November 2, 2007
Portuguese Property Market News
A new mortgage facility, arranged by the FOC Finance, part of the Fractional Ownership Consultancy Limited, on its Stepping Stones properties in Algarve is now being offered by the Oceanico Group in Portugal. The facility would let foreign buyers to step foot on the Portuguese property market ladder without borrowing money against their UK home.
According to Oceanico Group director Simon Burgess: “It is now the prerogative of foreign buyers to look for properties elsewhere, as proven by UK’s spiraling downward property costs. These people don’t want to invest in prices that keep on increasing. They all want stable overseas property markets, such as the Portuguese property market, which offers a solid investment, and with this new Stepping Stones mortgage, the financing is stable and can support the overall investment portfolio.
The new mortgage states that customers can borrow up to 60 percent of the purchase price of a property with an interest rate of 2.625 percent in a span of three months. The mortgage is made available by the Stepping Stones project at Oceanico Amendoiera and Vila Baia developments in the Algarve.
For the properties to be less expensive, four buyers can pool their money to collectively own one of the properties, which allows them to invest 25 percent of the purchase cost, with prices beginning from 50,000 euros. Since there are more than one buyer occupying the same property, they can rotate the use of the property with the choice of having to use the property at their leisure and relaxation time.
Aside from this, purchasing properties here also guarantees buyers with a buy-back guarantee for up to three years at five percent per annum on the original investment, if purchasers want to acquire a larger property.
Properties which are available are two-bedroom apartments in Estrada de Fonte, Tavira on the Algarve which is priced at 100,671 euros available through Parador Properties.
Posted on: Portugal
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