Changes in Portuguese Tax
See below information on the changes in Portuguese Tax. These are important changes and result in a reduction in purchase tax rates for those people purchasing in their own name. For those who still want to purchase through off shore companies we advise you to take specialist tax and legal advice before proceeding.
Flight Information
"As from the beginning of the month, passengers can now fly direct from Faro to Dublin on Air Luxor. The airline will be operating fwo flights a week, on thursdays and Sundays, at a promotional fare of 230 euros. The Dublin-Faro maiden flight was met by two jets of water in a symbolic ´baptism´ceremony, courtesy of the Faro Bombeiros, and an anxious group of welcoming airport staff and reporters. Public relations staff from Faro Airport handed momentos to the disembarking passengers of the Airbus A320. Airport Director, Antonio Correia Mendes told reporters that the Irish market is a "potentially important one". In fact, in 2002, the Irish market was the fourth largest generator of passengers to the Algarve and, according to the Regional Algarve Tourist Authority, the Irish tourist represents one of the highest average daily spenders in Europe".
Villamoura
A Second Marina is to be built in the next couple of years beside the present marina in Vilamoura with a walkway leading onto Falesia Beach, which is a protected white sandy beach. We about 30 developments in the Vilamoura area such as Vista Golf which overlooks the 16th hole of one of the many golfcourses in Vilamoura, these are very large apartments with distant sea views from the upper floors. Prices in Vilamoura range from 180,000 - 290,000 for 2 Bed Apartments. Most of the developments we hold are a 5 minute drive from the Marina and a 15 minute walk. Please call our offices for a brochure with the full listing of properties that we hold in the Algarve.
CENTRAL ALGARVE
The area around Almancil spreading from Boliqueime in the west, to the north of Loule & Santa Barbara and to Tavira in the East, and including all the area down to the coast has long been recognised as an area providing secure investment, and to date high resale values. The area benefits from a Mediterranean type climate, yet has cooling Atlantic winds, and an annual average of 3,000 hours of sunshine. The infrastructure is well developed, with good access roads to all areas. The new East-West motorway, the IP 1, gives easy and ready access to other areas of Portugal, including Lisbon, and eastwards into Spain. The area is well served with amenities, particularly golf, water sports, first class ocean sailing facilities at Vilamoura, beaches and a wide range of international and Portuguese restaurants."
The Sunday Telegraph noted on the 2nd June 2002 that in Vale de Lobo and Quinta do Lago property prices have risen by nearly 40% in the past two years.
For up to date news in the area www.algarveresident.com. We also have a permanent Aquarius Agent in the Algarve who can assist our clients with finding property and if you like she can also recommend a management company, there is very good infrastructure in the Algarve when it comes to the rental of property. For an cheaper alternative flight to Faro why not try Ryanair to London Stansted and then take an Easy Jet flight from London Stansted to Faro, you could also try Aer Lingus.com for cheaper flights.