Buying property in Portugal shouldn’t be taxing – Read these top tax tips from local experts Ideal Homes Portugal

Buying property in Portugal shouldn’t be taxing – Read these top tax tips from local experts Ideal Homes Portugal

by Charly Portugal
  • Non-habitual residents scheme offers tax-free income from overseas for 10 years
  • Choose property in Portugal to avoid paying inheritance or gift tax
  • Legally avoid capital gains tax entirely when reinvesting in another main residence

Buying a property overseas is an exciting venture, but also one that requires careful financial consideration. To help ease the process, Chris White, Founding Director of boutique estate agency Ideal Homes Portugal, has compiled his top tax tips for buying property in Portugal.

Portugal has been called ‘Europe’s best kept secret’ by PWC so far as individual taxation is concerned. This is due to a number of advantageous tax rules. It also offers some distinct advantages over other European countries when it comes to property ownership.

The first top tax tip from Ideal Homes Portugal is to consider the non-habitual residents scheme, which came into force in 2009. Under the scheme, foreigners who reside in Portugal and who meet certain criteria are exempt from paying tax on most forms of income from overseas, including pension income, for a period of ten years. This can make a vast difference to UK buyers looking to withdraw a lump sum from their pension in order to buy a holiday home in the sunshine – something that they would be taxed heavily on if they did it while resident in the UK.

Another tip is to think about to whom you plan to pass your property as part of your estate. For those wishing to leave their property to their spouse, descendants or ascendants, Portugal is the ideal location, as this will incur no inheritance or gift tax. It means that you can purchase your dream property – this three bedroom linked villa on a closed condominium with stunning golf course views, or a detached villa with its own pool, for example – and enjoy the peace of mind of knowing that future generations will also be able to enjoy it.

Capital gains tax can also be advantageous in Portugal when compared with other EU destinations, though it’s a complicated issue and can actually become costly. Ideal Homes Portugal’s Chris White explains,

“The amount of capital gains tax that you pay depends on your residency status. For properties purchased after 1989, residents of Portugal are taxed on only 50% of the gain they have made during their ownership of the property. And if they have owned the property for two or more years then they can benefit from inflation relief too. The gains are considered as income and taxed at the banded rate that is applied based on your overall income. The bandings go up a sliding scale to a top rate of 48%.

“However, there is an exemption for gains made from the sale of your main residence, provided you put the money back into another main home within three years.”

There are certain other requirements relating to capital gains tax in Portugal and White strongly recommends, as with all taxation matters, obtaining professional advice.

His third tax tip is one of which many of those looking to purchase property in Portugal are unaware: namely that any income made by renting out your property when not using it yourself is subject to taxation in Portugal. Income from short term rentals is taxed at a rate of 25% on 15% of the income. So of €1,000 of income, €150 would be liable to taxation at a rate of 25%.

This means that even if you live in the UK and just rent your Portuguese property out to friends at “mates’ rates” twice a year, you technically need to complete a tax return in Portugal for the duration of your ownership of the property. A double taxation treaty means that you will then not have to pay tax in the UK on the income from the property.

Finally, find out what the Immovable Property Tax (IMI) rate is in the area where you plan to buy. This varies from 0.3% to 0.5% depending on the decisions of the local municipality, the location of the property (rural/urban) and the last time the property was valued.

Overall, there are some significant advantages to buying and owning property in Portugal. Chris White concludes,

“Tax information in Portugal can be tricky and of course tax law does change from time to time, so professional advice should always be sought, but there are definitely benefits of owning property here when compared with owning in England or in other European countries. With the right advice, buyers often find that there are distinct advantages to buying their dream holiday home in Portugal.”

For further details call Ideal Homes Portugal on 0800 133 7644 or +351 289 513 434, email enquiries@idealhomesportugal.com or visit www.idealhomesportugal.com.

Spanish spa breaks – the perfect antidote to winter

Spanish spa breaks – the perfect antidote to winter

by Charly Spain
  • 22% of UK suffer from Seasonal Affective Disorder (SAD Association)
  • Just 10% of UK population works in natural daylight (SAD.org.uk)
  • Spanish spas and sunshine provide the perfect antidote to the winter blues (Taylor Wimpey España)

The approach of winter brings with it many glorious things. The scent of roasting chestnuts, the anticipation of Christmas morning and the possibility of waking up to find the world blanketed in snow delight many people every year. But sadly winter also means short, often dreary days, itchy, chapped skin and rain. It also means an increase in levels of Seasonal Affective Disorder, which affects around 22% of the UK, according to the Seasonal Affective Disorder Association.

