“My house is worth less € 58,000”: Know why the value of your home can fall to ‘pique’

by Andrea
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“My house is worth less € 58,000”: Know why the value of your home can fall to 'pique'

The impact of neighboring works The value of a house is a theme that also worries the Portuguese, especially in coastal areas where sea views are one of the main attractions. In the United Kingdom, a owner saw his house devalue tens of thousands of euros after losing the landscape that valued housing, according to the digital newspaper Notícias Labor.

Liz Bates, 42 -year -old housing inspector, lives in Southbourne, a British town where he stands out for sea views. He settled there for over a decade, benefiting from the real estate appreciation that hit the region. However, the construction of a new venture has radically changed the situation.

In front of his porch, where the sea was before, a concrete wall was lifted. The work is promoted by the company Vivir Estates, which is building a luxury complex. According to the British newspaper The Sun, the project advanced without proper authorization.

A devalued house

The loss of the landscape had immediate impact. According to real estate agents who evaluated the property, Liz’s house lost about 58,000 euros in market value. “It was wonderful, now they built a wall ahead and my house is worth 58,000 euros,” he lamented in statements to The Sun.

Liz says that two months earlier, metallic supports arose in the face of her housing. When questioning the workers, he was informed that they would serve for a balcony. But from his professional experience, he was sure there was no approved license for that type of structure.

Confronted, the workers claimed only to comply with orders. According to the source mentioned above, the resident then went to the municipality, which eventually ordered the suspension of the works due to the lack of authorization.

The wall that does not stop growing

Despite the suspension order, the prosecutor continued the construction. For Liz, it is “arrogance”, believing that the company expects to get later approval. “This is not a small adjustment, it is a change of great impact,” he defended in statements to the same newspaper, quoted by the same source.

The global project includes several four -floors blocks erected in an old parking lot. The land was placed for sale in 2017 and only obtained authorization after using an urban inspector, even in the face of the contestation of more than 1,500 residents.

Neighbors complain not only of the loss of patrimonial value, but also the breach of privacy and brightness. “We feel trapped. We lose view, natural light and even the possibility of enjoying the outside,” says Liz.

Promoter’s position

The company Vivir Estates intends to regularize the situation through a “non -material modification” to existing licensing. This legal mechanism allows changes considered lower without the need for complete approval, provided they do not affect the design or impact of the work.

For residents, the argument does not convince. “They did not have plants of the exact location of the balcony. We thought it would be ahead of the building, never on the wall of the first floor. The impact is brutal,” explains Liz, quoted by.

A problem that echoes in Portugal

Although the case unfolds in England, the issue is not foreign to the Portuguese market. In places such as Lisbon, Porto or Algarve, the appreciation of real estate with sea or river view is significant, and any urban change can strongly affect the price of houses.

The controversy in Southbourne thus raises a debate that goes beyond borders: to what extent can real estate speculation and the pressure to build in valued zones harm who has already invested in a housing?

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