during peak seasons can capitalise on increased buyer activity.

6. Work With a Skilled Real Estate Agent

An experienced local agent can provide insights into why your home isn’t selling and recommend practical solutions. They can also use their network to connect with motivated buyers looking for properties in Lagos.

Of late, there has been increased interest from international buyers, particularly from Germany, the UK, and Belgium. Partnering with an agent who has a strong international network can enhance your property's visibility.​

7. Explore Alternative Selling Options

If traditional selling methods aren’t working, consider alternative approaches such as auctions, rent-to-buy schemes or offering incentives like covering legal fees to attract buyers.

With the Algarve's property market experiencing growth, exploring alternative selling options can provide flexibility and attract a wider range of buyers.

Conclusion

If your property in the Algarve has not sold, it is important to remain strategic and consider a thorough reassessment of your approach. Given the highly competitive nature of the Algarve's real estate market, properties that are well-presented and effectively marketed tend to sell faster. Consulting with a qualified real estate agent with in-depth knowledge of the Lagos market is also a critical step. A skilled agent can provide valuable insights, tailored recommendations and access to a wider network of potential buyers.