Nobody can deny Portugal`s longstanding success as one of our best-loved European holiday destinations, despite its Spanish neighbour often stealing the limelight. But if anything has placed Portugal and the Algarve firmly on the map in recent years, it`s the popular culture that has grown up around its holiday homes. Thousands of Brits have bought into the dream, many of them making their permanent home here, while others reap the benefits of some of the highest rental yields in Europe.
The choice of property on sale in Portugal reflects the country`s appeal to a diverse clientele. Along the coast in particular, construction of new real-estate has been relentless, but unlike Spain has not resulted in a glut of unsold properties. On the contrary, sales in Portugal continue to respond to buoyant demand in stable economic conditions. Luxury apartment complexes such as the developments around Tavira and Cabanas attract those looking for a community feel, ideal year-round golfing weather yet with Portuguese charm retained. The region`s many seaside apartments attract particular interest from those wishing to invest and enjoy regular rental income from holiday lets. Away from the coast, this slice of Portugal is a stunning blend of lush, rolling hills dotted with citrus orchards, the perfect setting for luxury bespoke villas, for those with a larger budget.
Richard Castle
If on the other hand the budget is tight, it`s wise to head off the beaten track and check out some of the older towns and villages that lie inland. Some fabulous apartments and town houses can be found tucked away in the old quarters and these properties benefit from a sense of the real Portugal without the extravagant price tag. Whilst there will often be some refurbishment to be carried out, the effort will be rewarded whether you`re planning a permanent move to Portugal or looking to establish a holiday let. Bear in mind that if your rustic townhouse has already undergone several renovations over the years, it`s essential to check that these works have been correctly logged on the documents held at the Town Hall and in the `Caderneta`, a document issued by the local Tax office, before you take the plunge.
Despite Portugal`s solid reputation as one of the most stable of European real estate markets, as with any significant investment there are always pitfalls to be aware of. Many of these can be avoided by using a property broker who will act on your behalf, rather than the vendor. This will ensure that you avoid any unscrupulous activity. Buying a property directly from a vendor without using a broker or agent can often result in unexpected legal headaches.
When sourcing a lawyer to carry out the conveyancing, it is advisable to select one that operates close to your selected property, as they will offer the advantage of local contacts and knowledge of the immediate area. When you eventually buy your property, bear in mind that you will need to budget for the local taxes which will need to be paid in the form of `IMI` or Imposto Municipal sobre Imoveis.
The very best of the traditional Algarve lies within easy reach of the airport at Faro and popular yet charming towns include the previously mentioned Tavira and Cabanas as well as Moncarapacho, Santa Luzia and Fuezeta. The best way to home in on the right property in the right location is to take hire a car and with the help and advice of your broker tour the area at your leisure.
Algarve Property - Useful Buying Advice
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