Portugal Property Frequently Asked Questions
Why Choose Portugal?
The Algarve is positioned on the South Western tip of Europe and boasts the best all year round climate in Europe, which is why so many people have made Portugal their favorite holiday destination, as well as retirees looking for a new place to call home.
The Algarve is situated on the Atlantic coast and is blessed by so many beautiful beaches and with Portugal's efficient road network everything is in good proximity. You can travel North up to Lisbon, the country's capital which is only a few hours away, where the Tagus River meets the ocean.
The distinctive culture and lifestyle of Portugal makes it a fantastic place for everyone. Whether you enjoy lazing on one of the many beaches, playing a round of golf on one of the plentiful first rate golf courses, or traveling to some of the more historically educational museums and land marks, there is simply no end to the lure of Portugal and the Algarve.
With property being one of the greatest investments available to anybody at this time, the Algarve is a sure fire winner. Prices are very competitive with other European countries and offer a phenomenal opportunity for appreciation, particularly with the new developments we have on offer in the area. Couple this with the fact that the population inflates to play host to European sun seekers, the rental market is buoyant and prosperous.
As proven in other countries of the world, our goal is to bring the best investment opportunities straight to our clients. Buying investment property is a fantastic way of making money, and it also gives you something you can enjoy whilst doing it! Remember that the longer you take to decide the more you will pay for your property, the early investors are the richest investors and that's a fact.
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Buying a New Development or Resale Property
With many different types of buyers in Portugal, and a property to suit each and everyone one of them. There are many different types of property in Portugal, so whether you buy a new development property or resale property depends on your personal situation and taste.
The benefit of buying a new development property is of course the appreciation that you will see in the property before you even start paying for it! If investment is at the top of your list for reasons to purchase then only a recently built new development property will do.
- Greater built quality
- Better return on your money
- More options as to how you prefer the property
- Easier to resell
This is very good for investors but what if you don't want the property for only investment purposes? If the property is to be your new home for 6 months a year or as a retirement home, then a resale property is for you. With a resale property you can see the house that you are buying, touch it, feel it, decide what you're going to do with it once it is yours! And of course you don't have to wait for it to be built.
- It's Ready now
- No surprises, you know how it looks!
- Builders have moved out, no unpleasant views
- Gardens and landscaping have had more time to mature
As you can see, each type of property has it's own advantages and every client's needs are different. We will customize your trip to ensure that you see the type of properties that fit your needs. Whichever property you decide on, you'll always be sure that it will be a great investment and we will guide you through all the legalities of purchasing a property in Portugal, from day one.
What is the buying process?
When you have found a property that you want to buy, a €6000 deposit will be taken off your credit card to take the property off the market, freeze it at that price and hold it in your name. A 30% deposit (minus the €6000) is then due within 30 days. As a general rule 70% is then due upon completion of the property although this can vary slightly depending on the developer.
What are my buying costs?
You will need to budget for approximately 10% extra costs which includes your property tax, notary and lawyers fees, plus registration costs and stamp duty.
How do I finance my purchase?
As a non resident of Portugal you can obtain a mortgage of 70% of the value of the property, with a Portuguese bank. We will be able to assist you with your application and give you all the financial advice that you may need. We can also help you with applying for an equity release from your UK property.
What´s the rental market like in the Algarve?
29 top golf courses, stunning beaches, an all year round climate and direct flights from every major European airport all contribute to making the Algarve a top rental market.
What can I expect as a rental return?
There are 3 rental periods - low, mid and high season and you should expect to rent your property for at least 20 weeks of the year. For a detailed breakdown please contact us.
How much is a round of golf?
Green fees vary from €50 to €150 per round, depending on the course. Most of the courses are open although for some of them you will need to provide proof of your handicap.
