Portugal Silver Coast, The Undiscovered Property Investment Region By Antonio Oliveira
Portugal is an evergreen in the overseas property market. Build quality is high, property prices have grown a steady 10-15% per annum since the Millennium, and there's a broad choice of property across the price range and country - within the Silver Coast the price grow within the following years will possibly reach the 25 - 35 %.
Buying property in Silver Coast Portugal offers good prospects for rental from both the local market and from holidaymakers, and with the potential of significant property price rises on the Silver Coast Portugal, this could be the ideal place to invest in a holiday home.
Buying property in Portugal still has great appeal as it has a benign tax system which allows avoidance of the worst effects of capital gains and inheritance tax and can put you in a lower tax band.
Why buy in the the Silver Coast
Property experts have been advising clients to look beyond the Algarve, with its pockets of overgrowing, and invest instead in homes 45 minutes drive from Lisbon on Portugals Silver Coast.
Maddison says, the Algarve used to be the most popular area. However, it is now rather overrun with Brits and over commercialized. In other words it is too popular now, with many of those looking to purchase in Portugal now looking elsewhere.
According to international property specialists the Silver Coast is now the up-and-coming area in Portugal. Many Brits are selling up in the Algarve and moving up to the Oeste Region, which is located just north of Lisbon. This area is still very Portuguese, with farming the main source of income for the locals. It does not die in the winter because most of the locals are Portuguese. The cost of properties is so much cheaper than on the Algarve, so there is still room to make money in this area.
But what of the place itself? The Silver Coast stretches from Porto down to Portugal's capital Lisbon and hugs the North Atlantic coastline; it is home to beautiful beaches, amazing cliffs, quaint fishing villages, lush rolling countryside and some of the most fascinating historic sites in Portugal.
Here you can discover pretty villages and a real Portuguese way of life. The Silver Coast is a particularly good bet for those with holiday lets in mind, thanks to the new A8 motorway which has cut journey times from Lisbon to the Silver Coast considerably, opening the atmospheric towns of Caldas da Rainha and Turcifal, and pretty villages, such as Peniche, up to tourists and investors.
There is a wide range of property available on the Silver Coast. You can find traditional farmhouses in need of renovation, but there has also been a fair amount of developments popping up and luxury villas with pools and apartments in complexes are easy to find.
Access to the area is becoming even easier as more and more airlines now offer frequent flights to Lisbon.
I hope to meet you soon at the Silver Coast in Portugal!
Buyers considering buying property in France and Spain need to also take a good look at Portugal. The real estate market in Portugal has been quietly booming and remains a good strong place to invest in property abroad. For those who are seeking Golf property Portugal is second to none. The future is bright for Portuguese real estate as the economy grows and direct inward investment in the property market increases. So why else buy property in Portugal?
Portuguese investment property.
Portugal remains of consistent interest to overseas property investors, those seeking a home for retirement and second home buyer's. Despite strong competition from areas such as France and Spain along with emerging markets such as Bulgaria and Croatia .Portugal is particularly attractive for buyers from the UK. The country's south coast is one of the most popular with luxury resorts; Algarve area is a firm favourite and provides steady performance for buy-to-let investors.
Portugal is truly accessible.
Portugal ideal for investment as it is very easy to get to & good communications are top class. All investors know that the best overseas property destinations are the ones that are accessible. Portugal is one such region it has a National Airline called 'TAP Air Portugal' whose numerous flights fly to Portugal from most cities in Europe. Portugal benefits from several airports. The main airports are Lisbon Faro and Porto
Growing economy.
A strong stable economy backed by EU investment is giving Portugal a property market that has been quietly growing Portugal an ideal place to invest in property. Some locations in Portugal are producing wealth for property owners from capital growth and rental yields said to be up to 10%.The ever strengthening economy is backed by EU funding and strong inward investment from tourism and international investors. Portuguese property prices have risen modestly in the past 18 months and the Algarve tends to have the largest capital increases. Portugal has a good infrastructure which has been progressively modernized.
Tax made easy in Portugal.
