# Price of Land



## Jester12 (Jun 10, 2013)

I currently own a property in the central Algarve which borders onto a valley, the land in the valley is reserve/ecological land (i.e. absolutely no building). I have been offered a plot of this land for sale which because of its location I am interested in buying - but I cant find what the approx. cost of this land is, I've found an example where rustic land was €2.50 a sq metre - but this is Reserve land and I guess less (?), Anyone got any ideas of the price of this type of land - Thanks.


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## canoeman (Mar 3, 2011)

As you can do nothing with it apart from what is permitted in a Reserve area it's value is what your prepared to pay for it, if in the area Rustica land is worth 2.50€ m2 then it's value is less by nature of it's restrictions


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## pintarroxo (Jun 15, 2012)

Due to access, are you the only one who can buy the land because it is otherwise landlocked? Of course, this will affect your negotiating position. An appraiser (for the seller!) might assess the parcel according the value it brings to the adjacent landowner (you). Will the addition of the land increase your building rights on your existing property? Will it mean you have a better view or better access? Will it make your property more private with the added buffer? In some cases the additional land is worth the same or even more than other, nearby "comparable" land, even when not buildable, because of this.

Bear in mind that I do not have experience with this in Portugal, only overseas.


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## canoeman (Mar 3, 2011)

The owners of the land bordering this plot unless separated by a road or track must under Portuguese Law *should you agree a purchase* be offered the Right to Buy at exactly the same price and completion you've agreed with seller.
The Law was introduced to turn these small parcels (created by Portuguese Law of Succession) of mainly Rustica land into viable plots for cultivation. 

The Seller *must officially notify them* of price and conditions, they must reply within a timescale, if they wish to purchase they must meet the exact price and conditions agreed with you, should 1 or more wish to buy there's a set formulae to division, if they don't reply within timescale they lose the Right to Buy.

If you do agree to purchase it's in your interest to make certain seller has followed procedure, if he doesn't then the neighbours retain their Right to Buy at a future date at the price you paid


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## Jester12 (Jun 10, 2013)

Firstly let me thank everyone for their very informative replies. The land is over a 'road' so I understand that they don't have to give me an option - but the road is a dirt track a mile away from a tarred road so of no real interest to anyone but me, my property is on the top of a valley, this land is in my main view and goes down the valley at a steep angle. So I think you are right - its up to me to decide the price given the nature of the land and its position - good to know that 2.50€ for rustic is correct as this gives me a start position. Many thanks...


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## Jester12 (Jun 10, 2013)

Sorry, I just re-read the right to buy thread which again is most informative but as with some laws feels a bit unfair buy hey that's the law... I don't remember my lawyer doing that when I originally bought the property or if she did she didn't tell me... Oh well looking forward to a bit of negotiating..


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## canoeman (Mar 3, 2011)

I'm not saying that 2.50€ is the right price for Rustic it'll vary area to area, water, access etc, you mentioned price

Right to Buy applies to Rustica mainly when land has property on it then situation alters so in your case might not have been an issue but from your description of this plot then there are possibly 3 or more neighbours who might have an interest, just depends on who owns land bordering his boundries


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## Jester12 (Jun 10, 2013)

Yes I didn't I  - I should learn to read more carefully. Thanks for the posts really helpful


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