Portimao Property
Area Guide
Take a boat trip up the Arade River to the ancient Algarve capital of Silves surrounded by orange and lemon groves and visit the imposing red brick Castelo de Silves built to protect the town from invaders and enjoy the fabulous panoramic view of the river and surrounding countryside from its battlements; enjoy a day’s golf at one of the many world-class courses in the countryside around Portimao before heading back into the town for an aperitif of chilled white port at one of the waterfront cafés down at the marina; spend a relaxing afternoon sunbathing on the terrace of your hillside villa before wandering into town to enjoy a leisurely dinner of freshly barbequed sardines and almond tart all washed down with the local wine. Located to the west of Faro on the bank of the Arade River facing Ferragudo on the opposite bank and blessed with a year round Mediterranean climate, there is an excellent range of Portimao property for sale offering investors the opportunity to become part of this laid-back and charming town.
Portimao is a relaxed and friendly seaside town centred around a picturesque marina lined with terracotta and ochre stone buildings and bustling with great fish restaurants and outdoor cafés with a scenic promenade leading to the quaint and tree-lined squares of the historic old town. Just around the corner from the marina is Praia da Rocha – a long and wide beach of golden sand bordered by a wooden walkway running the entire length of the beach with cafés and restaurants to enjoy a relaxed lunch or a sundowner after a day on the beach. At the eastern end of the beach is Fortaleza da Santa Caterina built in 1691 to protect the mouth of the River Arade. From the top there is a fabulous view down the entire length of the Praia da Rocha beach and of the multi-coloured marina.
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 Portimao property commands reasonably high prices and investing in a property to rent as a holiday home will yield excellent returns.
There is a wide range of Portimao property for sale to suit all tastes and budgets ranging from townhouses and villas to modern and contemporary apartments.
Most property in the town is contemporary and newly built. A four bedroom town house with modern bathrooms and kitchens with garden and parking starts at around 325,000 EUR and contemporary villas with their own gardens can be found for between 380,000 EUR and 500,000 EUR. Larger properties with more land can be found on the outskirts of Portimao where for example a four bedroom luxury villa with swimming pool and landscaped gardens in a quiet residential complex would cost around 600,000 EUR.
Three bedroom modern apartments with good views of the town and shared swimming pool and garden costs start at around 280,000 EUR rising to around 350,000 for larger properties. Most have good sized sun terraces with space for outdoor dining and communal swimming pools, gardens and parking.
There are also a number of new developments being built providing spacious and contemporary apartments with either sea or river views. For example apartments in a residential condominium with great views of the river and countryside with communal swimming pool and gardens start at around 170,000 EUR for a two bedroom property rising to around 320,000 EUR for larger apartments. Or for something nearer the marina a new three bedroom apartment would cost in the region of 200,000 EUR. Properties with sea views command premium prices so a three bedroom penthouse with large sun terrace would start at around 600,000 EUR.
Portimao property provides investors with the perfect opportunity to buy a property in an area blessed with a wonderful climate, friendly people, great food and a relaxed vibe. 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, Portimao makes a perfect holiday and investment destination.
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.