Immigrant Invest —
Price
Size
Beds
Bathrooms
Price
| Selling price | 280 000 € - 350 000 € |
| Cost m² | 2 288 € - 7 368 € |
| Purchase taxes | IMT - 6,5%; IMI - 0,3-0,8% |
| State fees | 0,8% |
19km
79km
200m
Profitability and management
| Real estate yield (year) | 3 - 5% |
| Property management | Yes |
Assistance in the sale of the object upon exiting the investment!
Description
The project is represented by a resort spa complex in the Algarve, which is located in the Serra de Monchique natural reserve. This hotel complex is famous for its thermal springs, which were once in great demand among the ancient Romans. The complex consists of 4 hotels, which are located in the buildings of the 19th century.
There are 1-bedroom apartments ranging from 38 to 62 sqm from €280,000 and 1-bedroom penthouses from 49 to 153 sqm costing from €310,000 to €350,000 in a 4-storey building of the complex. Reconstruction of the building will start in November 2022 and will be finished in summer 2023.
Property management contract will be for a period of 5 years with the possibility of extension with a guaranteed annual return of 3% to 5%. The owner has the opportunity to spend 15 days per year in the apartment between October and the end of June. Also, the owner of the apartment is provided with a credit of €1,500 for use in any hotel of this chain.
Income payment starts 1 year after purchase.
Reconstruction of the entire complex will be carried out for about 5 years, the hotel will not interrupt its work. Each building is planned to be renovated.
