Updated: May 22, 2024

 

Faro is the capital of the Algarve and is famous for its historical monuments and architecture, saltwater lagoons, and shopping zones. Located in the center of the Algarve region, the city provides easy access to the different areas around this sought-after holiday destination.

This captivating coastal town offers a range of property options, from quaint apartments to luxury family homes. If you are planning on investing in the city’s property market, working with a real estate agent in Faro will help you better navigate the whole process.

An even better service option for a focused and seamless journey is working with a buyer’s agent like Goldcrest. Our business is focused on exclusively representing our customers – the buyer. With complete professionalism and transparency, our experienced team ensures your best interests are prioritized and that you land a great deal.

In this article, we provide you with insight into why working with a real estate agency is a smart choice and how to find the best agents to successfully guide you through the whole process.

An Introduction to Faro's Real Estate Market

sell, rent, dedicated team, international network, ideal homes Portugal - FaroBeing a favorite for Portuguese citizens and tourists to visit, as well as a top choice for expats, Faro real estate is in high demand.

Faro has a very high expat population, with 15 percent of residents being foreigners.

Also, being the capital of the Algarve, Faro is always bustling with life. It has some of the most beautiful beaches in Southern Portugal, and living in Faro offers easy access to many fun activities you can take advantage of, including restaurants, bars, and amenities.

Faro real estate market analysis and trends

With an impressive selection of property types, including villas, apartments, and townhouses, Faro provides excellent investment opportunities, as does much of Southern Portugal. The average asking price for property in 2023 was €3,519 per square meter. Note that this is the average asking price, and the sales price is often significantly lower than this. 

Currently, demand in Faro is increasing, which has fueled property price increases in recent years. This trend looks set to continue in the coming years.

From waterfront properties to modern apartments and luxury condos to historic townhouses, you should be able to discover your ideal home in the area. Here are some of the property types you or your real estate agency will find listed on the Faro real estate market that are either available for renting or purchasing.

Villas

Villas in Faro are located away from all the hustle of the city center, situated near the sea or in the countryside. Most villas have private pools, numerous bedrooms, and garden areas. There is a wide range of villas, from basic to luxury, catering to your needs. Imagine owning a villa facing Ancão Beach, for example, a stunning beach to the west of Faro.

Apartments

Apartments are the ideal option if you are buying to let or are planning to stay long-term or for a few months each year. If you want a pool and garden area, you can look for apartment complexes.

Townhouses

Many townhouses in Faro are a combination of villas and apartments. They have generous internal spaces like villas, excluding the garden areas and the private swimming pool. You can invest in a townhouse for seasonal stays or buy a property to rent.

Resorts

The resorts in Faro are majestic, with golfing and leisure complexes, such as Quinta do Lago South. Even if you are not a golf person, investing in resort properties is considered a great idea across Portugal. There are a lot of beautiful resorts in Faro with breathtaking views.

Why do you need a real estate agent in Faro?

portugal real estateFaro is the central base from where you can explore all of the Algarve, therefore, investing in the Portuguese property market here is a great idea. However, you need expert agents to analyze the local market and help secure the best deal. The best real estate agents in Portugal can be priceless for finding the perfect property, saving you time and hassle.

The Faro real estate market, like the broader real estate market in Portugal, is fragmented, which means there is no one location, such as Zillow Portugal, where you can find all the properties available for purchase or rental listed.

This, along with the language barrier and limited local knowledge, can make it tricky to navigate the market. Here are a few ways a property agent can cater to your needs and assist you with your purchase.

Expertise in the market

Seeking expert real estate advice in Faro Algarve is a no-brainer when it comes to finding your perfect proeprty. To land the best deal, you must have in-depth knowledge of the local market, the risk, and the current market prices. Agents are already well-informed about the market status and can help you with the following.

Language barrier: If you are looking for an English-speaking real estate agent, you will find that most agents speak English and Portuguese. You must understand the local language to buy or sell properties in Faro. Agents speak the local language and will be experienced in negotiating the best prices.

High-quality promotions: If you are looking to rent out your property, agents bring the best tenants to your properties and have marketing strategies to attract potential clients.

Sales process: Finding a suitable place to buy can be a hassle, particularly the negotiation stage and closing the sale. Real estate agencies with years of experience will be crucial in these situations

Personalized property matching

In the property acquisition process, real estate agents play a pivotal role, but it is vital to choose real estate services that align with your specific requirements. Unlike conventional real estate agents in Portugal who work with both buyers and sellers, Goldcrest functions as an exclusive buyer’s agent, committed solely to advancing the buyer’s interests. We are, in essence, an independent real estate agent that works solely on behalf of the buyer. This ensures that you secure access to exclusive listings and in-person viewings, and whereby you can secure the best deal possible.

