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O Pomar Development |
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O POMAR (The Orchard), a luxury holiday village ideally situated 500m from Benamor Golf Club and within walking distance to the beach/village of Cabanas (just East of Tavira). Uniquely styled with a traditional Portuguese atmosphere, the development offers the perfect spot for a high-quality holiday home for the whole family. Completion Summer 2009. More Details...
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Aldeia do Carmo |
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An exciting new exclusive development of 12 units in Tavira centre. Apts and TH built to the highest spec. Air con, fitted kitchens, wooden floors, central vac, and more. A traditionally designed closed condominium with parking, glass elevator,communal pool, walking distance to river. Construction starts in April, fantastic off-plan opportunities. More Details... |
Villas Mourim |
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A fabulous opportunity to purchase off plan in one of the last remaining prime positions in Carvoeiro. Boasting fantastic sea views, these 2 bedroom linked villas have many added features including private gardens, jacuzzi and barbeque. Enquire now for special launch prices! More Details... |
Marina Village |
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An opportunity to purchase offplan Luxury apartments with rooftop pools frontline to the Ria Formosa. Location: the vibrant Portuguese seafood capital of the Algarve - city of the future: Olhão. The first development of its kind in this city. A 5 star hotel alongside it will complete this superb new project. The first phase of apartments has just been released but construction only completes in 2010. An investors dream! More Details... |
Quintas de Óbidos |
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This high-prestige resort offers exclusive lifestyle with 5-star amenities, featuring a world-class equestrian centre. The surrounding area is one of outstanding natural beauty with superb sandy beaches and a lagoon that supports activities such as boating and fishing. The resort also adjoins some of the best golf courses in Portugal. More Details... |
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Portugal and The Algarve are both excellent places to invest in off-plan property for many reasons. |
- The areas of Portugal in which construction for tourism is being done, are far smaller and harder restricted than in other European countries. This helps to keep property prices and resale values much more stable.
- The political situation throughout Portugal / The Algarve is stable and crime rates are very low compared to European neighbours.
- The Algarve has the best weather in Europe and miles of first class beaches and golf courses.
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In addition to the above, the Portuguese government has officially named ‘quality tourism’ as one of the new main incomes of future Portugal. This means the government will continue to invest heavily into improved infrastructures and facilities, to attract tourists from Europe and beyond |
The best areas to look for investment opportunities in Portugal are: |
- The Algarve
- The Silver Coast
- Costa Alentejana (the coastal area between Lisbon and Algarve)
- Around the Alqueva Dam in the Alentejo.
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About Off-Plan Properties |
Off-plan property is bought based on drawings of the project/development. Purchasing off-plan property offers substantial financial benefits to the investor, with units sold at around 20-25% less than the turnkey price. In a buoyant market the property will then gain in value during the remaining construction.
Throughout the property construction, investors will have the chance to buy any remaining units. The purchase price will increase as the properties near completion. Therefore buying off-plan, which is the earliest development stage, offers the best return on investment. Buying at this stage also gives investors the chance to snap up prime locations in the development.
In off-plan developments, often the property developer has bank or two behind them who will finance the purchase for the buyer. This could mean that the buyer/investor only pays the initial 20-25% on the promissory contract and the bank pays the balance either over a staged payment or on completion.
The majority of off-plan property purchases in the Algarve / Portugal are bought by investors who will re-sell or rent out the units after their completion. However due to the excellent value for money off-plan property represents, buyers who are looking for a good deal on new homes are also buying this way. |
Buying an off-plan property in Portugal / The Algarve – The Process |
- The investor puts down a reservation fee.
- Within 14-30 days a promissory contract is signed and a deposit of 20-25% minus the reservation fee is paid.
- Depending on the developer the remaining balance will either be paid in stages until completion, or the whole balance will be paid on completion. Usually one or more banks will be involved in the development and they will offer mortgages to the investors. A non-resident purchaser can normally get finance up to 70-85% of the purchase price. Residents can gain a higher level of finance of between 90-100%.
- It is always a good idea for investors to research the developer and the estate agent marketing the units prior to purchasing. Questions to ask include is it a known developer, what else have they done and does the estate agency have a government license. If the bank backing the development is offering 70-100% mortgages, this is a good sign.
- It is also advised that an investor discuss any intended purchase with their legal representative. Manorpark always recommend the use of a legal representative when purchasing property in Portugal.
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