Q. Portugal - Isn’t the Portuguese buying process long and complicated, with the need for a representative in Portugal?

A. While the Portuguese buying process may seem complicated, it is in fact very straightforward. Parc has assembled and retained a group of lawyers in Portugal to deal with the entire process from start to finish on a client’s behalf, and negotiated preferable rates.

 

Q. Can I get a mortgage on a property in Portugal?
 
A. Yes, Parc can arrange a mortgage facility through a selection of Portuguese banks, who are often able to lend on the valuation, not the purchase price. This means that the capital required on Portuguese properties can be reduced. 

 

Q. How do I know that the project and build timetable will be adhered to? 
A. On developments where Parc is not the principal developer, we have stringent contracts with the various developers in order to ensure that build schedules are adhered to. Frequently there are punitive clauses in the contracts to ensure that apartments and villas are delivered on schedule. What we can’t control is the granting of habitation licenses as these are under the control of the relevant local authority.

 

Q. How do I know which areas are going to enjoy substantial growth over the coming years?

A. Trying to predict the way an area is going to respond to development is very difficult. Parc selects areas that show promise, and build developments that can take advantage of a rising market. Parc has been active in the Algarve for over five years, and has been tracking the region for close to ten. Through in-depth research we have identified areas of growth, and these are passed on to clients.

Other regions that are under consideration are Silver Coast, Lisbon region and Alentejo.

 

Q. Once I own a property in the Algarve, who is responsible for its letting and management?

A. As the owner, you would be responsible for arranging to have the property let and managed, however these are services that we are able to provide, and have negotiated preferential rates from local agents. On average, clients have enjoyed between 20 and 25 weeks a year of rental income in the past two years.

Q. Portugal - Is there capital gains tax in Portugal, and do I have to pay it if I sell? 
 
A. Capital Gains Tax does not apply if you own the property for five years or more, or reinvest any gains made in Portugal.

Q. Portugal - Can Parc help me sell a Portuguese property? 

A. Parc is not an estate agent, however we will assist any client in selling a property that has been purchased through us, and have a trusted network of agents for this purpose.