Unique 3 bedroom Apartment for sale with countryside view in Portimao, Algarve

220,000 EUR 189,200 GBP 237,600 USD

Reference: 248037

Bedrooms: 3
Bathrooms: 2
Floor Size: 108 m2

Features

Terrace
Communal Pool
Air Conditioning
Countryside View
Turnkey
Parking

Details

A one-of-a-kind opportunity to gain an affordable investment in the property market in Portugal by acquiring this modern 3 bedroom fully furnished apartment with communal garden and pool in Portimao.

This is one of fully-managed, key-ready 1, 2 and 3 bedroom apartments available to purchase next to the Autodromo Internacional do Algarve Racetrack in Portimao.

As part of a fully-operational, successful rental programme, owners can choose their own usage and then earn income when they're not using their home, thanks to the increasing popularity of the AIA, which host events all-year round.

Sold fully furnished, this superb property comprises a spacious living room in open plan with a dining area, three large bedrooms, two bathrooms and a fully equipped kitchen, complete with appliances, including a stovetop, oven, fridge, water boiler, toaster and washing machine.

The private terrace offers views of the countryside.

All apartments offer convenient access to a large outdoor swimming pool, and usage of facilities at the next door hotel, including an indoor pool, fully equipped gym, sauna, spa, bar and restaurant.

Additional features include air conditioning, Wi-Fi, double glazed windows, underground parking and storage room.

Situated less than 20 minutes from Portimao city centre, with its vibrant culture, entertainment, and shopping, and 25 minutes to stunning Meia Praia beach. The city centre of Lagos can be reached in approximately 25 minutes.

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Portugal Property Buying Guide

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.