June 26, 2007
Portuguese property market news
Oceânico Group is the first company in Portugal to offer the new mortgage facility on its Stepping Stones properties in the Algarve. The new fractional mortgages are arranged by FOC Finance, part of The Fractional Ownership Consultancy Limited. It will allow all buyers, including first-time buyers and investors, who prefer not to borrow against their UK home the opportunity to get a foot on the Portuguese property market ladder.
Oceânico Group director Simon Burgess said that the spiralling costs of UK property mean that both first time buyers and those looking for a sound investment are having to look elsewhere. They do not want to put their money into inflated prices. Stable overseas property markets, such as the Portuguese property market, offer a solid investment and with the new Stepping Stones mortgages the financing is secure, flexible, and can support the overall investment portfolio.
Under the new mortgage scheme, customers can borrow up to 60 per cent of the purchased property price at an interest rate of 2.625 per cent over three months. The mortgage is available as an interest and loan mortgage over 25 years for Stepping Stones properties at Oceânico’s Amendoeira and Vila Baía developments in the Algarve.
Four unconnected buyers can combine resources and collectively own one of the properties, allowing them to invest 25 per cent of the purchase cost, with prices starting from £50,000. Investors can use the property for three months of the year on a rotational scheme, with the option to use the months for their own leisure time or for rental income.
The purchasing solution also comes with a buy-back guarantee for up to three years at five per cent per annum on the original investment, if purchasers choose to upgrade to a larger property or buy outright.
For overseas property buyers wanting to own a piece of the Portuguese property market exclusively, two-bedroom apartments in Estrada da Fonte, Tavira on the Algarve are currently available at £100,671 through Parador Properties. The apartments have roof terrace areas, good links to golf clubs and views over the surrounding countryside and the Rio Formoso wetlands.
Alternatively, two-, three- and four-bedroom golf-village houses are also available from £261,000 through Vigia Group. The houses are situated in Parque da Floresta in the Western Algarve on the borders of the Costa Vicentina Nature Reserve. The Parque da Floresta Golf and Leisure Resort has its own golf academy and full range of sporting facilities, and houses and villas have their own private gardens.
Posted on: Portugal
Related articles
Recent Posts
- Living and Working in Florida
- Living and Working in Florida: The Floridian Lifestyle
- Golf Property on Course for World Domination
- Exploring Provence and the French Riviera
- Do French regions matter? Climate Change
News archive
- November 2007 (25)
- October 2007 (64)
- September 2007 (38)
- August 2007 (46)
- July 2007 (4)
- June 2007 (3)
- May 2007 (3)
- April 2007 (1)
- March 2007 (16)
- February 2007 (12)
- January 2007 (2)
- December 2006 (4)
- November 2006 (9)
- October 2006 (7)
- September 2006 (18)
- August 2006 (5)
- July 2006 (4)
- May 2006 (2)
- March 2006 (2)
- February 2006 (2)
- November 2005 (1)
- October 2005 (7)
- September 2005 (7)
- August 2005 (2)
- July 2005 (4)
- June 2005 (2)
- May 2005 (2)
- April 2005 (1)
- March 2005 (1)
- February 2005 (3)
- January 2005 (4)