In the past, the UK’s population largely worked outdoors, so shorter days during the winter months did not have such a dramatic impact on the emotional health of the country. According to SAD.org.uk, 75% of the UK’S population worked outside 200 years ago; less than 10% do today.

Thankfully, the perfect antidote to winter exists in the concept of the Spanish spa break. Marc Pritchard, Sales and Marketing Director of leading Spanish homebuilder Taylor Wimpey España, explains,

“So many of our buyers see their second home in the Spanish sunshine as an escape during the winter months. It’s a bolthole that means they can leave the rain behind and head for the sunshine. It also provides the ultimate way to relax and de-stress and we’ve found that our Miraval resort is particularly popular in that respect.”

Miraval is a collection of two and three bedroom apartments enjoying panoramic views over the sea and the nearby golf courses. Nestled between the Sierra de Mijas natural park and the Mediterranean Sea, the resort could not ask for a more tranquil setting, providing the perfect antidote to the cruel British winter. Miraval has just 60 properties in total, with prettily designed communal gardens and a generously sized outdoor pool. Properties are available from £282,000.

Not only do the stunning, contemporary apartments with their large outdoor spaces offer the perfect way to beat the winter blues in the Spanish sunshine, but they also enjoy easy access to the luxurious spa at La Cala Resort.

“A spa break is a wonderful way to relax at any time of year,” continues Taylor Wimpey España’s Marc Pritchard, “But it can be particularly therapeutic during the winter months when a lack of daylight can lead to increased feelings of stress and lethargy. Exercise can do the same – and at Miraval owners also have access to the three excellent courses at La Cala Golf Resort. They are spoiled for choice so far as relaxation options are concerned!”

La Cala Spa includes an indoor-to-outdoor hydrotherapy pool, a healing thermal suite, the ‘igloo’ ice room, a Turkish-style hammam, a herbal steam room and much more, providing clients with the ultimate in relaxation therapies and experiences. Wellness rituals, couple treatment rooms and dry flotation are just a few of the treats in store for those opting for a Spanish spa break in order to combat the effects of winter in the UK.

For more information, please contact Taylor Wimpey España today on 08000 121 020 or visit www.taylorwimpeyspain.com. Those residing outside of the UK should call 0034 971 70 69 72.

Evolution in Istanbul rental market sees professionals demanding furnished apartments

Evolution in Istanbul rental market sees professionals demanding furnished apartments

by Charly Turkey
  • 47% of tenants in Istanbul are professionals; 35% are foreigners (Universal21)
  • Growing demand for furnished, one-bed apartments (Universal21)
  • Istanbul listed as ‘Aspiring’ in latest European Regional Economic Growth Index (LaSalle)

Istanbul is in the midst of a serious rental boom, and savvy investors are cashing in, says a leading agent in the region. With an influx of new, beautifully-finished modern properties offering excellent additional facilities, Universal21, the leading agent in Istanbul’s south-west region, has released new data that highlights an exciting evolution in the city’s rental market.

The company, established in Istanbul since 2008, claims that the type of properties that are now in hot demand has altered in recent months, to suit a changing demographic of renters. They now find that the majority of those renting properties in the Turkish city are professionals within Istanbul (some 47%), followed closely behind by foreigners (35%) and students from outside of the city attending university (18%).

Adil Yaman, Director of Universal21 explains how this marks an evolution in Istanbul’s rental market,

“In recent years we have certainly noticed a growing interest in Istanbul property, both from a second-home perspective and from an investment standpoint but it is within the last few months that we have really observed a change. Not only has there been a huge influx in the demand for properties to rent but with the majority of prospective tenants today professionals or from overseas, the type of property that is in demand has changed.

“More and more people are now looking for 1 bedroom, 1 bathroom properties and the heavy requirement for furnished apartments has been so overwhelming that we now have a waiting list of prospective tenants.”

This new data ties into the revelation announced in the most recent Knight Frank Global Cities 2015 report that employers are increasingly sending their staff on short-term international relocations, with levels anticipated to extend to a fifth of all overseas relocations in the next three years. This means that the demand for rental properties to answer this need, especially for those professionals as mentioned by Universal21, is also growing.

With the completion of their latest project in August, Anfa Life, with 13 floors of residential apartments along with facilities that include a cinema, Hamam, spa, sauna, health and fitness club, Universal21 saw exactly this. Stating that “demand has been incredible”, the 47 properties available to let were rented out in less than a month and at some 13% higher than a similar property three months previously.

It is this positive uplift in the Istanbul rental market that has led LaSalle to identify the city as part of a group named ‘The Aspiring’ in the recent European Regional Economic Growth Index, a report that identifies regions within Europe with the best economic prospects. Pointing to Istanbul’s growing GDP, employment levels and population, the city ranks third in the listing, and its increasing levels of middle class inhabitants also set it apart as a top investment prospect.

