A guide to finding and buying a property in the Algarve Vernon Real estate
Who are we? - Founded in the 1980 s - Based in Carvoeiro - Continued management/ ownership - Diverse listings - Highly qualified mulitlingual team
Portugal Mild Climate 3000 hours of sunshine 850km of coastline 3rd most peaceful country in the world (by global peace índex 2017 ) Among the top 10 World s Best Places to Retire in 2017 (By international living.com) Elected the Best European cities & beaches Destination for the 3rd time (by www.europeanbestdestinations.com) Population of 10.3 million Its all about Lifestyle
Algarve One of Europe s best known destinations (nominated by World travel awards) Located South of Portugal Top golfing destination Top beach destination All year round good weather Within best place to retire overseas 450 thousand permanent inhabitants Rises to 1 million in summer months
Algarve Natural reserves & wildlife Bird Watching Fishing (underwater, game and line) Different sand & rock beaches Several Hotel resort & Spas Marinas A paradise for several sports & Adventures Entertainment day & night Casinos Art & handycraft
Algarve Typical villages Cultural heritage Golf (around 35 courses) Rich gastronomy Algarve is the ideal place: To live comfortably Make friends Stay busy Relax and recharge Enjoy your retirement
Algarve Share the secret
Property Market 2017 First Quarter Foreign investment in Portugal made up 20% of overall real estate transactions NHR, French & Scandinavian investors Second home, relocation properties & investment Swiss 4% Foreign Investment All others 26% Belgians 5% Chinese 13% Brazillian 8% French 26% British 18% French British Brazillian Chinese Swiss Belgians All others
House Price change % change over a year earlier % change over a quarter (QoQ) Average value of bank evaluation of living quarters (Euro per sq. m.) Q1 Q2 Q3 Q4 2017 0.64 2016-0.19 1.62 1.03 2.23 2015 0.60 1.88 0.87 1.06 2014-2.07 1.31 2.29-2.33 2013-3.73 3.36 0.00 0.00 2012-1.86-1.42-0.96-0.97 2011 1.32-2.08-2.65-2.36 2010 0.51-0.08-2.38-0.78 2009 0.00 0.88 0.17 2.27 2008-1.05 In 2017 average price per m2 for a 2 bed apartment is 1368/m2 Source: Instituto Nacional de Estatistica
Tourism revenue Tourism Revenue (Million of Euros) Revenue by Country of Origin Source: Banco de Portugal
Where to start your property search Western, Central or Eastern? Holiday home, rental investment or permanent residence? Type (apartement, villa, plot, commercial) Budget Choose a reputable & licensed agent Properties can be listed with various agencies Schedule viewings & request all information
Carvoeiro Silves Monchique Ferragudo Alvor
Carvoeiro Gained town status in 2001 Population of 4,000 All year round resort Various beaches Golf courses Condos; apartments & townhouses, villas, resorts Low rise strict planning controls Family friendly Diverse nationalities
Carvoeiro
AC236 - Carvoeiro Fully renovated furnished apartment on popular resort only few minutes drive from centre & village 1 bedroom, 1 bathroom, lounge/dining, fully fitted kitchen, balcony, air conditioning. Price: 135,000 Purchase cost, (taxes, lawyer, notary, registrations) = 4,900 (3,6%) Rental income & expenses Minimum 10 weeks = 6,000 (guaranteed) Fixed costs = +/-1,780 p.a Return on investment: +/- 4,4% (gross)
VC416 Srª da Rocha - Porches Spacious townhouse on low rise condominium w/ sea views Furnished, 2 bedroom, 2 bathrooms, 1 WC living/dining, kitchen, large terraces, private garage, comunal pool & gardens. Air conditioning, low fees Just a stroll to beach, restaurants and shops Price: 275,000 Purchase costs (taxes, lawyer, Notary, registrations) = 14,800 (5,3%) Rental income & expenses - Minimum 16 weeks = 12,800 - Fixed costs = 1,850 p.a Return on investment +/- 4,6% (gross)
VC308 - Carvoeiro Excelent conditions spacious townhouse, only short walk to beach & restaurants, shops. Low fees. 2 bedrooms, 2 bathrooms, 1wc living/dining, fully fitted kitchen, large terraces & roof terrace. Sea & village views from terraces Communal pool, garden Parking Price 325,000 Purchase costs (Taxes, Lawyer, Notary, registrations) = 18,800 (5,8%) Rental income & expenses - Minimum 16 weeks = 14,500 - Fixed costs = 1430 p.a Return on investment: +/- 4,4% (gross)
VC464 Sesmarias Beautiful renovated detached villa with sea views 3 bedrooms, 2 bathrooms, 1 wc, large terraces Carport, pool, garden Short walk to amenities. Price: 460,000 Purchase cost (Taxes, Lawyer, Notary, Registrations); = 30,000 (7%) Rental income & Expenses -Minimum 16 weeks = 22,000 - Fixed costs = 2,300 Return on investment : 4,8%
VC472- Gramacho Carvoeiro 2 storey villa set in prestigious Golf course 3 bedrooms, 3 bathrooms, 1wc living/dining, fully fitted kitchen, large terraces, carport, heated pool, gas central heating Garden & Golf views from terraces Discounted golf rates Price: 560,000 Purchase costs (Taxes, Lawyer, Notary, registrations); = 39,000 (7%) Rental Income & expenses - Minimum 16 weeks = 30,000 - Fixed costs = 3,900 p.a Return on investment: +/- 5,3% (gross)
LC004 Carvoeiro Building Plots from 2000m2 With permission to build up to 350m2 dream home with sea views from top floor With garage, pool, basement Stroll to tennis & fitness centre & amenities. Price from: 220,000 Purchase costs (Taxes, lawyer, Notary, Registrations); = 18,600 (8,4%) Building /m2:+/- 1,200
Guide to buying Residency requirement (Long stay Visa from the Portuguese Embassy) Fiscal representative (a lawyer can be your fiscal representative) You have found the property for you what next? Make an offer through your agent they will be able to advise you on prices After price.. Terms (timings, deposit, furniture etc) Instruct an English speaking licensed lawyer (searches, confirm it corresponds with the house). Transfer deposit to lawyer Sign promissory contract Completion (sign Deed) After sale assistence
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