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Income property in the Algarve

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Posts: 84
Premium Member
Topic starter
(@jordan_zimmerman)
Trusted Member
Joined: 1 year ago

Hi Folks,

 

Any advice or experience about buying income property in the Algarve? We will live in our new home in Azeitão but are considering income property in the Algarve with the idea that we could use it a few times a year for ourselves. Obviously, we're not the first people to have done this so maybe we're fooling ourselves that it could be financially sound.

 

Would buying in one of the full-featured resorts be a better (or worse) investment? I was thinking it might be easier to get short term rentals in those resorts (and the resorts do all the management usually). 

 

Anyway, any thoughts or concerns would be appreciated.

27 Replies




Posts: 247
Community Member
(@aspidistra)
Estimable Member
Joined: 4 months ago

Oh it’s not fun if you don’t spend several months on legal stuff, like I have been doing.😂

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3 Replies
Community Member
(@martin)
Joined: 16 years ago

Famed Member
Posts: 2518

@aspidistra 

 

if you have not seen it..here is an excellent 4 min training video

036 - YouTube

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Community Member
(@aspidistra)
Joined: 4 months ago

Estimable Member
Posts: 247

@martin ha ha that’s perfecto 😂

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Premium Member
(@tygger)
Joined: 4 years ago

Estimable Member
Posts: 146

@martin Obviously that's in Spain, but is atypical of the EU mindset, sadly coming to the UK soon 🤬

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Posts: 247
Community Member
(@aspidistra)
Estimable Member
Joined: 4 months ago

I think it's just amusing because dealing with bureaucracy is a universal problem, applies to many situations and countries.

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Posts: 2518
Community Member
(@martin)
Famed Member
Joined: 16 years ago

difference in Portugal with bureaucracy is that they are there to stop you (as the film shows) 

in the uk the bureaucrats are there to serve and help you.  As one Goan Portuguese speaking man once remarked that when he worked for the uk civil service years ago  any letter were always signed "your obedient servant" 

in Portugal he remarked the civil service are not obedient nor are they servants.

in truth its a clever political system that everyone is most of the time "illegal" and have to get their bits of paper signed or stamped by camara staff who are there to protect their own jobs

it was said that in the USSR people spent half their working time in line for food, methinks that in portugal people spend half their working lives in line for some licence or whatever

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Posts: 247
Community Member
(@aspidistra)
Estimable Member
Joined: 4 months ago

Does anyone know, if you are doing holiday rentals on the AL licence, is their a maximum time a person can stay for it to be deemed a holiday let? For example, if I let my place for 6 months, would that not be legal under their terms and would be deemed a normal house let?

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1 Reply
Admin
(@thomasribatejo)
Joined: 5 years ago

Reputable Member
Posts: 475

@aspidistra I understand there is no legal maximum to an AL term - however, non-AL rentals are subject to different legislation and taxation, and I think it may be to your advantage not to run long lets through as AL.  I'd discuss what you have in mind with your accountant, to ensure legality and also correct allocation for tax purposes (including not overpaying).

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Posts: 247
Community Member
(@aspidistra)
Estimable Member
Joined: 4 months ago

Yes the builder who is doing work for me says 'they'll wreck everything'. 😀 Actually I have rented out property before but not as holiday lets and I found that yes, you have to kind of let go of the fact that things get broken and look at the bigger picture. 
I certainly haven’t ever had to deal with people trying to make fictional complaints for money!

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