In light of this, Universal21 have launched their next project, anticipated to have the same, if not greater, impact on the growing Istanbul rental market, providing an answer to the new demand whilst benefitting savvy investors. 7th Avenue is located in the middle class neighbourhood of Old Beylikdüzü, in close proximity to local amenities and restaurants, a 20 minute drive from Ataturk international airport, a short drive from the beach and a 10 minute walk from the area’s major shopping centre, Marmara Park.

Comprised of 13 floors of 260 beautifully designed apartments, with a choice of studio, one and two bedroom apartments available, there is also an array of facilities that include 24 hour security, a, fitness centre including spa, hamam and gym, an outdoor swimming pool, tennis and basketball courts.

Studios are priced from £30,000 / $51,000, one bed apartments are priced from £44,500 / $71,000, and two bed apartments from £62,000 / $104,500. There is also a payment plan available and properties are currently at pre-launch prices, reduced by 20% until next month.

For more information about Universal21, visit www.universal21.com or call 0203 287 8700.

4 for the price of 1! 4 luxury northern apartments for the price of 1 average London home

4 for the price of 1! 4 luxury northern apartments for the price of 1 average London home

by Charly United Kingdom
  • Home sales growing fastest in north and north west England (LSL)
  • Manchester ranked 17th out of all of Europe’s cities by LaSalle
  • Award-winning residential property available in Liverpool from £109,950 (Surrenden Invest)

Property investors are increasingly heading north, as England’s north-south divide becomes more starkly apparent. Recently released data from LSL Property Services shows that, across the UK, September has been the best month for home sales since 2007. It is the northern regions that are experiencing the fastest growth: in the three months to August 2015, the largest year-on-year increase in property sales was found to be in the north and north west of England.

Manchester’s property is particularly attractive right now, with the city generating huge interest thanks to its position at the heart of the Northern Powerhouse initiative. Structural change in Manchester is sufficient to have positioned the city 17th out of the whole of Europe in LaSalle’s 2015 European Regional Economic Growth Index.

Jonathan Stephens, Managing Director of Surrenden Invest, a London-based property consultancy specialising in high yielding buy-to-let investments, explains more,

“Experience has taught us that investors like the prestige of working with a property company based in London, but when it comes to where they invest, the northern half of England is definitely attracting the greatest amount of interest. The lower property prices and the huge demand projected in cities like Manchester and Liverpool over the next decade are simply more attractive than a lot of opportunities in the south of the country right now.”

Surrenden Invest has been involved in the Manchester property market for some time, having been quick to identify the city’s potential as a cornerstone of the UK’s buy-to-let boom. The bespoke luxury apartments of X1 Plaza @ Eastbank, located in Manchester’s city centre and available for £120,000 to £180,000, offer an assured 6% net return. Perfectly situated for young professionals, the apartments provide stylish homes in a high demand growth area – just what investors are looking to the north to find.

Following this ‘north is best’ trend, Liverpool is also highlighted in the LaSalle European Regional Economic Growth Index, taking 68th position as one of a handful of UK regional cities showing “consistent and robust scores.” These cities are noted for their strong employment scores, when compared with their German and Dutch counterparts.

A thriving city with a strong cultural offering, Liverpool has undergone numerous regeneration projects over the past decade, pushing forward a modern agenda when it comes to contemporary city living. The Kings Dock and Lime Street areas have been included in a recent £1.5 billion regeneration scheme, while the latest plans for the £290 million regeneration of Anfield are due to go on show this month.

When it comes to residential investment, it’s all about the city centre, with young professionals crying out for new, high spec homes that are conveniently located both for work and for the myriad entertainment and leisure options that Liverpool city centre offers. Specialists in spotting a high yield opportunity, Surrenden Invest is answering demand with The Terrace at the Quarter. The award-winning city centre development is just five minutes from Albert Dock. Prices range from £109,950 to £199,950, with 6% per annum assured for three years, and completion is due by Q4 2016.

Such developments sum up perfectly why the north-south divide is increasingly stark when it comes to buy-to-let property investment. Being able to buy a desirable city centre home at an affordable price, in a location where demand is intense, is highly appealing to property investors. With an average property price of £493,026 in London (Land Registry, August 2015), investors in the north can buy as many as four brand new, luxury apartments for the same price as one average London pad and still have change left over. And with figures like that, it seems likely that the north-south divide in England’s property market is going to remain in place for a long time to come.

For further details, visit www.surrendeninvest.com, email info@surrendeninvest.com or call 0203 3726 499.

