West Algarve, Properties for sale
Looking for a property to buy in the West Algarve, Portugal?
For the largest selection of West Algarve properties for sale go to the specialist Portuguese property brokers where you can view the large range available.
They have everything from small plots of land, apartments, some with sea views, villas and large luxury villas. The prices range from about €60,000 right up to above 3 million euros. The selection is vast. There are golf frontage villas, apartments and fractional share properties on developments such as Pestana, with it’s golf courses, and Parque da Floresta Golf development right over in the west of the Algarve.
Here is just a small selection out of 200 properties for sale:
Lagos, West Algarve, Portugal. This Luxury 3 bedroom Villa for sale in Lagos Algarve has stunning sea views. This villa with guest annexe is located in the Lagos area, and is in a seclued and quiet location overlooking the ocean.
Priced at €1,350,000
Golf Villa in Parque da Floresta , West Algarve. This fantastic villa in phase 2 at Parque da Floresta Golf Course, facing south east it is possible to enjoy magnificent sea and golf views and enjoy the sun all day long.
Priced at €1,300,000
Villa for sale in Praia da Luz Algarve. Built to a very high standard this three bedroom villa is located in an attractive residential urbanization on the outskirts of Praia da Luz. This 3 bedroom, 3 bathroom villa, would make a great family home and would equally rent well.
Prices at €675,000
More information on this villa
Or, if you’re looking for somewhere where you can holiday and get a rental income from, how about this property in the most Western Town in the Algarve…. Sagres. The house has studio apartments with its own private garden and wine cellar. The property has: entrance hall, living/dining room with fireplace, kitchen, 4 bedrooms and 2 bathrooms and includes 2 studio apartments.
Priced at just €270,000
If you’d like to choose from a selection of over 200 properties for sale in the West Algarve, have a look at this comprehensive property website. The agent has an office in the Algarve and is on hand to help you to find your ideal home. They can also assist in arranging mortgages and lawyers.
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Still a Strong Property Market in Portugal
Despite the recent market conditions, property sales in Portugal seem to be bucking the trend. There are many reasons why people continue to buy property in Portugal.
Investors, mainly from Northern Europe, are still looking for a safe place to invest their money, away from the banks and into the traditional commodity, property. Portugal still offers great value, especially in the West coast areas and the central regions including the Alentejo. Prices are still relatively low and there still seems to be enough tenants for the properties.
Other investors are using the “credit crunch” to take advantage of the bargain properties in the Algarve. Developers haven´t over-developed in the same way that the Spanish and Turkish developers have, so the market is still strong enough to give an investor confidence, but the developers do seem to be offering great deals just to shift properties and to reduce their gearing with the banks.
Lifestyle buyers are able to pick up some great deals, especially in the Algarve, as owners in other countries have been forced to sell. The property market in Portugal offers sufficient variation in style, location and price to suit all tastes. The airports are well served from all over the world and flights from Northern Europe are frequent and cheap. The perfect recipe for lifestyle buyers.
To find a large selection of properties for sale in the Algarve, west coast, silver coast and the centre of Portugal, visit Algarveprop.com, THE property specialists for Portugal.
Get the best currency exchange rate available today… Just call our Head Office on +44 (0) 1480 458 400 if outside the UK, or 01480 458400 ( in the Uk) and we’ll quote you the best exchange rate for Euro, usd, gbp, aed and more. Alternatively, visit fx-foreignexchange, and we will get back to you with the best foreign currency exchange rates.How to Buy a Property in the Algarve, Portugal
BUYING A PROPERTY IN PORTUGAL
The Legal Process
Buying a property in Portugal is relatively straight forward provided the ownership of the property is clear and the purchase laws are strictly adhered to. The process, if it doesn’t involve an off shore company, consists of two distinct stages - the promissory contract (Contrato Promessa de Compra e Venda) and the final deed (Escritura).
The Promissory Contract
This is a legally binding contract between both parties provided all signatures are verified by the local public notary. On signing the contract, the buyer pays a deposit which is normally 10 percent of the agreed purchase price. This deposit is non-refundable unless specifically stated in the contract. If the buyer breaks the contract he loses the deposit and likewise if the seller defaults he is legally obliged to return the deposit plus compensation which is usually equal to the sum of the deposit. It is acceptable for both parties to ask for a copy of the contract to be translated into their monther tongue.
The contract covers a number of points including the following:
* Confirmation of the precise identity of the seller and buyer
* Precise description of the property
* Confirmation of clear title of ownership
* Agreement for payment of deposit and terms if the contract is broken
* Agreement concerning stage payments if applicable
* Confirmation of date of completion of sale
Before the contract is signed, the seller has to produce all the relevant paperwork relating to the property to show to the buyer or his/her lawyer so that necessary searches can be made to ensure there are no outstanding debts e.g. rates, loans against the property and a habitation license confirming the property is for residential use.
The Final Deed
This is the official document of the transfer of the property and has to be signed in the office of the public notary who checks all the previously mentioned documents. The notary will also require document evidence issued by the local tax office (Finançes) that the buyer has paid the appropriate property acquisition tax (IMT) and, if relevant, a document confirming power of attorney. If the property is part of a condiminium, an associated condominium agreement will also form part of the final deed. Unless the buyer understands Portuguese, the notary will insist on verbal translation into the buyer’s monther tongue. The deed is then signed by both parties and the balance of the purchase price paid to the seller. The property is then transferred to the name of the new owner at the land registry office (Conservatorio Predial) preferably by the buyer’s lawyer. This final registration is very important and the buyer should ask for a copy. All costs for professional advisers, notary charges, land registry fees, the final escritura, etc are normally calculated on the agreed value of the property. The seller pays his own lawyer and any commission to the real estate agent.