Navigating legalities and financing

Real estate services should encompass assistance with the legal documentation associated with your property, serving as your reliable support throughout the entire process until you make a final decision. This is important as the legalities will likely be different from your home country. Depending on the real estate company you choose to work with in Faro, the following services may be included:

  • Finalization of legal paperwork related to your property
  • Coordination with real estate lawyers, the seller, and other involved parties
  • Conducting thorough property checks to ensure it is free of any outstanding debts
  • Verification of the property’s legal construction status
  • Confirmation of the property owner(s) and their legal right to sell
  • Facilitation of the drafting and signing of contracts

How to Find a Real Estate Agent in Faro

You will find many different real estate agents in Algarve, Portugal. You should take into account the following three points when you are on the hunt for a real estate agent in Faro.

You should also ensure that they have an AMI license number, which is needed for any real estate agent to conduct activity in Portugal.

Determine your real estate requirements

Whether you’re searching for a Faro real estate agent to secure a quaint apartment in the city center or are looking to secure a modern villa close to the beach, you should be able to find the services you require in Faro. You will also find luxury real estate agents in Faro Portugal should you be looking for more exclusive properties, as well as real estate agencies specializing in Faro villas. If you are after historic properties for sale in Faro, be sure that you have permission to make changes to the property.

However, the first step is to clearly define your needs. Specify the details of your ideal home, including size, location, and style, to guide your search. Compile information on parts of the city to consider, market trends, and outline your project requirements for the optimal property purchase.

Conduct thorough research

Most companies maintain an online presence through websites or social media platforms, and this can be the initial step to finding top-rated Faro realtors for international buyers. This enables you to access information about a company and its services. Additionally, online reviews and comments from previous clients offer insights into their experiences with a company and its agents. Seek recommendations, scrutinize reviews, and reach out to agents aligning with your criteria to ask targeted questions on how they can help you.

Perhaps the best way to find a suitable agent is to seek referrals from family, friends, or colleagues who have utilized reputable companies in the past. If you have contacts in Portugal, soliciting their recommendations for a local company is ideal. It’s valuable to receive referrals from individuals with firsthand experience who can provide reliable insights into the company’s performance and who have experience working with expats with similar criteria to yours.

Assess potential agents

When considering the right realtor, engage in direct communication, whether through email or phone calls. Discuss the real estate services they offer, your specific requirements, and their expertise in Portugal’s property market. For example, if you are looking Faro waterfront properties for sale, ask them about the top locations to consider. Choosing a Faro real estate agent with international experience can be key, as they will have experience in working with similar cases to your own. Utilize a systematic checklist, such as the one below, to evaluate key criteria, aiding you in making an informed decision when selecting a real estate agent or company specializing in residential purchases in Faro.

Consider using this checklist for a systematic evaluation of key criteria to help you make an informed decision when hiring a real estate agent or company focusing on residential purchases in Portugal.

Criteria

Evaluation

Language Proficiency

Do they speak English?

Experience with International Buyers

Can they provide project data proving experience?

Property Market Insight

Do they have an exceptional understanding of the Portuguese real estate market to provide expert investment advice and services?

Focus on Real Estate in Portugal

Is their service focused on real estate in Portugal?

Track Record of Excellence and Communication

Do they maintain contact and have a track record of excellence?

Business Credentials

Do they have business credentials to share with clients?

AMI License Number

Do they have an AMI license number?

Alignment of Company Values

Do their company values align with your interests?

Real Estate Agent versus Buyer's Agent

While working with a real estate agency is important, you should be aware that real estate agents represent the sellers who are their main customers and earn a higher commission from larger sales.

On the other hand, a buyer’s agent’s primary focus is not on selling real estate, but rather on exclusively representing you as the client.

To help you understand the key differences between working with a buyer’s agent and a real estate agent, we have created a comprehensive guideline showcasing each option’s advantages and potential drawbacks.

Factors

Real Estate Agent

Buyer's Agent

Work Scope

Facilitates transactions for various parties

Exclusively works for the buyer throughout the process

Search & Selection Assistance

May present options, but not solely focused on buyer's needs

Focuses on finding options that suit the buyer best

Representation

Represents the seller's interests primarily

Solely represents the buyer's interests

Conducting Legal Checks

May overlook some legal checks for buyer's benefit

Ensures thorough legal checks for buyer's protection

Language Assistance

Language proficiency may vary

Proficient in the buyer's language

Negotiation

Represents seller's interests in negotiation

Negotiates exclusively for buyer's benefit

Documentation Handling

May not prioritize all necessary documentation

Ensures all required documentation is in order

Time and Cost Savings

May not optimize for time and cost efficiency

Saves time and money by focusing on buyer's needs

Commission

Earns higher commission for higher sale prices

Does not earn based on sale price, focused on buyer

Goldcrest: How We Can Help

Goldcrest is a local buyer’s agent with offices in Portugal. We have an experienced team who can develop feasible solutions to all your real estate problems. We are highly capable of assisting you with market challenges and providing insightful real estate expertise and strategic advice. Our team will help you find the best fit for you in Faro, Portugal, considering your requirements and budget.