Head to the Costa del Sol for sand, sunshine… and high adrenaline thrills

Head to the Costa del Sol for sand, sunshine… and high adrenaline thrills

by Charly Spain
  • €9 million restoration of Caminito del Rey allowed ‘world’s most dangerous walkway’ to reopen this year
  • Walkway classed as one of best new attractions for 2015 (Lonely Planet)
  • Taylor Wimpey España highlights the rich variety of the Costa del Sol

Conjure up an image of the Costa del Sol and sunshine, sand and sangria no doubt leap to mind. Yet behind the idyllic beaches, bustling towns and tantalising local cuisine lies an altogether more dangerous feature: the Caminito del Rey.

The Caminito del Rey has served to highlight the year-round appeal of the region, which has so much more to it than one might imagine based on the postcards. In fact, a plethora of out-of-season attractions mean that the Costa del Sol is enduringly popular with second home owners looking to use their properties at intervals throughout the year.

Once known as the world’s most dangerous walkway, the Caminito del Rey snakes along the cliff-face of the stunning El Chorro Canyon, hundreds of feet above the deep green Guadalhorce River. The trail attracts adrenaline junkies from across the globe; rock climbers at once fear and revere the walkway’s tenuous grip on the cliff-face and its fabled state of disrepair.

Such was the poor condition of the walkway that partial closures were in place for over a decade. At certain points, climbers had to balance on a single iron beam, as the entire floor of the walkway had crumbled into the ravine below. Repairs were costly and difficult due to the elevation of the path, including the need for helicopters and specialist alpinists.

Yet in June 2011, despite (at that time) Spain’s faltering economic circumstances, the governments of Andalusia and Málaga agreed that preserving this part of history was worth the €9 million price tag. The extensive project took several years to complete, but the Caminito del Rey was successfully reopened earlier this year and has already been showcased by Lonely Planet as one of the best new attractions for 2015.

The dizzying path, which is just one metre wide, was originally built to enable workers at the hydroelectric power plants at Chorro Falls and Gaitanejo Falls to cross between the two. When King Alfonso XIII walked the pathway in 1921, it gained its current name, which means ‘the King’s little pathway.’

Marc Pritchard, Sales and Marketing Director of leading Spanish homebuilder Taylor Wimpey España, was one of those eagerly awaiting the Caminito del Rey’s reopening. He comments,

“There’s so much more to the Costa del Sol than one at first realises. It’s not just about sunshine and beaches – though of course it has both of those in abundance! There are also plenty of fascinating cultural and historical attractions here. So many in fact that visitors are often taken aback by how much there is to do. Several of our second home owners have seen exploring more of the area’s attractions as one of their key reasons for buying in the Costa del Sol.”

La Floresta Sur, in Elviria, close to Marbella, is an ideal base for getting to know the Costa del Sol. The spacious, open plan apartments are available from just €192,000 for two bedrooms, with owners able to enjoy the two large communal swimming pools and pretty, landscaped grounds. Large terraces with sweeping views are perfect for appreciating the area’s gorgeous scenery, from the scented forest of oaks and pines to the dazzling shimmer of the sea.

For more information, please contact Taylor Wimpey España today on 08000 121 020 or visit www.taylorwimpeyspain.com. Those residing outside of the UK should call 0034 971 70 69 72.

New ‘Spooky Survey’ reveals that house-hunting is not for the faint-hearted!

New ‘Spooky Survey’ reveals that house-hunting is not for the faint-hearted!

by Charly United Kingdom
  • 57% of people would be more than happy to share their house with a ghost (Urban.co.uk)
  • 15% would be put off moving house on Friday the 13th (Urban.co.uk)
  • 30% of people will not be welcoming the Trick or Treaters this Halloween (Urban.co.uk)

With Halloween just around the corner, programmes such as ‘Most Haunted’ seemingly ever-popular and new cinema releases set to scare the uninitiated, new data has been released that reveals just how brave the nation really is when it comes to house-hunting.

Releasing the results of their ‘Spooky Survey’, the UK’s original online estate agent Urban.co.uk discovered that the UK is split on the subject of ghoulish flatmates. Asking if having a ghostly house guest would be a property deal breaker, it was found that 57% of respondents would be more than happy to share their house with a spook (as long as they did their share of the washing-up), whilst 47% would make sure to have the Ghostbusters in even before the first viewing!

Yet it is not just Halloween itself that gets the goosebumps prickling for many, next month’s Friday 13th will also set some on edge as they fear what bad luck could befall them on such a superstitious day. Urban.co.uk’s ‘Spooky Survey’ revealed that the day is not an outdated notion for many, with 15% even going as far as to say that they would be put off moving house on Friday the 13th, thinking that their new property would be doomed forever if they moved in on that fateful day.  

