Why Property in Spain Costs More This Week

There are a lot of questions and confusions on the buying market since the recent moves in the Sterling-Euro exchange rate on the UK buyers of European properties. Cries such as “What is happening to the Pound nowadays?” hounded across the region. This is just one of the question being heard at the dealing room of Halo Financial, a currency broker specializing in foreign exchange for clients and private investors.

The first five months of 2005 experienced the Sterling-Euro exchange rate increase in an organized manner, peaking at 1.5150 dollars and showing to those property buyers that they have a lot of assistance of currency specialist with the opportunity to get their money at the top of the game and to cover stage payment and delayed completion dates.
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Posted on: Spain

July 16, 2005

Buying property in Portugal

After making a verbal agreement to buy a Portugal property, the property lawyer should run thorough checks to ensure the title deeds and other documentation like the caderneta urbana (like an ID card for the property, defining its size, boundaries and rateable value) and the habitation license complies with all relevant building regulations, are in order.

Property buyers will need to obtain a fiscal number, and the buyer and the seller must then agree a promissory contract (contrato promessa de conipra e venda), which sets out the terms of the sale, including get-out clauses; agrees on how much is being paid and for what; and confirms purchaser’s commitment via a deposit - normally 10% of the purchase price. If a buyer break this contract the deposit is forfeited. If the seller reneges, he/she must pay the buying party twice the amount. When all the conditions set out in the promissory contract have been met, the sale can be completed, with the final deed (escritura) being signed by both parties in the presence of a notary.

Posted on: Portugal

Case study – Portugal

Pauline Willis and soon-to-be husband David King from Hertfordshire decided bricks and mortar in the sun are their retirement fund. Fed up with the prospect of a poor pension return and feeling the UK property market has peaked, they invested in a two-bedroom apartment at Praia D’El Ray, on Portugal’s Silver Coast, one hour north of the country’s capital, Lisbon.

“We’ve bought primarily for investment purposes, both for ongoing rental income and for capital growth,” says Pauline. “Over the past five years, property in Portugal has risen by 20 per cent per year, and our reason for buying now is we don’t believe the market has peaked.” The couple, who are marrying in June, plan to keep the apartment, that will be completed in 2006, in the mid- to long-term to maximise the capital potential, let it out to family, friends and colleagues, and use it themselves during the UK winter months - to escape the worst of British weather.

Posted on: Portugal

Portuguese Property market

Property in parts of Portugal rose in value by as much as 20% (annually) for the last five years, although more generally the market has been relatively sluggish. Queues of northern European buyers have ensured the Algarve remains a ‘hotspot’: with properties to suit most budgets depending on where one locates oneself and golfing facilities that ensure a lengthy tourist rental season. More recently the country’s Silver Coast and Costa Verde, north of Lisbon, started to take off too. read more

Posted on: Portugal

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Why Property in Spain Costs More This Week

Buying property in Portugal

Case study – Portugal

Portuguese Property market

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