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Recession Beating Reminder!
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The service we provide to our customers is completely free we will personally collect you from your hotel to view your requested property, provide you with good sound expert advice and keep to within your budget price and with some properties even save you money. Any promotions that are available we pass directly on to you. It pays to use our ″FREE″ service rather than trying to do it on your own.
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PRICE REDUCTIONS ON REMAINING HOUSES
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For Immediate Release
Set just 100m from the beach and in the village of Benagil, these townhouses have unrivalled sea views, being only 100m to the beach. They are also surrounded by a protected area, ensuring that no further neighbouring development will occur.
“This represents a great opportunity for investors and people looking for a good quality holiday home” said Roma Crawford, director of Algarve Property Ireland, “Benagil is just 3km from Carvoeiro, 50km from Faro international airport and a very picturesque and well kept town. These are very good villas at an unbeatable price”.
The available houses are located throughout the development, one is completely south facing with sea views from every window and others have sea views from the terraces, balconies and gardens. The interior designed show house is also for sale and all the contents are included in the price.
The villas have an internal area of 99m2, rooftop terrace of 44m2, terrace of 5.7m2 and some have front gardens of up to 55m2. Each house has two double bedrooms, (master en-suite with double sink), family bathroom, guest wc/shower, large living/dining room, cloakroom and fully fitted kitchen. They come fully tiled throughout and there are granite work surfaces in the kitchen. Zannussi appliances (oven, hob, fridge, washing machine, dishwasher and fan), Fagor boiler and feature wooden staircase come as standard. The house is double glazed with aluminium shutters and there are also security doors with an intercom system. Parking is also included in the price. The condominium fees are in the region of €50 per month and there is a large communal pool overlooking the Atlantic.
More information on Terracos de Benagil is available from Algarve Property Ireland at 01 640 5364
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Restoring a Hidden Gem
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For immediate release
Located in the heart of Portugal, the seven hundred year old village of Povoa Dao with its traces of Roman occupation is the result of a painstaking restoration project. The village, set on a private 120 hectare estate through which the River Dao flows, encompasses a working farm, numerous walks, pool, tennis court, wooded and amenity areas.
The village dates back to 1258 and by the mid nineties there were just two remaining residents, the Soares. Joao Soares and his wife both in their eighties still live in the village, tend to the estate’s farm and sell their produce locally.
There are 32 houses in the village and the majority have now been meticulously restored using local granite, tiles and wood from the nearby mill. The village also has a chapel, shop, bar, club house and a restaurant which uses organic ingredients grown on the Povoa Dao farm.
With no two houses the same, the restoration project has placed an emphasis on retaining a rustic appearance. All properties have exposed granite walls, traditional tiling and wooden floors throughout. There is a large fireplace in the living room and kitchens and bathrooms are fitted in a sympathetic style. Outside there are gardens, tiled patios and wooden balconies. Houses are connected by granite pathways and a strategically and historically important Roman road runs right through the centre of the village.
“The feeling of calm and peacefulness and the beauty of the area is extraordinary” said Roma Crawford of Algarve Property Ireland. “It is certainly a place to enjoy outdoor activities, relax, drink some wine and to leave behind the hustle and stress of modern living”.
From an investment perspective, the village is gaining a reputation as a popular destination for Portuguese and Spanish holidaymakers as well as international tourists. There is a guaranteed rental option of 5% for the first two years and the management company will enter into a rental agreement with owners after this time.
In this phase, 11 houses have been released and prices range from €165,000 for a one bedroom, 59m2 house to €295,000 for a three bedroom 117m2 house. Plot sizes vary from 59m2-250m2 and there is parking in the communal car park.
The development is being promoted exclusively in Ireland by Algarve Property Ireland and full details are available on the website www.PovoaDao.ie.
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Horses for Courses - Ranch Style Living in the Algarve
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For immediate release
Set worlds apart from the traditional golfing hotspots in Portugal this ranch offers comfortable country living with easy access to all amenities. It is situated in the popular valley of Goldra, just 20km from Faro International airport, numerous golf courses and the beach. With a stables, paddocks and sand arena, the property has particular appeal to those with equestrian interests.
The villa was built four years ago in the traditional quinta style and comes with three large bedroom suites (two of which take over the entire top floor), an impressive entrance hall, vaulted 38m2 living room, dining room, kitchen and a “dog’s room” (which could double up as a laundry).
Outside, the saltwater swimming pool is surrounded by ample terraced areas and landscaped gardens (fully irrigated) with a variety of fruit trees, flowering shrubs and a goldfish pond. The gazebo provides additional outdoor dining/BBQ space. The enclosed parking area has electric gates and can accommodate two cars. There is also a self contained one bedroom guest house with its own terrace and garden.
For the four legged residents, there is an American barn housing 3-4 stables, tack room, hayshed, four post and rail paddocks and a sand arena.
