The temperature is 27 degrees and, as per usual, the sun is out !! Reassuringly, this year is proving to be a continuance of the improvements made last year in terms of property sales here in the Algarve.
Yellowhomes Land and Houses Algarve have had many different nationalities of buyers this year including Germans, British, Irish, French, Dutch, Swedish and even Canadian, all of whom managed to purchase their ideal home in the sun.
Below is a response from euroFINESCO to an article by Sovereign, 'Tax Issues when Renting out your Property' which can be found at:
http://www.algarvedailynews.com/property-news/2868-tax-issues-when-renting-out-your-property
euroFINESCO, "It should not come as a surprise that how income is declared is not a personal preference but rather a matter of law.
Several illegal building licences issued in the Silves council area, when Isabel Soares was mayor, have been identified by the Inspector General of Local Administration and are forming part of a wide ranging investigation into the council’s processes and activities when supposedly serving those who wished to fulfill their dreams of building their own home.
The new Plano Diretor Municipal, or PDM, for Silves was promised for mid-2013 but a year later it still is held up as planning procedures that were not followed, which resulted in the issuing of illegal licences, are being investigated.
Property Rental Income Tax Declarations - what you need to know
By law, if your Portuguese property is rented out, you must declare the rent via a tax return submitted in Portugal, even if the funds are administered and received outside Portugal.
Following several very difficult years for the local construction companies, where we saw some come to a sticky end whilst some of the more established companies simply hung up their trowels, we are now seeing cranes on the sky lines of Lagos once again.
2008 saw a lot of panic from the builders as they were half way through building new projects with huge investments on the future. As the crash unfolded we saw building sites left unfinished as well as unsold developments left empty and some swallowed up by the banks.
That's the message from Rent in the Algarve, a UK based company recently teaming up with some of the biggest Attractions in the Algarve. Now you can give all your existing clients some unbeatable offers – all aimed at promoting the Algarve as a top holiday destination... and that's not all !
If you have been tracking the pound versus the euro over the last few years you will realise that the current high of 1.25€ to the pound sterling is the best it has been. We have now had a consistent period of a strong pound of at least 2-3 months and this is really affecting buyer’s decisions.
The movement of just 5 points on a property being sold at 200,000€ could represent almost £7000 saving on the purchase. This is helping further strengthen the market and sales are continuing to be strong.
Welcome to the summer in the Algarve. Although most of the real estate bargains have been sold over the last few months, we still have some opportunities you can take advantage of.
Contact us to discover some of the undisplayed and upcoming listings.