For those brave enough to get past the viewing and the moving in stages, it seems that once people are settled into their new property, their home is where people feel safest, adding weight to the aged notion that an Englishman’s home really is his castle.

Almost 70% of respondents to the survey claimed that they are brave enough to open the door to Trick or Treaters on Halloween night, even saying that they look forward to seeing the scary costumes that are sure to make an appearance on their doorsteps throughout the evening.

This does mean, however, that come All Hallows’ Eve, three in every ten of us will be turning off the lights, locking the door and shutting the curtains against the incoming visitors.

Adam Male, Founder of Urban.co.uk comments on the findings,

“Whilst it seems that the UK are a nation of brave house-hunters on the whole, for some Halloween and the notion of ghostly hauntings in their home is enough to set their teeth a-chattering. With the results of the ‘Spooky Survey’ it is also interesting to discover the role that superstition still plays in the decisions many make, even when it comes to their homes. Whether they are scaredy-cats or onto something the rest of us are missing remains to be seen but either way, we wish all a very Happy Halloween!”

For those having a nightmare selling or letting a property, or simply for those looking for pulse-steadying advice, visit Urban.co.uk or call 0800 6899955.

Spooky Sanatorium to Luxury Living – the first of its kind in the UK

Spooky Sanatorium to Luxury Living – the first of its kind in the UK

by Charly United Kingdom
  • Spooky sanatorium transformed into luxury living 100 years later
  • Barton Wyatt’s critical involvement in the ground-breaking development of Virginia Park
  • Virginia Park celebrates 20th anniversary in 2015

In Bill Bryon’s latest novel, The Road to Little Dribbling, one chapter details a wonderful period in Bryson’s life where he unexpectedly became an employee in a mental health institution. This comical account is set in Holloway Sanatorium, Virginia Water where the very wealthy, who suffered mental illness were able to reside in relative luxury in this secure NHS owned hospital.

Holloway Sanatorium was built by Henry Crossland for ‘mentally afflicted persons’ in 1884 and still stands today. The patients are however long gone and today the estate known as Virginia Park is home to a mix of residents who enjoy living in a gated community.

Bryson has very fond memories of the sanatorium, as it was while living there that he met his wife Cynthia. And although Holloway was full of long-term patients who were “quite mad,” he loved the quintessential Englishness of the place.

It was in the 1980s that Holloway Sanatorium closed its doors to patients. The grand estate then lay fallow for many years. Thieves took advantage of the disrepair by stealing parts of the roof with the house decaying over time and becoming dangerous.

Then, quite by chance during a family holiday in America, local Virginia Water Resident and Estate Agent Hugh Wyatt spotted a gated community, which had been developed with high class homes, 24 hour security and residents leisure facilities. Hugh decided to take this concept back to England to see if he could create a similar development in his home village.

Wyatt’s visionary concept took a great deal of time and effort to develop but it was worth the wait. Working in conjunction with his brother, who owned high end homebuilder Octagon Developments and a local financier, Wyatt was responsible for the first ever UK development where a large Victorian hospital was just part of the plan.  This ground breaking idea has become known as “enabling development”.  The only way to make the development viable was to build new houses on the estate which would help cover the cost of restoring the wonderful grade I listed building.

As this was the brain child of Hugh Wyatt, his award winning estate agency, Barton Wyatt, were the selling agents on the estate. Their figures reveal that the real cost of creating each of the homes within the listed building was over £1,000,000 however the houses were sold in 1995 for an affordable £500,000. Today they meet their true value being priced at £1,000,000 – £2,000,000. In contrast the new build homes within the grounds of Virginia Park were originally sold for £325,000 and are now worth around £1,100,000.

Some of the owners who bought these homes some 20 years ago are still there today. In this beautiful environment set within 25 acres and with 24-hour gated security, Virginia Park is a fabulous place to live.

James Wyatt, son of Hugh and now partner of Barton Wyatt, comments:

“I feel immense pride towards Virginia Park and in particular the work that my father and uncle put into creating a development that was the first of its kind in the UK.  They came up against many hurdles during the planning but were very insistent that it was a feasible notion and found solutions to all of the challenges they faced.”

When asked if Holloway House – now known as Crossland House – is haunted, Wyatt says:

“I don’t believe in ghosts so it is hard for me to say.  Some of my staff have certainly had the feeling of being watched whilst in the main building.  The contractors who worked on the regeneration were forever telling tales of things that go bump and equipment disappearing or being moved.  Certainly our residents love living there and no one has ever moved out that I know off because of the paranormal!”