Here are some of the key services that we provide:

  • We provide customized service, considering all your requirements.
  • We have a team of skilled experts to identify market risks and tackle them.
  • The whole process of buying property, from research to acquisition, is done by us – we are your single point of contact.
  • We have a highly connected local and international network that opens opportunities to acquire off-market properties and high-demand areas.
  • We provide transparent and affordable services to our clients. We offer a quality service and only stop once we close the deal at the best possible price for you.
  • We can assist with property management and rental management services in Faro.
  • We assist with property valuation and conduct a thorough market analysis of properties using the latest technologies, such as meta-search tools and comparative analysis.
  • Should you be looking to rent a property in Portugal, we can assist with finding the perfect property for you.
  • We are a buyer’s agent (independent real estate agent) who works solely on behalf of the buyer, not the seller, as is the case for real estate agents who work on behalf of the seller.

A Final Overview: Working with a Real Estate Agency in Faro

Now that we have explored the key benefits of hiring a buyer’s agent like Goldcrest or real estate agency and discovered more about the types of properties available for purchase in this scenic European city on the coast, we have created a step-by-step guide to get you started on your successful property purchase journey.

document signatureStep 1: Request an initial consultation

Meet with your chosen buyer’s agent to discuss your property requirements, budget, preferred locations, and any specific needs.

Step 2: Property search

Your agent will conduct a thorough search based on your criteria, present suitable property options, and arrange visits to potential options.

Step 3: Negotiation

Once you have reviewed the properties presented by the agent and shortlisted the ones that meet your requirements, you and your agent can formulate an offer for a chosen property. As with Goldcrest, your buyer’s agent will negotiate the terms of purchase on your behalf with the seller or their agent. Your buyer’s agent can also arrange for property inspections to ensure it meets your expectations and is in good condition.

Step 4: Accepting the offer

Once the offer is accepted and terms are agreed upon your agent will assist with completing legal paperwork and other necessary formalities, such as securing financing and completing necessary payments for the property. The agent can also assist by contacting lenders or financial institutions if required on your behalf.

Step 5: Closing the deal

Your buyer’s agent can assist you with finalizing the legalities of the purchase, help you sign contracts and legal documents, and ensure you understand and agree with each aspect of the purchase. The agent does a lot of the leg work required for completing the transaction, helping you transfer funds, and obtaining ownership rights to the property while ensuring all legal and financial aspects are in order. You can also request post-purchase support for transitioning into your new property and advice for any post-purchase needs, such as a local guide to help maintain the property, lease the property, and more.

Whether you are looking to buy in Faro, Lisbon, or elsewhere in Portugal, we can simplify your buying process. Book a free call to discuss your options with our team of experts today.

Frequently Asked Questions about How to Find a Real Estate Agent in Faro

You can find a good Faro real estate agent for exapts by doing systematic research. You can narrow down your search based on their online presence for keywords such as “realtor Faro Portugal” or “buyers agent Faro Portugal”. You can also check out companies’ social media platforms, their experience in the real estate market, and client reviews and ratings.

Faro has different types of properties, such as villas, apartments, townhouses, and resorts. The real estate expense depends on the type of property you choose and the area. The average asking price for a property in 2023 was €3,519 per square meter. Note that this is the average asking price and the sales price can be significantly lower than this. You will find more affordable homes for sale in Faro Portugal, should you move out of the city center or move away from the coast.

You will find that there are many realtors in Faro that can assist you with your property investment, and you will want to find a real estate agency that can help you fulfill your needs. Working with a buyer’s agent, such as Goldcrest, can ensure that your interests are protected and help you get the best price for the property.

The first step to finding a real estate agent is through research. Following this, you will be able to create a shortlist and ask targeted questions before choosing the real estate agency that you want to work with.

There is no specific listing site for retirees. However, a buyer’s agent, such as Goldcrest, can assist you in finding properties that meet your specific criteria.

There are many real estate agents that can assist you with finding new developments in Faro. Bear in mind, however, that while real estate agents work on behalf of the seller and will secure a higher commission for a higher sale, buyer’s agents, such as Goldcrest, can ensure that you get the best price possible and provide assistance throughout the buying process.

A real estate agency will be able to provide custom home searches and shortlist properties that meet your requirements. Keep in mind that although real estate agents represent the seller and earn a higher commission with a higher sale, buyer’s agents like Goldcrest are dedicated to securing the best possible price for you.

To find a suitable Faro real estate agency for seaside properties, conduct thorough research. Refine your search criteria by assessing a company’s online presence, their experience within the property market, and client reviews and ratings.

To find the best real estate agent in Faro, start by researching online, reading reviews, and asking for recommendations from friends, family, and acquaintances. Look for agents with expertise in your desired area and a track record of successful transactions. Working with a buyer’s agent can give you an edge as they work solely on behalf of you, the buyer, while real estate agents will get a higher commission for a higher sale.

Faro estate agents offer services such as property listings, buyer and seller representation, property valuation, market analysis, and negotiation assistance. They can facilitate smooth transactions, ensuring clients find or sell properties tailored to their needs.
Bear in mind that buyer’s agents work solely on behalf of you, the buyer, while real estate agents will get a higher commission for a higher sale.