Portugal still remains a place where the tax planners can thrive. It is still possible to buy property in Portugal using offshore companies. This can help secure significant tax advantages those investing in Portugal, resident or not, can very often legally circumvent capital and transfer taxes
Sunny Climate.
Summers are hot and dry throughout Portugal, particularly in the Algarve, which experiences very little rain. Portugal benefits from cool sea breezes in the long hot summers. Winters vary depending in which region you in however Golfers still make for the Portuguese shores all year round.
Top location The Algarve Portugal.
With over 30 top golf courses The Algarve is attracting the big spending Golfing community. The Algarve benefits from sand beaches, scuba diving, waterskiing, sailing, tennis centres, equestrian centres, casinos, Michelin star restaurants, marinas Good health care, private clinics and lots more! Keeping your cool buying abroad
My tips for buying overseas.
Don't rush. Get familiar with the location and the type of properties you're considering. Research the residency rules for non nationals. Know the people and the lifestyle. Get advice from a reliable source. Select a reputable local lawyer. Use respected real estate agents. Don't let yourself be pressured by a pushy salesman. Independent advice is the best advice. Consider your exit plans.
The Author of this article is Nicholas Marr his knowledge is gained from numerous contacts within the overseas property industry. He admits that he is learning everyday from professionals that specialise in their regions. He is founder and CEO to the overseas property portal at http://www.homesgofast.com and http://portugal.homesgofast.com
Property in Portugal - Guide to Buying Property in Portugal By Les Calvert
Overview
The Portuguese Property Market
In recent years, there has been a true construction and real estate boom in some parts of Portugal. Along the coastal regions of Portugal, a great deal of real estate development has taken place. This development has included everything from luxurious housing developments to vacation communities that have attracted visitors and investors from across Europe and indeed much of the world.
Beyond the very fast paced development that has taken place along the coastal regions of Portugal, there has also been a great deal of new construction in some of the more rural areas of the country. Rural Portugal has proven to be a fertile area in which many people from other European nations (and from a good share of other nations from around the world) are taking to constructing second homes, lovely and relaxing retreats tucked away from the hustle and bustle of everyday life.
Investment Property in Portugal
When it comes to investment real estate in Portugal, many foreign nationals have focused their attention on real estate opportunities along the coastal regions in Portugal. By way of example, these foreign nationals are involving themselves in some of the massive residential developments that have been initiated in these coastal regions over the course of the past ten years.
In addition to investing in the residential developments themselves, some of these foreign nationals are also putting their money into those commercial real estate ventures that accompany a burgeoning residential market. For example, these foreign nationals are investing in shopping centers or districts as well as other types of necessary commercial properties.
Residential Real Estate in Portugal - Single Family Properties
As has been referenced, there has been a great deal of activity in the residential real estate market in the coastal regions of Portugal. The trend towards buying homes along the coastal regions of the country has been fast paced for nearly a decade. Most real estate analysts in Portugal believe that this high rate of activity in the coastal Portugal residential real estate market will continue unabated well into the next decade.
In addition to a fast paced market along the coast, residential real estate has also been selling briskly in some of the rural areas in the Portuguese interior.
While high end housing has been the most rapidly selling area of the residential real estate market, in Portugal, when it comes to residential real estate, there really is something for every budget. This is particularly the case in the more major cities in the country. For example, the real estate market in Lisbon is very active and varied -- the old adage that there is something for everyone really holds true.
Residential Real Estate in Portugal - Apartments
As is the case through much of the European Union, the demand for residential apartments is strong in Portugal. Apartment living provides a more carefree and, oftentimes, a less expensive way of living.
Apartments in Lisbon have been selling at a particularly brisk rate. Many foreign nationals have taken to purchasing apartments in Lisbon and in a few of the more major cities in the country. There are three primary reasons who apartments have been selling so briskly in Lisbon and in a few of the other more urban centers in Portugal.
First, with the advent and creation of the European Union, and with the trans-European economic culture that was created by the EU, and ever growing number of foreign nationals have taken to spending at least part of the year in Portugal on business. Apartments provide a practical and affordable housing solution for these business men and women in the 21st century.
