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You will normally pay a non-refundable deposit of a fixed amount of say €5,000-10,000 stipulated the Reservation Agreement. Thereafter, a 10-30% deposit (minus the reservation fee) with the Promissory Contract and the balance on completion.
It has become customary that the property developer offers bank-finance for the final 70-90%, which makes this investment form even more interesting with the still very low interest rates offered by the banking world!
Those interested in buying property in the Algarve or Southern Spain are not only buying a sound medium and long term investment, they are potentially buying themselves a regular income, as well. Villas and apartments in the area are much sought after - especially during the long summer months - for holiday lets.
So a ‘buy to let’ investment property, especially in the Algarve and Southern Spain, is of real value and an added bonus opportunity for many. |