How Covid-19 is affecting the property market right now
We are not anticipating any change in property prices due to the impact of Covid-19. Our buyers invest in Quinta do Lago because they have trust in our luxury market and quality offering which has not changed in the crisis – as was also seen in 2008. Quinta do Lago Real Estate provides access to more than just a property; our residents enjoy a clean, healthy way of living in low-density, natural environment. Currently, we are continuing to receive a steady stream of interest and enquiries. Although the present lockdown is putting a halt on completions, we are confident that our potential buyers will be keener than ever to close these deals once this is all over, put it behind them and focus on a new lifestyle.
The trend of virtual property tours:
In the current climate, the safety of our residents, guests and team members is our highest priority and we are diligently following the Government and Health Authorities guidelines on how to operate. As such, our sales office is functioning remotely, and we are utilising our virtual property tours now more than ever before – offering live stream video tours via Zoom and WhatsApp and 3D virtual tours with Matterport 360 technology. This testing time is showcasing the power of technology and I predict people will continue to utilise these services when travel picks up again – and when combined with our dedicated and diligent sales and customer services team, it is extremely effective.
Short-term effects on the property market:
Whilst people are unable to travel, the pace of sales is undoubtedly going to slow. However, as soon travel bans are lifted, a second home in our resort will be more attractive than ever, which means the market will bounce back quickly. Particularly for British buyers, we offer a lifestyle in line with the values and desires of modern families, along with a strong fitness and wellness offering, a welcoming community, green space and a 15-minute drive from an international airport. Combined with our new capability to work remotely, whatever your industry, it has never been easier to live in Quinta do Lago.
Long-term effects on the property market:
I truly think that Covid-19 is going to affect our view of modern living and more importantly, our priorities. British buyers are going to give even more value to nature, green living, safe spaces, and low-density environments. The Algarve, and especially Quinta do Lago, lends itself perfectly to this new approach. Nestled within the privacy and security of the Ria Formosa nature reserve we enable families, friends, and individuals to live an active outdoor lifestyle all year round in a region consistent with its masterplan only, allowing 9% of built area. We are committed to providing people with an opportunity to invest in their lives, improve their quality of living and reconnect with the natural world and for these reasons, I think our future is very bright.
Sean Moriarty, CEO of Quinta do Lago resort