Apartments in the hotel of the thermal spa resort

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Portugal, Algarve
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25 m² — 49 m²
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1 Bedrooms
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1 Baths
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ID PRT54187

from €280,000

25 m² • from €6,020.41 m²
Property sold
This property is sold, but we will help you find another one
Elena Kozyrevaexpert of the Portugal residence permit program for investment
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Portugal D7 Visa

4+ months€820+

Portugal does not grant residence permits for investments in real estate under the Golden Visa program.

However, property purchase or rental is obligatory when obtaining a residence permit under a D7 visa.

Learn more

Cost

Property cost

€280,000 — €295,000

Price for m²

€6,020.41 — €11,200

Purchase taxes

IMT - 6,5%; IMI - 0,3-0,8%

State fees

0,8%

Distances

Ocean 19 km
Infrastructure 200 m
Airport 79 km

Yield and management

Yield

3-4%

Property management

Yes

We will help you sell the object if you decide to exit 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 25 to 49 sqm from €280,000 to €295,000 in a 4-storey building of the complex. Reconstruction of the building started 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 4%. 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.

Real estate

Object type

Hotel complex, Apartments, Penthouse

Object category

Reconstruction

Object stage

Construction

Permits

Yes

Object completion date

summer 2023

Design features

Ownership

Characteristics

Total area

25 m² — 49 m²

Number of storeys

4

Bedrooms

1

Baths

1

Parking

No

View

Forest

Properties

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

Location