Apartments in the hotel of the thermal spa resort

Apartments in the hotel of the thermal spa resort
,
ID – 54187
Price
from 280 000 €
Size
from 38 m²
Beds
1
Bathrooms
1-2

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

to the ocean

79km

to the airport

200m

infrastructure

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.

The property

Object category Reconstruction
Object stage Construction
Permits On hand
Construction start date November 2022
Object completion date 2023
Design features Ownership
Possibility of stay 15 days a year

Characteristics

Total area 38 m² - 153 m²
Number of storeys 4
Floor 1, 2, 3, 4
Bedrooms 1
Baths 1-2
View forest

Equipment

Properties

Balcony Public pool Concierge desk
SPA Garden on the plot Security
Internet TV

Location

,

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