Bill Bryson certainly never mentioned ghosts in his tales of Virginia Water.  He fell in love, got married and bought a house in the area, staying for 12 happy years whilst he was a journalist at The Times.

For more details contact Barton Wyatt on 01344 843 000 or visit www.bartonwyatt.co.uk.

Available to rent and buy on Virginia Park:

 

To buy:  12a The Grange, Virginia Park                   £935,000

A two bedroom apartment situated in Virginia Park which is a prestigious private gated estate built around the former Holloway Sanatorium, a magnificent Gothic building, now Grade I listed, in the heart of Virginia Water. The walled estate boasts 24 hour manned security, extensive leisure facilities including a fantastic indoor swimming pool with Jacuzzi and sauna, well equipped gym and tennis court. Within easy walking distance of Virginia Water Village Centre with its excellent shops for day to day needs, restaurants and mainline railway station with fast service of trains to Waterloo in 42 minutes.

Reception hall, Sitting room, Kitchen/breakfast room, Master bedroom with luxury en-suite bathroom, Guest bedroom with en-suite bathroom, Bedroom three/study, Family shower room, Secure underground parking for three cars, Secure underground storage unit, 24 Hour security, Leisure facilities.

The 24 acres of Virginia Park are superbly landscaped and maintained and offer tree lined lanes and walkways with a very large green to the front of the development. In the underground car park the apartment has 3 allocated parking spaces and a useful secure storage cupboard for suitcases/bicycles etc.

For more details contact Barton Wyatt on 01344 843000 www.bartonwyatt.co.uk

 

To Rent:  Crossland House, Virginia Park £3,250 pcm – Fees Apply

A magnificent townhouse in this architecturally important Grade I listed building restored in 1996 by the renowned Octagon Developments, now offering a home with exceptional quality and character overlooking a Green.

The accommodation comprises master bedroom with en-suite bathroom, two further en-suite bedrooms, two reception and study.  Kitchen / breakfast room, southerly aspect private courtyard garden and underground parking for two cars

Leisure facilities to include swimming pool, jacuzzi, gym, tennis court and sports hall.

 

Editor’s Notes

The development of Crossland House was done using Enabling development:

http://www.buildingconservation.com/articles/enabling-development/enabling-development.htm

Where to buy in the Algarve? Ideal Homes Portugal round-up the best the Algarve has to offer

Where to buy in the Algarve? Ideal Homes Portugal round-up the best the Algarve has to offer

by Charly Portugal
  • Head east for a taste of authentic Portuguese life
  • Embrace your childish side in the waves at Praia da Rocha
  • Make for Quinta do Lago if golfing is your passion

Owning a property in Portugal’s Algarve can be an extremely rewarding experience, but how do you know what and where to buy? Buying overseas generally offers a lot less scope to familiarize yourself with an area than buying a domestic property does, so advice and guidance from experts ‘on the ground’ can play an important role.

“Always go on an inspection trip before you buy,” suggests Chris White, Founding Director of boutique estate agency Ideal Homes Portugal, “But be sure to consult with local residents as well. Use their knowledge to help inform your thinking, as they will be able to offer insights into an area that you won’t be able to gleam from an inspection trip alone, or even a couple of weeks on holiday.”

What and where you buy will of course depend on your motive for the purchase. To help buyers think through what it is that they want from the Algarve, Ideal Homes Portugal has produced a round-up of motives for buying and suggested locations, so that second home purchasers can use their experience to get to know the Algarve a little better before they commit to buy in a particular area.

The Ideal Homes Portugal Algarve round-up

For the best beach, head to Praia da Rocha at the city of Portimão. This huge expanse of sand provides plenty of room for everyone, even during the height of summer. Families with young children will appreciate the plentiful cafés and restaurants based along the wooden boardwalk that runs beneath the cliffs backing the beach. Those looking for more high adrenaline thrills can hire jet-skis and similar from the shore, or head to the eastern end of the beach to participate in various sporting activities on the sand.

In the peak summer season, an inflatable play area is anchored a little way out to sea for those who want to swim out and charge around like giant children in the sunshine. Meanwhile those who prefer peace and quiet can walk along the sands and around the rocky outcroppings towards Alvor to escape the crowds – it is a beach with something for everyone.

A three bedroom duplex apartment with sea views and pool between Praia da Rocha and Alvor costs €319,000.

For authentic Portuguese life, the eastern Algarve town of Tavira has to be the place. Though the town does attract its fair share of tourists during the summer, the winter months are ideal for enjoying Portugal in peace, from bartering at the fish market with the locals in the morning to strolling along the river and enjoying a coffee in the afternoon sunshine.

