Enjoy a relaxed champagne sunset cruise along the coast admiring the enchanting rock formations, caves and beaches of the Algarve at sunset before returning to your private villa for a relaxed barbeque of freshly grilled sardines and squid with lemon and olives; enjoy a day’s golf at one of the nearby world class golf courses before heading back into Albufeira for an aperitif of chilled white port at one of the marina-side cafés; spend a relaxing morning sunbathing on the terrace of your luxury villa before heading off to the charming Portuguese market town of Loule to browse through the daily market and shops and soak up the distinctly Portuguese ambience of locals socialising in open air cafes, women gossiping in doorways and old men sitting all day on the same bench and watching the world go by. Located right in the heart of the south coast of Portugal and blessed with a year round Mediterranean climate, there is an excellent range of Albufeira property for sale offering investors the opportunity to become part of this vibrant and laid back seaside resort.
Once a thriving fishing village, Albufeira is now the largest, liveliest and most energetic of all of the resort towns that line southern Portugal’s beautiful Algarve coastline. With its miles of stunning golden sandy beaches, historic old town, excellent restaurants and buzzing nightlife there is lots to see and do for everyone. The modern marina is surrounded by candy-coloured apartments with a waterfront promenade and is the base for the local fishermen as well as diving, dolphin watching and boat trips. It’s also the epicentre of the town’s vibrant nightlife where the dancing and drinking continues until the early hours of the morning. Albufeira’s picturesque old town of typical Moorish white buildings perches on low sandstone cliffs facing the sea and is a world away from the lively marina area. Its pretty cobbled streets are lined with restaurants, cafés, bars and shops where you can sit and share a leisurely dinner of Cataplana - a dish of Moorish influence which uses a clam shaped copper pan to cook clams, or a mix of fish and seafood, with spicy sausage, tomatoes, wine, garlic and herbs.
Historically the Algarve has long attracted European second-home buyers. The region's picturesque beaches, 37 championship golf courses, and Mediterranean climate makes it a popular choice for second-home owners, while the long rental season from Easter to late October attracts investors looking for high yield returns. The recent expansion of Faro airport, major infrastructure improvements and tax benefits for non-residents have all helped restore confidence in the Algarve property market. Consequently Albufeira property commands high prices and investing in a property to rent as a holiday home will yield excellent returns. There is a wide range of Albufeira property for sale to suit all tastes and budgets both in the town itself and in the surrounding areas.
In the town itself Albufeira property is varied ranging from traditional style townhouses, new luxury villas to modern and contemporary apartments. There are a number of new residential developments being built in downtown Albufeira near to the marina and you can choose from detached villas, apartments or traditional style townhouses most set within residential condominiums with communal facilities. For example a detached three bedroom villa with stunning views of the marina start at around 600,000 EUR and two bedroom apartments with sun terrace offering marina views in a residential condominium with swimming pool, lush gardens and leisure facilities start at around 210,000 EUR. There is a good range of modern villas for sale within walking distance of both the beach and the marina. Prices start at around 350,000 EUR for three bedrooms rising to around 650,000 EUR for larger properties.
Heading out of the city there is a wide range of Albufeira property for sale including white stone houses and villas. Luxury hillside villas on secluded plots with private gardens and swimming pools, huge terraces with outside kitchens and fabulous views of the sea start at around 800,000 EUR. For those yearning for more traditional Portuguese-style properties there are some new developments building spacious white stone townhouses in the traditional style yet with all modern conveniences with access to shared swimming pool and parking. Prices typically start at around 270,000 EUR for a four bedroom property. At the very top end of the market are some superb villas in wonderful hillside locations in the surrounding countryside starting at around 2m EUR and going up to over 4m EUR. These properties offer stunning contemporary architecture set in extensive and beautifully manicured gardens typically with infinity swimming pool looking over the countryside to the sea and large terraces for outdoor dining.
Albufeira property provides investors with the perfect opportunity to buy a property in an area blessed with a wonderful climate, fabulous beaches, friendly people and a laid back and fun attitude to life. Whether you decide to buy a modern apartment with sun terrace overlooking the ocean or a luxurious and secluded villa surrounded by olive and lemon groves, Albufeira makes a perfect holiday and investment destination.
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.
IMPORTANT - Disclaimer :
All information provided is believed to be current and provided free of charge. No liability can be accepted for the reliability of the information and statements made as this is obtained from 3rd parties. We always recommend you take legal advice from a fully qualified Lawyer or Notary before buying a property overseas.
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