Praia da Luz Property
The beachside village of Praia da Luz on the Algarve's southwestern coast is located approximately 6km from Lagos. It's origins date back to Roman times and a bath complex and fish salting tanks have been found near the shore. With its newly cobbled promenade (which include various designs in its surface), rebuilt church, Roman remains, fort and long sandy beach with its shops, bank and post office. We have new and resale villas in Praia da Luz for sale. To the east of the village is the black volcanic rock known as Rocha Negra. There are many bars and restaurants which cater for English patrons and also offer more Portuguese style dishes.
Praia da Luz is more developed than some other fishing villages along the coast from Lagos. This means there is a good variety of villas and apartments for sale, which means you are likely to find your ideal property in the right location. We have many villas in Praia da Luz for sale.
Guide to the Portugese Buying Process
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.
Ideal investment opportunity - large waterfront plot of 12,615m2 with project already approved for the construction of a 5-Star Hotel and Spa with simply stunning views towards the Atlantic Ocean.
Spacious and stylish newly built villa with a total living area of 350m2, set within a landscaped plot of 2,300m2 with a swimming pool and stunning sea views, ideally situated within a highly sought a...
- Floor Size: 350 square metres
- Plot Size: 2,300 square metres (0.23 hectares / 0.57 acres)
- Bedrooms: 4
Superb selection of properties with a total spacious living area of 692m2, which is ideal for either a large family or somebody wishing to run as a B&B business, with the main house, guest cottage, la...
- Floor Size: 692 square metres
- Plot Size: 18,640 square metres (1.86 hectares / 4.61 acres)
- Bedrooms: 6
This 2.8 hectare plot of land slightly inland from the lovely tourist hotspot of Praia da Luz has an approved project to build 23 villas. A selection of 3 and 4 bedroom properties with access r...
- Plot Size: 28,000 square metres (2.80 hectares / 6.92 acres)
- Bedrooms: 0
Spacious and modern 4 bedroom villa located in Cama da Vaca, which is a small urbanisation very close to Burgau, situated in a private area, yet ideally located near all amenities. This impres...
- Floor Size: 782 square metres
- Plot Size: 2,282 square metres (0.23 hectares / 0.56 acres)
- Bedrooms: 4
Bright and spacious sea front semi-detached villa with a total living area of 205m2, ideally situated in a prime location right on the sea front in Praia da Luz, with uninterrupted sea views. ...
- Floor Size: 205 square metres
- Plot Size: 336 square metres (0.03 hectares / 0.08 acres)
- Bedrooms: 3
Ideal opportunity to purchase a large plot of land situated in a prime location in Praia da Luz and within easy access to the village centre and amenities. There are currently no permissions ...
- Plot Size: 5,200 square metres (0.52 hectares / 1.28 acres)
- Bedrooms: 0
Brand new 3 bedroom villa which is reaching completion, situated in an elevated position in Praia da Luz, with fantastic views towards the sea. Built to a very high standard using quality mater...
- Floor Size: 181 square metres
- Plot Size: 1,130 square metres (0.11 hectares / 0.28 acres)
- Bedrooms: 3
Modern and spacious 3 bedroom south facing villa with stunning unobstructed views towards the sea. With cosy divisions and luxury finishes throughout, this superb villa also features a pleasan...
- Plot Size: 10,408 square metres (1.04 hectares / 2.57 acres)
- Bedrooms: 3
Modern and spacious 3 bedroom detached villa, ideally situated within a prestigious area in Luz, just 10 minutes from Lagos, set within easy to maintain gardens and lovely views towards the sea. <...
- Plot Size: 910 square metres (0.09 hectares / 0.22 acres)
- Bedrooms: 3