The house sits on a plot of 2 hectares and is entirely walled and fenced. It is for sale through Algarve Property Ireland (www.AlgarveProperty.ie) at €1.2m.
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Lux Tavira - Eastern Algarve
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For immediate release
Located on the edge of the village of Luz de Tavira and approximately 700 metres to the waterfront and the famous Ria Formosa nature reserve, Lux Tavira, is a development of apartments and townhouses only a few minutes’ drive from the town of Tavira and about 35 minutes from Faro airport.
There will be 12 two bedroom apartments and 48 three bedroom townhouses in the development which will also include four pools and landscaped gardens. The entire development is due for completion in mid 2009. Prices range from €210,000 for a 90m2 two bedroom apartment to €360,000 for a 219m2 three bedroom townhouse.
The first phase of this development has just been launched and now is an excellent time to get in early at the lowest price and choose the best located property in the development. All apartments and townhouses have balconies, while some have large terraces on the roof and at garden level. All come with parking (the townhouses have individual underground garages) included in the price. Other features which come as standard include wi-fi internet access, integrated sound system, fully fitted and equipped kitchen, solid wood flooring in bedrooms, quality wood panelling, built in wardrobes, air conditioning, intelligent domestic technology, fireplace and alarm system. There is also the option to have an outdoor Jacuzzi installed on the roof terrace. The development is environmentally orientated with solar panels , energy efficient double glazing, rainwater capture system for irrigation and saltwater pools.
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Mortgages - The Real Deal
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While many companies would have you think that Portuguese mortgages are a new phenomenon, the reality is that there are a number of large reputable Portuguese banks that have been offering competitive mortgages to Irish and UK residents for the last number of years.
Different banks have different policies when it comes to lending. In all cases, the banks will have a maximum LTV (loan to value), but some will offer a loan based on the lesser of the property value and the purchase price and other banks will loan based purely on the property valuation (carried out by an engineer approved by the bank). The latter approach means that in some cases, where the valuation has come in excess of the price, larger amounts may be borrowed.
As an example, John buys an apartment at 200,000 euro. One of the major banks will loan 85% of the valuation. If the valuation comes in at 236,000 or more (assuming John′s financials are in good shape), he can borrow the full 200,000 euro.
This is fine where a property is built and the buyer can know within a few days what the bank will loan. We have however seen that this is quite difficult to do at the lower end of the market as prices are quite steady and it is unusual to see a property so undervalued. At the higher end, property values can be more subjective and there is somewhat more scope for differences between the valuation and the purchase price.
In terms of off-plan developments, generally a valuation will be carried out at an early stage and a value placed on each unit in the complex. It is useful to check with the developer to see what the valuation amounts are, as it is a good guide to knowing how much you can borrow when the property is complete.
What is difficult to predict is the value that will be placed on the apartment once the development is complete. If you are buying off plan on the hope that property prices will rise in the meantime, it can be a risky strategy if you are relying on this increase in value to complete the purchase. The final valuation is influenced by many factors, including market price and the construction of the property among others.
On a positive note, banks will reward buyers who are willing to put down a large deposit. In 2007 we were securing certain mortgages at 0.25% over the Euribor 3 month rate. With the recent changes in the economic environment, the minimum rate that can be secured is in the region of 0.4%-0.5% over the 3 month Euribor. This is somewhat higher, but still extremely competitive. This would apply where the buyer is putting down a substantial deposit and the mortgage amount is large.
Broadly speaking you can expect loans up to 85% - 90% LTV, terms of up to 30 years (or your 75th birthday if lower) and interest only periods of up to 5 years. The margin on loans will vary from 0.4% - 1.0% over the Euribor, with the typical buyer securing a margin of 0.75%. It is important to get good advice as there are many different permutations. There can be additional costs if you are trying to borrow as much as possible (for example one bank requires that you take out a bond with them if you are borrowing 90%) and it is important that you ask your adviser to be absolutely clear on any costs.
With many off plan developments, the builder will require the buyer to make payments in stages before the final deed. Finance for these stage payments can be easily arranged and is very competitively priced. One bank in particular is offering stage payment finance at a rate based on the 12 month Euribor with no margin and no repayments during the first 12 months.
Other points that not everyone is aware of is that every time you take a loan out in Portugal, you must pay tax on the loan of 0.6%. Additionally, most banks charge a penalty on early repayment of the loan. As a result of recent changes to legislation, the maximum they can charge is 0.5% of the outstanding loan amount and this can be a negotiation point in larger mortgage deals.
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Algarve Property Ireland
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Algarve Property Ireland. We specialize in Algarve Property. Overseas central algarve, west algarve, east algarve. Algarve Property in the Algarve. Offices in Ireland. Portugal Property Specialists.
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