PropertyLisbon – What is Off Plan Property?
When purchasing a property in the country of Portugal, one of the ways to go about it is to purchase an off plan property – The term that is loosely used to describe something that is not ready yet. It can refer to a property that is currently undergoing a renovation and is not finished yet, or it can refer to a completely new build development project that has not even started yet.
When choosing one of these options, it is important that our clients fully understand the process. – Every property is different. Not only in the way it looks, but also in terms of the licensing and the timescale projected, so it is vital for our clients to employ the services of a lawyer whose job will be to check everything for them.
Many of our clients opt for purchasing of off plan properties, and for many different reasons. Below, we have listed some of the many ways to purchase an off plan property in the country of Portugal, which should help highlight some of the potential reasoning behind it and why it is such a popular investment purchase on today’s market.
A Renovation Project
A huge renovation project is taking place in the historical centre of the city of Lisbon as we speak. Many properties in this area date back to the early 19th, the 18th, and even the 17th century are in dire need of full renovation. Many developers who have undertaken these renovation projects will begin to sell properties at the same moment the licensing for the renovation gets officially approved by the local municipality.This means that even though they have not started the renovation works themselves just yet, the developers that are responsible for these projects do have all the required licenses and have set up concrete timescales to begin and finish the renovation projects.
Due to the high demand, the majority of properties that are for sale in the historical centre of the city of Lisbon have been purchased at this point.
One of the biggest advantages for the investor here is that, when purchasing an off plan property in this manner, they usually are able to purchase the property at a price that is discounted against the standard market value because they are purchasing something that is not yet ready. The main disadvantage is the requirement of some additional imagination as the property is not finished just yet.
A Project Approved
This refers to the properties that are being newly built and that have a development project which has already been officially approved. If it is a building, then it means that the number of apartments, the sizes, and the layouts have already been defined and officially approved by the local municipality and it is a project simply waiting to be finished.
Same goes for individual or stand alone properties. When it comes to stand alone properties, one advantage in particular includes that the investor can usually choose to change the finishings to better suit their taste. The fundamentals of the project, however, will have to remain the same.
A Plot of Land or Ruin
This was the original way to purchase off plan properties. It basically comes down to purchasing an empty plot of land and creating something upon it with your architect, and then submitting it to the local municipality and waiting for the approvals. This is, obviously, significantly more daunting of a process than the previous two mentioned. There are numerous other factors involved here as well.
It is, however, worth noting that this way still seems to be the most rewarding one for most of investors / our clients, both financially and mentally, even though it does require a grand vision and a lot of patience.
350.000 Golden Visa Properties
Lisbon Golden Visa Apartments
Portugal Golden Visa Property Investment
Property Lisbon Golden Visa Apartments
Bright 2 bedroom apartment in Baixa on a recently refurbished building. Spacious living room with 40 sqm, one bedroom on suite (16 sqm), another bedroom with 14sqm, fully equipped kitchen with 12 sqm . All areas with AC, double glazed windows, wood shutters, pinewood flooring, high ceilings and elevator. Enjoy Lisbon’s lifestyle from the heart […]
The genesis of the neighborhood of Graça relates to the foundation of Convento dos Agostinhos, which took place in the thirteenth century, under the name of Santo Agostinho. In 1305 this became the Convento da Nossa Senhora da Graça, which later gave the name to the neighborhood itself. The Graça neighborhood, which in these times […]
The neighborhood located in the upper area of Almirante Reis Boulevard is a quite residential yet filled with small traditional shops. This traditional part of Lisbon is filled with constructions form the fifties and sixties and is a lively neighborhood. The A.R. 246 development fits in the original design of this neighborhood. The refurbishment of this […]
This beautiful brand new property nearby the Marina will be finished by the beginning of 2021. This new development will feature an outdoor pool, children’s pool, indoor heated pool with a fantastic jacuzzi and also a gym. The entire project will also have gardens, storage room, underground parking and terraces with traditional tiles. The two […]
Bright apartments on a new development close to Av. da Liberdade and nearly finished – completion estimated for July. All units come with fully equiped kitchen, some having private terraces and parking spaces. A good investment for its location, suitable for short and long term rental. All units made with most modern apliances and constructive […]
Located in the middle of downtown Lisbon, next to the Rossio square and to major luxury shops, the Garcia 38 is surrounded by luxury shops, theaters, museums, cafes, restaurants and touristic attractions, to enjoy the best that Lisbon has to offer at a walking distance. Baixa has been going through some significant renovations which made […]
PROPERTY LISBON NEWS
Reduced Waiting Times for Portugal’s Golden Visa Portuguese media sources report that waiting times for appointments with the SEF in Lisbon have been reduced from more than three months on average, to one day. As reported by the SEF, Portugal’s Borders and Immigration Service, its application waiting list has
Golden Visa – No More Uncertainty There was a lot of speculation about whether participants in the Portuguese Golden Visa program would be eligible for full citizenship after they have held a Golden Visa for the specified time frame. As the first group of Golden Visa holders in Portugal have begun to finish their
Portugal Citizenship for the Investors Portugal has established the Golden Visa program with an objective to encourage the investors from outside the EU. Golden Visa provides the investors from outside the EU, who invest the minimum amount required by law, with a fast and efficient path to obtaining Portuguese, and
Property Lisbon Who are we? If you are looking to buy a beautiful family home, a Lisbon property investment, or a buy-to-let, Property Lisbon is here to offer you assistance and our years of experience in the property market of Portugal. Our team of experts will work alongside you every step of the way and make
Portugal Golden Visa Costs Make sure that you are provided with a full and transparent quote as travel expenses, government fees and taxes, and professional fees all add to your total Golden Visa costs. No matter which investment route you are taking, you must consider visa application fees, issuing fees, and the