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Property for Sale Algarve

Updated on April 15, 2010

Villas in Algarve

Villas in Algarve have become a low cost luxury at the moment to invest into especially, as the Eastern Algarve is still more or less in its original and traditional state. Property for sale Algarve West has in the last 20 years become a bit developed now that the tendency is to invest in villas eastern Algarve, as an investment but as well to enjoy the 300 plus days every year of sunshine that Algarve can almost guarantee.

Property acquisition

Buying a property for sale Algarve for holidays or just for investment is one of the most important decisions most people make, and it is in your interest to seek out these properties with care, caution and good knowledge. Investing in a villa or ruin to rebuild of your liking in the Algarve, it is wiser to use an Estate Agent that is licensed by a Portuguese association such as AMI, Associação de Mediadores Imobiliários (Real Estate Agents Association).

Investing in your dream villa in the Algarve, if you don’t know the way to do it yourself and don’t want the hassle, a Real Estate Agent will not only help to identify the property you seek but will also help you in the steps about with your purchase. When you finally find that ruin to rebuild or villa in the Algarve, the following word of advice is intended to give a successful purchase.

New Villa
New Villa

Viewings and deciding on a property

When choosing a property, sit down with your Agent of choice and let them help you go through their files of villas in the Algarve. The list of property for sale Algarve villas on the market is allways big. Select those which closely match your likings, sure that you have chosen a right personal area in Algarve where you would like as an investment or just to admire the views and spend some quality time. Let your Agent help and advise on all aspects of a buy.

A Real Estate Agent will spend time trying to meet to your tastes and will be prepared to arrange various properties that fit you for viewing. You finally found your ideal property, now a number of actions is taken to make sure that the property is as advertised and that you will be secure, the property legal and free of any liens whatsoever.

East Algarve Beach
East Algarve Beach
Ruin with potential
Ruin with potential

Almost yours

When you choose a property you would like to buy, and to avoid the cost of future and nasty surprises you can hire a professional surveyor that goes around inspecting properties and will tell you the exact state that the property is in.

Ask around in your area about lawyers and request the services to act on your behalf and if necessary to have a "Power of Attorney" to continue the steps for acquisition should need to leave the country. Make sure that they are fluent in your own language; good communication is important.

Final Steps

To secure the property, it is necessary to pay a deposit to the vendor that is usually 10% to 20 % of the final agreed price and to fill as agreed between the parties involved an Agreement of Purchase and Sale (Contrato Promessa de Compra e Venda). This is a legal binding and notarized (registered) contract between buyer and seller.

The remaining sum to be paid of the purchase price will be made available for transfer to the vendor on the date that is agreed between the two parties as well. The property purchase tax will eventually have been calculated and paid for to the local Tax Office. After signing the deeds and hands shaken the lawyer will register the transfer of ownership at the Land Registry Office, (Registo Predial)

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