Costs
The associated costs of buying a home in Portugal are as follows:
Property Transfer Tax (Imposto Municiple Sobre as Transmissões Onerosas de Imóveis)
This is levied on a sliding percentage scale according to the agreed purchase price of the property. It has been common practice in the past to artificially depress the purchase price when buying a property in Porugal in order to decrease the amount of tax to be paid by the buyer. This is strictly illegal and the authorities are tightening up on this tax avoidance so do not be tempted as the financial penalty may be severe if the avaoidance is discovered when you come to sell at a later stage. The IMT is levied at a rate if 5% on rustic properties and 6.5% on urban properties. Properties under €81,600 are excempt. Properties in excess of €510,000 are levied at 6% whether rustic or urban.
Notary’s Fees
This is calculated according to the agreed purchase price of the property and levied at between 1.5% and 2%. There is a nominal charge for stamp duty and for registering the property at the land registry following completion of the final deed.
Lawyer’s Fees
Normally between 1% and 2% though some lawyers charge a set fee of around €2,500 plus IVA (IVA is currently 20% and is Portugal’s equivalent to VAT)
Imposto Municipal Sobre Imóveis
This is an ongoing cost that continues after buying a property in Portugal and corresponds to the annual rates paid on your home to the local authority (camara). It is caluculated on the rateable value of your property and normally levied at between 0.8% and 1.3% depending on the location of the property. First time owners who are resident in Portugal or retired pensioners are eligible to claim exemption for a period of between 3 and 6 years subject to the size and location of the property.
Before you transfer money into Portugal, it’s always worth talking to a foreign exchange broker. They can save you a great deal of money when compared with making a currency conversion at your local bank, then using them to make the transfer.
Talk to FX-Foreignexchange and get them to explain how they can save you money, or simply visit their informative website and make the currency conversion there.
Condominium Charges
These are paid on a montly, quarterly, bi-annual or annual basis by owners enclosed on a condominium development towards the upkeep of communal facilites and areas. Costs vary according to the level of services and ammenities. On average they range from €65 per month to sometimes as much as €500 a month in the more upmarket resorts. Condominiums are governed by a Condominium Contract that forms part of the purchase of the property within the condominium.
Offshore Purchase
It was common practice, but not so common now, that when buying a property in Portugal it was acquired through an offshore company in order to avoid taxation levied on on normal house purchase process. The buyer forms a company offshore and purchases shares of the company in ownership of the property. There have been a number of changes in government legislation regarding buying property in Portugal in this way and should take legal advice in this matter.
For a wide range of properties for sale in the Algarve visit www.algarveprop.com
Beach House for sale in the Algarve
For just 205,000 Euros you can have a beach house and just completely get away from it all; have a real rest; almost go back in time, it’s possible on Armona Island. Armona Island is located just off the coast in front of the town of Olhao in the East Algarve in Southern portugal.
Armona Island can only be reached from Olhao where a small ferry or water taxi takes you. There is no traffic on Armona Island: no cars, no motorbikes, and only a very few bicycles. There are a few hundred houses on Armona, a handful of restaurants and small supermarkets stocking the basics for everyday life.
The houses are mostly single-storey; some being permanent homes but the majority are holiday homes. The habitants are fishermen and their families but visitors are always made welcome and can taste the daily catches in the restauraunts. Armona Island is a place for walking, riding a bicycle or simply just doing nothing and absorbing the tranquility.
A 5 bedroom villa for sale on Armona Island offered in a good conidtion and ideal for a beach house or for renting out as an investment. The property enjoys terrace views of the beach and sea.
The property is 113m2 on a plot of 152m2.
The price is just €205,000.
For more information and photos on this Beach House on Armona Island, Algarve email us here
Get the best currency exchange rate available today… Just call our Head Office on +44 (0) 1480 458 400 if outside the UK, or 01480 458400 ( in the Uk) and we’ll quote you the best exchange rate for Euro, usd, gbp, aed, brl, pln, and more.
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Luxury Properties for Sale, Worldwide
Looking for that exclusive luxury villa?
Gatehouse-Elite have joined the Worldwide property website and have added in the region of 200 luxurious properties from various destinations including the more popular reclusive areas in Europe, such as Quinta do Lago, Marbella, Puerto banus, Mallorca and Ibiza.
Gatehouse-Elite have a large selection of worldwide luxury villas for sale including this beautiful mansion in Quinta do Lago, Portugal.
Available at €6.5m, this Quinta Property is a wonderful example of a beautifully appointed villa, sitting on the edge of the golf course, with golf rights included. As you might expect, this recently built villa boasts supreme luxury with a high quality finish. Set in tranquil surroundings with views straight down a beautifully manicured fairway in the highly exclusive resort of Quinta do Lago. The original stone features are balanced beautifully with the practicality of modern living. More information on this luxury villa…
The local office for Gatehouse-Elite is managed by Gary Thomas, who will be happy to provide a selection of luxurious Algarve properties to choose from. Gary offers properties for sale in the Algarve, including Quinta do Lago, Pinheiros Altos, Vale do Lobo, Vila Sol and Carvoeiro.
t: 00 351 289 355 433.
To view a greater selection of properties for sale above €1m, visit Globlprops.com.