Second, many people have taken to purchasing apartments in the urban centers of Portugal for vacation or holiday purposes. As with the business owner of an apartment in an urban center in Portugal, these holiday visitors find apartments an economical and practical means of vacationing in the country. This has proven particularly to be the case with families.
Finally, some foreign nationals have taken to purchasing apartments which they then turn around and rent or lease to other people. Many of these foreign investors have found buying and then leasing apartments in Portugal to be a very solid method of generating a reliable source of income.
Holiday Property in Portugal
The coastal areas of Portugal have become the locations of some of the most sought after real estate in all of Europe. The demand for vacation properties in these areas rivals even the demand for real estate in such prime European travel areas such as the French Riviera.
Many foreign nationals have taken to buying real estate along the coastal regions for vacation or holiday purposes. As mentioned previously, oftentimes these investors are buying vacation properties in Portugal for dual purposes. Of course, they are buying these properties to provide a vacation destination for themselves and their families. In addition, they are making these purchases to allow them an investment income which they obtain by leasing or renting these properties to other holiday travelers.
In addition to the coastal regions of Portugal, many foreign nationals have taken to buying residences in rural communities. Finally, in large, urban areas such as Lisbon, foreign nationals regularly are purchasing apartments which they are utilizing for vacation or holiday purposes.
Specific steps to buying real estate property in Portugal
As in many countries the world over, the first step in the real estate purchase process is the execution of a preliminary contract for sale. In Portugal, this initial contract is called the contrato de promessa de compra e venda. This particular agreement is a legally binding contract that sets forth the conditions of the sale.
The contrato de promessa de compra e venda is drawn up by a notary. At the time that this contract is executed and signed, the purchaser of the real estate is called upon to place a deposit for the real property that is subject to the transaction. In Portugal, the deposit that normally is paid by a buyer of real estate is between ten and twelve percent. If a seller elects not to follow through with the sale, he or she will forfeit the deposit that has been paid. Of course, there are instances when a buyer is justified in not closing on a contract for the sale of real estate. For example, if a seller cannot provide to the buyer a title free and clear, the buyer then does have the right to walk away from the contract and will not forfeit his or her deposit.
An interesting feature of the preliminary contract in Portugal is the fact that if the buyer decides to walk away from the contract, the buyer is obliged to pay to the seller a penalty in the amount of twice the deposit placed by the buyer in the first instance. Thus, in Portugal, the purchaser of real estate is provided with a level of protection that is found in very few other countries around the world. Indeed, this level of protection really is almost unheard of anywhere else in the world.
Another requirement that is unique to Portugal when it comes to the purchase of real estate is one in which the buyer of real estate is obliged to obtain a "Fiscal Number" from the local Tax Office. This requirement applies to foreign nationals who are interested in buying real estate in Portugal as well as to citizens of that country. The process of applying for and obtaining a Fiscal Number is very simple and does not require a great deal of time. Indeed, the process really involves completing what is in reality a very simple form and submitting it to the local Tax Office where it can be processed in no time whatsoever.
The real estate sales process in Portugal moves at a pretty fast clip. Generally speaking, the signing of the final contract and deed -- which is known as the escitura de compra e venda -- will occur within three to four weeks of the execution of the initial contract for sale. Once this agreement and related documentation is executed, the ownership of the real estate will transfer by operation of the law from the seller to the buyer. Although the buyer will become the legal owner of the real estate at that juncture, there still is a bit more work to do to completely conclude the real estate purchase process.
The final step that a person needs to take when purchasing real estate in Portugal is the payment of the Imposto Municipal Sobre, a tax imposed on real estate transactions in that country. In addition, the buyer will be obliged to register -- either personally or through a lawyer -- the deed with the Land Registry Office.
Overall, there are no added obligations on a foreign national who purchases real estate in Portugal. The rules, regulations and legal schemes that apply to citizens of Portugal apply similarly to foreign nationals who are interested in buying real estate in that country.
Property Abroad always recommends using a Solicitor or Lawyer
Les Calvert - Director of the Uk's fastest growing overseas property portal http://www.property-abroad.com/portugal writes information and articles on over 45 countries abroad. Visit their website for further useful information on buying a property in Portugal and more.
