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QP Savills Property Market News - October 2018

QP Savills Property Market News - October 2018As Brexit continues to dominate the news, it also continues to feed our market with keen investors. Not only across our residential property market at all price ranges but also large investors and funds are keen to invest in local hotel and residential developments. All of our ambitious sales targets have been achieved and now passed. What a year it has been.

For your information below, our team sheds some light on some frequently asked questions. Our Special Agents are on the ground and in the know. If you have any specific questions for us or would like us to recommend legal or tax professionals, please contact us!

Kerstin Buechner & Alison Hojbjerg Buechner 
Directors

Meet The Team

Special Agent - Rebecca Thomson

Corporate structures
Due to recent changes in legislation in Portugal regarding properties owned in corporate structures and their ultimate beneficial owners, we are finding that buyers and their lawyers are approaching these vehicles with more attentiveness. As the leading agent in our area, we are adjusting to this shift where buyers are seeking much more information on the corporate structures and their latent CGT at a very early stage. Hitherto, this would have been the first step in the due diligence once a deal had been agreed but now this extra research has to be done before offers are made. We of course always recommend that our clients take advice from their lawyers and tax experts but we ourselves are in constant contact with local experts to ensure we can offer the very best guidance to both sellers and buyers to navigate these subtle changes in the market. Worthy of note though is that despite these evolutions with corporate structures, their benefits are still significant and we continue to have a good level of demand for them. There has also been no negative impact on the market, quite to the contrary, it is the strongest we have known it to be. The fact that buyers are being ever more discerning with their purchases is yet another element that underpins the solidity of our market.

Sales 2018

49% sold in corporate structures
35% Private ownership
16% Properties sold out of their corporate structures

Special Agent - Debbie Pugsley

Renovation Projects
With renovation projects becoming ever more popular, here are some pointers to help you along the way!
Internal changes, like kitchens, bathrooms and opening internal spaces are not subject to planning regulations, just go ahead!

For more extensive works, including changing the size of windows or extending the property, there are two options currently available.

The first is called Comunicação Previa - This is the fast track option.
For this you need to submit architectural and technical plans at the same time to your local council, who will then have 30 days to approve or not. If the council has not responded within this period, you are free to begin work. There will usually be inspections throughout the building process, and your property will be subject to a final inspection before a habitation license can be granted.

The second is normal planning approval.
With this you submit architectural plans, which need to be approved, before subsequently submitting the technical plans. Once you have received approval, which normally takes six to eight months, you can start work.

Special Agent - Rita Castelo Branco

The Vale do Lobo Property Market
The year started with exciting news for Portugal's oldest resort. (In 2022 the resort will be 60!) Vale do Lobo is now under new management. Caixa Geral de Depósitos, Portugal's State Bank sold the asset to a restructuring fund called ECS.

After 2 years, our Vale do Lobo office has earned its position as a leading property sales agency in the resort. We now offer a wider choice of properties and a wider price range than we can in Quinta do Lago. Sales totalling over Euro 25m sold not only to the Oceanholics and those who can not live without sea views but also to second and even third generation families who have been coming to the resort all their lives. The resort commands a very faithful fanbase.
For all the Vale do Lobo fans, I would like to point out that there is a newly opened Lobito Club and Partee Mini Golf (open daily throughout the year). I love this resort and am proud to be involved!

Special Agent - Luke Begley

The Golden Visa Scheme 
The Golden Visa program continues to draw investment from overseas into Portugal with 1,351 successful investment applicants in 2017.

So far as of the 30th of September this year we have seen 1,009 new visa holders with Portugal’s Immigration and Border Control Service having cleared 80% of the 6,000 applicant backlog between 2017 and now. China and Brazil have become the primary source of applicants totalling 4,542 successful visa holders between 2012 and now. While the majority of this investment has been located in the greater Lisbon area the Algarve is seeing an increased number of Golden Visa purchases due to the preferable climate as well as the wonderful golf resorts.

Special Agent - Mario Sardo

The Portuguese Economy
The economic reforms implemented by the Portuguese Government following the financial crisis have had a positive effect on the economy with the economic indicator reporting a 16 year high in Q3 2018. It is reassuring to read from market leaders that economic growth will remain moderate in 2019 despite an expected slowdown in private consumption and exports.

That being said, we are seeing strong growth in tourism and the real estate sector. This has had a positive effect on investor confidence with significant foreign investment into key regions such as Lisbon, Porto and the Algarve.
With the economy expected to grow by 2.1% in 2019 I am pleased to report that the spotlight continues to shine bright on our beloved Portugal.

Special Agent - Alina dos Reis

Non Habitual Residency Program
More than 23,000 residents were taking advantage of the Portuguese Non Habitual Residency tax scheme as of the end of September 2018. This is an 83% increase on the number from last year and represents a continued interest from (mostly) European retirees in both the fiscal and lifestyle benefits of buying and living here in the Algarve.

French, British, and Italian nationals are the primary applicants for NHR status and while the benefits to retirees and certain professionals from these countries continue to be a source of rancor for their respective governments there are no immediate plans to scrap the NHR scheme.


W
: www.qp.pt 

QP SAVILLS - Quinta Properties
Avenida de Gondra, Quinta do Lago,
8135-162 Almancil, Portugal
+351 289 396 073
info@qp.pt

QP SAVILLS - Vale do Lobo Properties
Avenida do Mar, Vale do Lobo,
8135-162 Almancil, Portugal
+351 289 009 810
vdl@qp.pt

Licence 1252-AMI APEMIP 3785