No Money Down Real Estate In The Algarve, Portugal
No Money Down Deeply Discounted Buy In
Euro Holiday Hotspot
May 8, 2009
The Algarve, Portugal
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Dear Overseas Opportunity Letter Reader,
Portugal's real estate market has been hit hard by the worldwide financial meltdown. Demand has dwindled in the face of serious over-supply.
Meaning serious opportunities are surfacing, as our Correspondent in this country, Luis da Silva, has been reporting.
Here's another one, a Recession Buy in one of the Algarve's most popular holiday resorts. You buy for one-third off and no money down.
Specifically, here's the opportunity:
To own a two-bedroom apartment meters from the ocean. Ground-floor units have their own gardens and private pools (this is unusual and a nice added value); first-floor units have either mezzanines or roof terraces. All units come complete with a professional furniture package.
This is a private condominium development of 43 properties, set within a resort within walking distance of the villages of Praia da Luz and Burgau.
You're 200 meters from the coast and 7 kilometers west of the historic town of Lagos. The property includes on-site reception, adult and children's pools, sauna and Turkish bath and spa treatment rooms, restaurants, a café, a grocery store, a 9-hole pitch and putt course, and underground parking.
Kitchens and bathrooms are to a high standard, and kitchens feature granite counter tops and Siemens appliances.
Property and rental management are available.
You buy right now for a massive 32% to 38% discount off the developer's price. This is a legitimate discount of up to 164,925 euro.
What's more, you can buy with no money down. Under Portuguese law, you must pay the stamp duty, notary fees, and some associated costs prior to completion, at which time the costs will be refunded in full by developer.
In addition, all condo and utility bills are covered for you for the first year, and you're allowed four weeks personal use (subject to blackout periods).
Financing is not only possible for foreign buyers, but straightforward.
Second-year rental is guaranteed at 10,000 euro, and this rental guarantee is renewable for additional two-year periods.
Luis has reported on similar opportunities in the past. In each instance, the available inventory has sold within days of the offering.
In this case, eight no-money-down discounted units are available.
If you're interested in this chance, therefore, I encourage you to follow up quickly.
More details and photos of the property here.
Kathleen Peddicord
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