Take a boat trip out into the protected Ria Formosa Natural Park – a labyrinth of canals, islands, marshland and sandy beaches - home to a diverse range of flora and fauna including thousands of migratory birds, seahorses and chameleons and the Portuguese water dog; enjoy a day’s golf at the Vale de Lobo Royal Course – one of the top 100 best golf courses in Europe – featuring the famous 16th hole with cliff top carryover before heading back into Faro for an aperitif of chilled white port at one of the harbour-side cafés; spend a relaxing afternoon sunbathing on the terrace of your penthouse before wandering down into the city to enjoy a leisurely dinner of creamy codfish risotto, freshly grilled sardines and almond tart all washed down with the local wine. 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 Faro property for sale offering investors the opportunity to become part of this cultured and historic city.
With a sweeping 200km of dramatic golden coastline and a backdrop of pine-clad greenery, Faro is a city bursting with chic boutiques, lively bars, fabulous restaurants, an attractive marina and a medieval walled old town full of winding lanes and outdoor cafes. A healthy student population of over 8,000 also ensures an excellent night life and a lively bar and café culture.
There is lots to do and see in Faro apart from shopping in the numerous chic and trendy boutiques. A rather ghoulish yet strangely unmissable attraction is the Capela dos Ossos - the chapel of the bones. This small chapel is lined with the bones of more than one thousand monks who were exhumed from the graveyard; their skulls look down and tourists from the walls and ceilings - a somewhat macabre experience! Faro’s cathedral – the Cidade Velha or ‘Sé’ - is also worth a visit. Completed in 1251 it was heavily damaged in the 1755 earthquake so what remains is a rich mixture of Renaissance, Gothic and Baroque architecture. A climb up the tower rewards you with a wonderful panoramic view across the medieval walled town and the distant estuary islands.
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 Faro 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 Faro property for sale to suit all tastes and budgets both in the city itself and in the surrounding areas.
In Faro city property is varied ranging from traditional townhouses to modern and contemporary apartments. There are a number of new residential developments being built in downtown Faro near to the marina where two bedroom townhouses with sea and river views start at 280,000 EUR and four bedroom apartments start at around 300,000 EUR. There are also some good properties to be found in the area of Praia de Faro where three bedroom duplex apartments with great views of the Ria Formosa Natural Park cost in the region of 180,000 EUR. Similarly the area of São Pedro has a good range of properties with lovely views of the park and the city; one bedroom apartments start at around 220,000 EUR going up to around 350,000 EUR for two to three bedrooms. Prices in the centre of Faro are higher where typically four bedroom apartments start at 480,000 EUR.
Heading out of the city there is a wide range of Faro property for sale including white stone houses and luxurious hillside villas. Simple two bedroom white stone farmhouses in the small villages around Faro start at around 150,000 EUR and modern three bedroom villas with private swimming pool and extensive gardens can be found for between 300,000 EUR and 450,000 EUR. Properties with ocean and country views tend to start at around 500,000 EUR and typically are newly constructed villas with beautifully finished interiors, modern kitchens and bathrooms, large swimming pools and landscaped gardens. There are also fabulous villas starting at 1m EUR and these tend to be much more secluded on larger plots of land with panoramic views of the ocean and the surrounding countryside.
Faro property provides investors with the perfect opportunity to buy a property in an area blessed with a wonderful climate, friendly people, superb food and a rich historic culture. Whether you decide to buy a modern penthouse with sun terrace overlooking the ocean or a luxurious and secluded villa surrounded by olive and lemon groves, Faro 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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