Enjoy the authentic life from an historic base, with a two bedroom apartment in a converted convent, just minutes from the centre of Tavira, for €270,000.

If living like a local sounds a little too authentic, then opt for an area teeming with expat life instead. One of the best areas for expat life is Praia da Luz. This small town includes a small English supermarket and a pub serving fish and chips and is an ideal location for those who can’t quite bear to leave the comforts of home behind when they head overseas.

A luxury, seafront villa with hot tub and private roof terrace in Praia da Luz costs €825,000.

For the best golf in the Algarve, it has to be Quinta do Lago. This upscale resort is a favourite with celebrities, politicians and sporting stars. Expensive restaurants and pricey bars abound and there are enough marinas and chic, boutique stores scattered around to keep Portugal’s wealthiest residents and visitors thoroughly entertained.

Property at Quinta do Lago is far from cheap. A four bedroom villa overlooking the golf course with heated swimming pool is priced at £2,900,000.

Head back to the eastern Algarve for some of the region’s most attractive investment properties. Rental income can be a great way to cover some of the costs of owning overseas. Be sure to opt for a popular tourist area, such as the seaside village of Cabanas, which is packed with visitors from May to September.

A two bedroom apartment on a popular development with extensive communal pool in Cabanas costs €177,500.

For city life, Albufeira is a good choice, particularly for those looking to set up a business in Portugal as the thriving community is a great base for entrepreneurs. As well as being packed with shops, restaurants and everything you would expect from a modern city, Albufeira is also home to some beautiful beaches, which are popular tourist spots during the summer months.

A three bedroom villa with shared pool in a great city location in Albufeira costs €375,000.

Whatever your motivations for buying, Portugal is a fantastic location to own a second home in the sunshine. The Algarve’s 300+ days of sunshine per year are a delight to those used to the UK’s climate and the choice of budget airlines to fly with make getting there efficient and economical.

For further details call Ideal Homes Portugal on 0800 133 7644 or +351 289 513 434, email enquiries@idealhomesportugal.com or visit www.idealhomesportugal.com.

Growing luxury accommodation sector to answer Erasmus students’ demands

Growing luxury accommodation sector to answer Erasmus students’ demands

by Charly United Kingdom
  • 846 successful UK Erasmus applications in September 2015 (Erasmus+)
  • Erasmus students look for “greater feeling of security” from accommodation and inclusive billing (Collegiate AC)
  • Collegiate AC extends luxury offering to Erasmus students

28 years on from the establishment of the Erasmus scheme in 1987, and today the programme that organises and funds European Union student exchanges is going strong. Now including education, training, youth and sports elements, the scheme that is today known as Erasmus+ registered an impressive 846 successful UK applications in September 2015, with these students travelling far and wide throughout the EU in order to enhance their study experience.

For those that are exchanging to come to the UK as part of their university career, many will be looking for their accommodation to provide the answer to their specialist set of requirements. Visiting the UK for a length of time that can extend to either a term, six months or even a year, accommodation needs to address this somewhat flexible time-need, yet this is not the only necessary element.

Heriberto Cuanalo, CEO of leading provider of luxury student accommodation, Collegiate AC, explains more about what Erasmus students are looking for in their UK accommodation,

“Students arriving in the UK to study, especially those as part of Erasmus, often bring with them a specific set of requirements that standard university accommodation cannot always answer. These requirements can include a need for a greater feeling of security in order to reassure parents and families at home and inclusive billing to ensure the transition to overseas study is as easy as possible. And these are the kind of aspects that special luxury accommodation can provide.”

Previously a major provider of accommodation to the overseas student market, the 2015/16 academic year has seen Collegiate AC extend their already impressive reach to students from the Erasmus scheme. With high-end properties in some of the top university cities throughout the UK, this significant expansion by the company means that Erasmus students will now have the chance to experience first-hand the high quality of the living experience offered by Collegiate AC.

Properties on offer provide first-class security aspects such as electronic door entry and CCTV in communal areas, as well as on-site management and concierge teams to ensure that there is always someone on hand to reassure students and deal with any problems that may arise.

Alongside these aspects, Collegiate AC properties also offer a range of additional facilities to enhance the Erasmus experience. These include free Wi-Fi, high-speed broadband and inclusive billing which means that with the limited time they have, Erasmus students will not have to worry about organising their own energy or internet bills. The plethora of tempting features also on offer in Collegiate AC properties – such as games rooms, on-site gyms and in-house cinemas – also further entices those looking for the very best accommodation when arriving to study in the UK.

Cuanalo concludes,

“All in all, we are very excited to be able to welcome Erasmus students over the coming months to some of the most stylish and well thought out student accommodation in the UK. Our ethos is to provide ‘Student living. Just better’ and we really do feel that in going the extra mile our properties will very much appeal to these new overseas students.”

