Another Year End – 2023

Another year draws to a close and what a year it has been! The company has continued to evolve and grow. We have seen some records broken, new areas for the business to grow into as well as old favorites come back.

Starting with the rental and management business – we have again seen huge growth on this side of the business. We grew by approx. 36% YOY in terms of both holidays’ revenue and overall turnover. Solidifying Resort Rentals Algarve as one of the largest and most successful management & rental companies in the Algarve. We now rent & manage over 250 properties and we can only see this increase even further as the US owners look for professional partners to manage their properties. Lagos Long Lets rents around 100 properties in the residential letting market making it by far the largest long let agency in the western Algarve and the ”go to” company for owners wanting peace of mind for their property investment.

For Property Sales it was always going to be a tough year. Following on from the heady heights of 2022 and the post covid- property rush, we really thought 2023 would be a levelling off year. However, that really has not been the case. 2023 has seen 2022 matched in number of sales but eclipsed by the sales revenue. We saw a 10% increase in the average property price versus 2022 and over 27% increase in net revenues. We are still hitting a sale every 2 days which is amazing!

I have to say that I am blown away by the focus, effort and sheer commitment every single member of the company’s team has given this year. These results don’t just appear by luck, they are delivered by hard work, sweat and yes sometimes tears, but my thanks go to every team member for their loyalty and support this year.

One area that is reappearing is Investment Sales. Following the 2009 crash investment sales became less interesting. Lifestyle purchasers were the name of the game & to be honest we simply focused on the mainstream estate agency business. However, we identified at the beginning of the year that investors were looking for alternative areas to invest. Banks, stocks & shares, and more traditional investment areas have not been delivering great results and as we know these investments can go down as well as up. Inspired Property was the original company where it all started for us in 2006, and we have resurrected this company for 2024. Our website, www.inspired-properties.com goes live shortly. Our focus will be investment opportunities from 500,000 – 5,000,000€. We believe there to be plenty of investors looking to invest at this level. In fact, we have sold around 10,000,000€ of property to Investors in 2022. We expect to double this in 2024. This brings our total property sold by the group in the last 20 years to over 1B€ yes 1 billion euros!

Finally, the latest string to our bow is a new fresh approach to Accountancy. Born though the desire to support our clients with professional and creative accounting advice, Inspired Accounting launches in January 2024. The website www.inspired-accounts.com will go live very soon. Everything from fiscal representation through to larger company accounting and payroll the company’s team has over 60 years combined experience for its clients to draw from. Focusing heavily on the ex-pat market but also small businesses, Inspired Accounting will bring a fresh approach to the accounts market.

So, I would like to say a big thank you not only to our clients and our partners but a huge thank you to the team for helping bring this year to a close on such a high! Happy Christmas, Happy Holidays and a Happy New Year. Bom Natal e Feliz Ano Novo!