Typical % Reduction for a House Offer in Portugal? - Page 4 – Property & Real Estate – Expats Portugal Community Forum
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Typical % Reduction for a House Offer in Portugal?

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Posts: 2
Premium Member
Topic starter
(@nathaliegreg)
New Member
Joined: 10 months ago

Hi All,

Where we come from (Canada), when making an offer on a house, you can normally offer 10-15% less than the listing price. 

We are now looking at purchasing a house here in Portugal (Madeira), and we are curious as to what a typical % reduction would be? And I am guessing that % may be a bit higher in a COVID world?

We realize there are many factors involved...any advice or speculation is welcome.

Cheers,

Nathalie & Greg

40 Replies




Posts: 218
Premium Member
(@jeanne)
Estimable Member
Joined: 11 months ago

... And the many price reduction posted on idealista - sometimes a significant % -  show that asking prices may be only wishful thinking. 

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Posts: 184
Premium Member
(@itexpert7)
Estimable Member
Joined: 12 months ago

I was told by estate agents, that unlike other countries where the agents value a house in writing, in Portugal agents aren't allowed to do valuations, the seller of the house can ask any price they want, and are usually greedy. That is the reason for price reductions and discounts.

But even with agent prices, I had to reduce my house in the UK 4 times in order to sell it.

At the end the correct price for a house is only the price that someone is willing to pay for it.

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Posts: 118
Premium Member
(@paulr)
Estimable Member
Joined: 8 months ago

In more modern time , Agents are valuing property at a price they can sell it. Sometimes owners just put a high price on to test the market. However agents are realistic , They don't like to waste their time showing property that has a silly price.But it's up to you whether you think its the right price,

Remember 

Location, Legal,and Lasting  Easier to buy a property than sell it.

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Posts: 104
Community Member
(@aspidistra)
Estimable Member
Joined: 2 months ago

Just as a different example, I asked my surveyor about a price reduction on a house in the Algarve I am buying and he said it was priced correctly by the estate agent (I had assumed it was too high). He said that as the market in the Algarve for that sort of thing is 'strong' and that price reductions weren’t happening much at the moment.

So it could be the complications around the legal side of it that have left the house unsold, rather than the price? I can understand if you reduced your own house several times to sell it you might think a house you are buying should also be reduced but it is dependent on how strong the market is for sellers at a given point I guess.

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