For more information, visit www.collegiate-ac.com or contact Collegiate AC on 01235 250 140.

Italy – it’s cheaper than you think!

Italy – it’s cheaper than you think!

by Charly Italy
  • Italian cost of living drops from 85% to 58% compared to New York (Numbeo)
  • Three course meal for two now just €50 (Numbeo)
  • Fractional ownership providing luxury property at an affordable price in Le Marche (Appassionata)

Mention that you’ve been on holiday to Italy and within a couple of minutes someone is bound to ask if it was expensive there. Italy has a long-standing reputation as one of Europe’s pricier destinations, but the modern reality is actually very different. According to cost of living figures updated in October 2015 from Numbeo, two people can enjoy a three course meal in a mid-range restaurant for €50, relaxing with a regular cappuccino in a café costs just €1.33 and a mid-range bottle of wine from the supermarket costs €5.00.

Italy’s cost of living is falling. While buying gelato in a touristy area can still result in an eye-watering bill, for those who explore the Italian countryside and embrace the culture of home-cooking with local, seasonal produce, Italy is no longer an expensive place to spend time. The scale of the decrease in prices has been quite dramatic. In mid-2015 the Numbeo Cost of Living Index found that groceries in Italy cost 58.34% of the price paid for the same items bought in New York. Just a year earlier, the Italian groceries came in at 84.75% of the New York price, a significant change.

Just as the cost of living has fallen, so too has the cost of owning a luxury second home in Italy, as Dawn Cavanagh-Hobbs, owner of local fractional ownership business Appassionata, comments,

“We’ve seen a growing rise in interest in fractional ownership here in Le Marche. Buyers want to enjoy the sunshine and the lifestyle, not spend their holiday time taking care of overgrown gardens, cleaning and maintenance issues, as you do with a traditional second home. With fractional ownership, the property is fully managed, so all you have to do is turn up, unpack and start relaxing. Not only this, but such ownership means that the Italian lifestyle that many dream of is made far cheaper. This also means that buyers can afford a far more luxurious holiday home than if they bought outright, the dream can be a reality!”

Dawn is speaking from personal experience. Her family-run business has so far renovated three Italian properties. The third of them, the charming townhouse known as Casa Tre Archi, has just three shares left for sale. Owners are entitled to use the three bedroom property, which comes complete with roof terrace with stunning views over the town of Petritoli and the surrounding countryside, exclusively for five weeks each year. Fractions are priced from £75,000 and can be passed down to future generations, just as a property that is owned outright would be.

Dawn’s love of restoration work and interior design means that the family are already working on their next project: Il Riposo. The four bedroom, four bathroom home is situated in the peaceful hamlet of Patrignone. A delightful bar/restaurant just two minutes walk from the property offers the ideal place to relax over a lengthy meal of organic, locally produced food and wine. The bustling town of Montalto is just five minutes’ drive away, providing Il Riposo’s owners with everything they could wish for.

“We’re working hard to restore Il Riposo,” comments Dawn. “Casa Tre Archi has sold so fast that we only have three shares left and we are racing to transform Il Riposo so as not to disappoint those who want to buy into the wonderful Italian dream. It’s a big project – right now the house doesn’t have a roof, so we’ve got quite a way to go!”

When finished, Il Riposo will offer owners a traditional Italian home, complete with a small, terraced, walled garden. The Appassionata team are firmly committed to using local materials and local craftsmen – their restorations pay homage to the skills and traditions of previous generations. Previous houses have included bespoke, hand-made kitchen cupboards, reclaimed tiles and stunning light fittings made by a local artisan working out of a tiny studio, who learned at his grandmother’s knee.

“But we do like to fit in modern touches as well, where we can make them work,” continues Dawn. “At Il Riposo there is just enough room to include a swimming pool on the lower terrace. It’s a joy to save and restore some of Italy’s fine, tumbledown buildings and to breathe new life into them. Each home that we have worked on has its own quirks and charms that serve to truly delight its owners.”

At Casa Tre Archi, it is the unique blend of convenient town location with plentiful outside space that has so pleased those who have bought fractions. A shady, bijou kitchen terrace provides the ideal spot for a morning coffee. The first floor terrace provides a magnificent view of Petritoli’s ancient walls, including the three historic arches for which the property was named. The spacious roof terrace includes elegant loungers and a canopied gazebo – perfect for lazy days spent eating, drinking and relaxing in the sunshine. And it’s all within strolling distance of shops, restaurants, cafés, pretty churches and more.

For more information visit www.appassionata.com or contact the Appassionata team on +39 33154 13225.