Altura Information

Altura is the perfect location for you to choose when you want to purchase investment property in Portugal. This is a village where you can live all year round if you wish. It has all the modern amenities that you want and need for your daily life along with a fantastic climate. It is located in the southern Algarve region, which attracts more than two million tourists a year. This fact alone will tell you that the potential for renting vacation property in this area is very high indeed.

There are plenty of bars and restaurants in Altura and there are three stunning beaches nearby - Praia da Lota, Praia Verde and Praia Alagoa, which has water sports facilities. It is also only a short drive from Vila Real Taviro and Monte Gordo. Golfers will think they are in heaven with the close proximity to the magnificent gold courses. Benamor Golf Course is 6 - 7 minutes away, Quinta da Cima and Quinta da Rima are only 5 minutes away and it will only take you 15 minutes to drive to Castro Marim. There are excellent supermarkets and good local markets very close by as well.

There are many benefits to UK residents who want to purchase investment property in Altura. As in Spain, when you buy a holiday or retirement home or have the intention of renting the property to holidaygoers, you do not have to pay the estate agent's fees. The legal fees for property in Portugal is usually 1% to 2% of the purchase price so you should allow this amount over and above the cost of buying the property. The notary and registration fees are also extra and average about 2.5 % of the purchase price.

Once you find the property you want to buy in Altura, you can have an independent agency value it for you. This is to make sure that the property you are buying is actually worth the purchase price. Since most properties in this area sell for far less than their actual value, you will be getting good value for the money that you spend. The cost of living in Portugal is also less than that of the UK, so you will get good value for your money on whatever you purchase in this country, whether it is food, clothing, jewellery or housewares.

In Altura, there are many lawyers that speak English, making it very easy to have the proper person handle the legal aspect of your purchase. The lawyer will also help you apply for a fiscal number, which is the equivalent of a UK national insurance number. Once you make the deposit on your investment property, usually between 10% and 30%, and sign the contract, the final deed will be drawn up. Then the purchase will go through a very similar process as in the UK with the deed being notarized and the full amount of the purchase paid. As a rule, Portuguese banks do not arrange mortgages for foreign buyers unless you plan to reside permanently in the country. If you plan to live in the country for more than half the year, then you could be considered a permanent resident.

Buying investment property in Altura is a great way to obtain residency status in the country. You have the best of both worlds with the easy access to the airport. You can be back in the UK in less than three hours and if you are retired, you can divide your year between the UK and Portugal. It is the perfect location for a vacation at any time of the year and with the cheap flights available, it will not be difficult to come down here for a weekend every now and then.

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