Praia da Falésia | Algarve, Faro District

Praia da Falésia | Algarve
Faro District
Portugal

CO-EXCLUSIVE
Cross street:Praia da falésia, Albufeira

Property

Furnished: YES
Ownership: For Sale
Type: Apartment
Rooms: 4
Bedrooms: 3 BR
Bathrooms: 3
Pets: Pets Unknown
Area: 162M² (1743 sq ft)
Lot Size: 162 M²
Tenure: Tenure Unknown

Financials

Price: €1,395,000
($1,674,000)
View this listing in:
Jorge Próspero dos Santos
PD Real Estate Managment | Realtor
Avenida da Liberdade, 129 B , 1250-140 Lisbon

Description

Pine Cliffs Residence comprises 154 luxury apartments, in two and three-bedroom formats, located in the middle of a pine grove of immense scenic beauty suspended above the sea and next to the Pine Cliffs Resort golf course.
Pine Cliffs Residence expresses its very own lifestyle, while benefiting from services it provides through the facility Casa Pine Cliffs, home to the development’s reception.

When you purchase a freehold property at Pine Cliffs Residences/suites you own the property out wright. However, you engage in a 10-year mandatory rental agreement as these are commercial units and will be subject to Touristic Exploration. During those 10 years the owner has several weeks to use (26 weeks in the Residences & Suites) with his/her family and friends for personal time (please see below) and the rest is placed into a rental pool along with all the other owners and rented on the owners’ behalf. For the first 5 years of your 10-year agreement we will guarantee a minimum 5% return on your investment. Meaning that whatever is generated within the rental pool after all costs have been taken out, but pre-tax, if it is lower than 5% the company will top up and give you 5%, if it is more then you get more. After the 5 years the guarantee ceases to exist and whatever is generated in the rental pool is what the owner will get after costs.

Pine Cliffs distribute the income daily between all the owners that have their unit available each day for rental, in other words not using their apartment. However as long as the owner has their unit available in the rental pool (even if it does not get rented) they still get a return. Meaning that the smaller number of nights you use you will potentially get more income. For example, if you use 4 weeks per annum and someone else uses 26 weeks then they will get proportionally less income, opposed to someone that is using less number of nights/weeks.

Once the 10 years have reached an end you have several options such as:

- The contract is automatically renewed for another period of time

- You may renegotiate the agreement and for example have a 5-year plan instead of 10 years, as long there is an agreement between both parties.

- You pull out, no longer rent and use it for 52 weeks in the year, however the you are obliged to pay your personal and shared monthly/yearly running costs, i.e. condominium fee, utilities, insurance, etc.

Also if you decide to sell you may sell at any time during or after the 10 years. This you may do privately, through another broker or nominate us as your brokers with a normal brokers fee.

Allow me also to additionally inform you that in terms of property value increase or capital growth this is determined by the normal market increase and subject to many factors as you know. What I can say is that this is not Paris, London or Rome, but your investment at Pine Cliffs is safe and will grow gradually over a period of 7, 10, 12 years. For example, the Pine Cliffs Residence that we started to sell in 2006, we started to sell a 2BD for €600.000.When you buy at Pine Cliffs you buy into a resort that offers many added benefits apart from just an apartment i.e. security, facilities pools, golf & tennis, beach access etc. and all services included.

Please also note that in Portugal there is no Leasehold properties, all are Freehold properties and in Portugal at the moment there is no inheritance tax, so your property will pass on from generation to generation until you decide to sell.

For further information or to schedule a visit contact me.

Amenities

  • 24 Hour Security Guards
  • Abundant Closets
  • A/C units
  • Balcony
  • Beach
  • Breakfast Area
  • Central Air Conditioning
  • Community Pool
  • Concierge Service
  • Dining Area
  • Dishwasher
  • Fitness Facility
  • Full Time Doorman
  • Gated Community
  • Golf
  • Investment Property
  • Pool
  • Pool House
  • Resort

Exposures

  • East
  • South
  • West

Pine Cliffs Residence | Algarve | Portugal

Description

Pine Cliffs Residence comprises 154 luxury apartments, in two and three-bedroom formats, located in the middle of a pine grove of immense scenic beauty suspended above the sea and next to the Pine Cliffs Resort golf course.
Pine Cliffs Residence expresses its very own lifestyle, while benefiting from services it provides through the facility Casa Pine Cliffs, home to the development’s reception.

When you purchase a freehold property at Pine Cliffs Residences/suites you own the property out wright. However, you engage in a 10-year mandatory rental agreement as these are commercial units and will be subject to Touristic Exploration. During those 10 years the owner has several weeks to use (26 weeks in the Residences & Suites) with his/her family and friends for personal time (please see below) and the rest is placed into a rental pool along with all the other owners and rented on the owners’ behalf. For the first 5 years of your 10-year agreement we will guarantee a minimum 5% return on your investment. Meaning that whatever is generated within the rental pool after all costs have been taken out, but pre-tax, if it is lower than 5% the company will top up and give you 5%, if it is more then you get more. After the 5 years the guarantee ceases to exist and whatever is generated in the rental pool is what the owner will get after costs.

Pine Cliffs distribute the income daily between all the owners that have their unit available each day for rental, in other words not using their apartment. However as long as the owner has their unit available in the rental pool (even if it does not get rented) they still get a return. Meaning that the smaller number of nights you use you will potentially get more income. For example, if you use 4 weeks per annum and someone else uses 26 weeks then they will get proportionally less income, opposed to someone that is using less number of nights/weeks.

Once the 10 years have reached an end you have several options such as:

- The contract is automatically renewed for another period of time

- You may renegotiate the agreement and for example have a 5-year plan instead of 10 years, as long there is an agreement between both parties.

- You pull out, no longer rent and use it for 52 weeks in the year, however the you are obliged to pay your personal and shared monthly/yearly running costs, i.e. condominium fee, utilities, insurance, etc.

Also if you decide to sell you may sell at any time during or after the 10 years. This you may do privately, through another broker or nominate us as your brokers with a normal brokers fee.

Allow me also to additionally inform you that in terms of property value increase or capital growth this is determined by the normal market increase and subject to many factors as you know. What I can say is that this is not Paris, London or Rome, but your investment at Pine Cliffs is safe and will grow gradually over a period of 7, 10, 12 years. For example, the Pine Cliffs Residence that we started to sell in 2006, we started to sell a 2BD for €600.000.When you buy at Pine Cliffs you buy into a resort that offers many added benefits apart from just an apartment i.e. security, facilities pools, golf & tennis, beach access etc. and all services included.

Please also note that in Portugal there is no Leasehold properties, all are Freehold properties and in Portugal at the moment there is no inheritance tax, so your property will pass on from generation to generation until you decide to sell.

For further information or to schedule a visit contact me.

Amenities

  • 24 Hour Security Guards
  • Abundant Closets
  • A/C units
  • Balcony
  • Beach
  • Breakfast Area
  • Central Air Conditioning
  • Community Pool
  • Concierge Service
  • Dining Area
  • Dishwasher
  • Fitness Facility
  • Full Time Doorman
  • Gated Community
  • Golf
  • Investment Property
  • Pool
  • Pool House
  • Resort

Exposures

  • East
  • South
  • West

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. International currency conversions where shown are estimates based on recent exchange rates and are not official asking prices.

All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.