2 bedroom Apartment for sale with sea view with Income Potential in Praia da Luz, Algarve
This exclusive offer with a leaseback option offers an annual income of 4% of the property purchase price for the first 10 years, providing both stability and peace of mind for investors.
In addition, owners enjoy the personal benefit of using their apartment annually for 3 weeks per annum in high season and up to 3 weeks in low season, allowing you to experience the lifestyle this magnificent development has to offer.
It is noteworthy that all the running costs of the property including utilities and condominium are paid for the duration of t...
This exclusive offer with a leaseback option offers an annual income of 4% of the property purchase price for the first 10 years, providing both stability and peace of mind for investors.
In addition, owners enjoy the personal benefit of using their apartment annually for 3 weeks per annum in high season and up to 3 weeks in low season, allowing you to experience the lifestyle this magnificent development has to offer.
It is noteworthy that all the running costs of the property including utilities and condominium are paid for the duration of the rental contract.
There is also an innovative long-stay winter usage option - free usage from November until the end of April. There is no owner usage May to October and you will still receive a 4% return and the running costs covered during the summer season.
Another option is to temporarily pause the rental contract giving the owner flexibility to use the property permanently and then the pause duration added to the end of the lease, preserving the 10-year term.
Once the 10-year period is over you are able live there as a resident if you choose.
These branded residences are ideally located just a few hundred metres from the magnificent Praia da Luz beach, and within walking distance of local supermarkets, bars, and restaurants, making it perfectly positioned for both relaxation and convenience.
The company behind this product has a proven track record and is renowned for creating destinations with global appeal, as well as for quality design, professional management, and achieving excellent rental demand, making this an outstanding option for those seeking a secure investment combined with personal enjoyment in one of Portugal's most desirable coastal locations.
If you would like further details, pricing information, or to arrange a private consultation, please do not hesitate to get in touch. We would be delighted to guide you through this exciting opportunity and to share vital information for you to make an informed decision. We have access to valuable rental return information and documented capital appreciation in this very location.
Air conditioning
Central heating
Heated floor
Elevator
Furnished
Swimming pool
Sea View
Energy Certificate: A+.
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This Apartment is located in Praia da Luz in Portugal
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Buying a Property in Portugal
1. Signing a Letter of Intent
On finding a property you wish to purchase, your agent will draw up a 'Letter of Intent, this will be signed by both parties, vendor and buyer. Copies of this will be given to the legal representatives of both parties and will be used in preparing the Promissory Contract. Included in this letter will be the price, what is included in the sale, furnishings etc. and any conditions of the sale plus the dates for both exchange and completion.
2. Exchange of Promissary Contract (Contrato Promessa de Compra e Venda)
The buyers lawyers are responsible for drawing up the promissory contract (Contrato Promessa de Compra e Venda) and as part of the process they will have carried out the legal searches and made sure that there are no charges, e.g. utilities, property tax etc. against the property. The contract will contain details of both parties and include clear title of ownership, when payments are due to be made, the completion date and an inventory, if required. The Promissory Contract is legally binding and will generally be signed by both parties and witnessed by a notary/lawyer. The contract will include penalty clauses in case either party does not fulfill the terms of the contract. A 10%, non-refundable deposit is required at this point, this will be paid to the vendor, through the lawyer's client account. Once the contract has been signed, if the vendor pulls out of the contract, they will be obliged to pay back double the deposit to the purchaser. If the purchaser pulls out, they will lose their deposit.
3. On Completion
The amount of time between signing the Promissary Contract and Completion will vary and will have been agreed in the contract. Before Completion your lawyer will need to arrange with a fiscal representative for you to obtain a Portuguese Fiscal Number. The official Deed of Transfer of ownership (the Escritura) will be signed by you (or someone representing you with your Power of Attorney), this is signed at the Notary and they will retain the document. The Deed will be read aloud by the Notary before all participants sign it. Your lawyer will need to check to ensure that you understand what is being said if you do not understand Portugese. The Escritura, once it has been signed, will officially give you ownership of the property, but will still need to be registered in your name on the Land Registry (Registo Predial) by your lawyer. Your lawyer should obtain a copy of this for your records. Once you have completed, the new utility contracts can be transferred into your name by your lawyer.