Dear property owner,
We have recently informed you about the problem arisen as a result of inspections carried out by the Min. of Economics. Rental agents as well as property owners have been fined, for which reason we had to decide to postpone our rental activities through our agency. The last couple of weeks meetings have taken place at the highest regional level in order to make the authorities aware of the enormous impact these action can have on Algarves economy, nearly totally depending on tourism.Recently during a forum organised by Network the authorities have been questioned about this urgent matter. You will find a report on this meeting below. Furthermore other organisations have asked the authorities to look urgently into this matter and we have been promised that we can expect a first briefing from the council of Presidents of the Algarve early March.
The last year(s) I am confronted, in my capacity as estate agent, more and more with properties asked to promote to sell, which after having studied the paperwork turn out not to be 100% legal or having all the necessary licenses in place.
Many people who own a property in Portugal, may it be a villa or an apartment, let these to third parties. They do this either by their by using their own marketing, the use of a rental agent, estate agent or a combination of these.
You may have heard already that the Portuguese Government now has taken serious measurements to ensure that taxes like I.M.I. (Rates or council tax), Mais-Valía (Capital Gains Tax) and I.M.T. (Transfer tax or Stamp duty) are really paid and collected.
Visitors to the Algarve who decide to invest in a holiday or future retirement home may be surprised in the past to find that there were fewer choices here than in their home country for obtaining a mortgage.
For many years, the Portuguese government has been promising to reform the existing tax system in relation to private estate (Patrimonium), inheritance, and gift tax.
During the last couple of months a new tax reform was presented to Parliament and approved and part of it, the new Sisa (transfer tax) now called I.M.I. has become affective already as from 1-6-2003.
Buying versus Building or Converting a Property
Many people have the dream to convert their own cottage in Portugal. In the description these types of properties are often advertised as “Cottage for conversion”. However most of the time a better description would be “ruin given the possibility to reconstruct”.
Introduction:
Although the term Project Management is becoming more familiar, it is evident that many people are still uncertain about the nature of services provided. Perhaps the most important aspect to point out is that all services stem from the same objective, to represent and protect the client’s interests throughout the entire engagement. As the word suggest a project manager is a consultant or company appointed on the client’s behalf to co-ordinate, supervise & control the entire project including all other parties such as architect & contractor, etc. The project manager also acts as a ‘ one point ‘ contact and takes on the responsibility for ensuring, amongst other things, that all client requests are communicated and incorporated in the works
When you have decided that you want to have your own house built, and after having selected the right plot of land or farm house to build it on, you will need an architect to make your dream come through. This in fact is a very important decision, as a working relation with an architect is something like a love affair; it has to click. You both have to work out and create the house of your dreams.
