Investment

Introduction

Condominio Panorama is a luxury apartment complex in the historic city of Lagos. Set upon a hilltop offering panoramic views of the city and the bay of Lagos this is an opportunity to own a fantastic property in one of Europe’s most stable property markets as well as one of the most popular destinations for affluent tourists. The project is completed and the finish is genuinely exquisite. The developers have spent many years building bespoke Villas for multimillionaires in the region and their experience in satisfying such a demanding market has served them well on this project. The communal areas are of the highest quality offering investors and holiday home buyers purchasers the chance to become part of a community!

Why invest in Panorama

  • Project is genuinely below market value
  • The project is complete and turn-key
  • The finishings are genuinely exquisite
  • The Algarve is a very stable property market
  • Strict building regulations in place locally to ensure no over-development
  • The deal has been packaged so that investors can buy with as little as a 10% deposit
  • 80% LTV mortgages still available in Portugal demonstrating how strong the property market is
  • Hugely popular tourist market to tap into for rentals
  • This is the no 1 golf destination in the world (over 1 million rounds of golf played per year)
  • Over 320 days of sunshine per annum
  • Significant investment in the region including the Aerodrome and numerous sporting academies
  • Close to Faro airport (50 minutes by car along the relatively new motorway)
  • Viewing trip offer: flight from UK/Europe and hotel costs for 1 night paid for all buyers!

Finance

The developers have structured a package that enables our clients to buy this property with a 10% deposit. Portugese banks will loan up to 80% of the value of the property. We have secured a discount and cashback option allowing buyers to effectively secure a 90% finance option. Please register your details for full information.

Mortgage requirements

You must earn a minimum of £40k per year or £50k for a joint application. You will need to show a reasonable debt ratio and provide evidence that current commitments are serviceable.

Paper requirements:

  • Credit report
  • Last 3 months bank statements
  • Passport copy
  • National Insurance number
  • Utility Bill
  • Documentation of the property
  • If employed: last 3 months statements, last year’s P60 and letter from employer
  • Self employed: last year’s accounts, balance sheet and 3 months bank statements

The buying costs

Legal fees and purchase taxes are approx 7% of the buying price.

Rental Income

Having spoken with property management specialists, based locally and in the UK, the rental income figures for these apartments are:

  • High Season : 900 euros per week for 2 bedroom. 1200 euros per week for 3 bedroom
  • Mid season : 700 euros per week for 2 bed. 950 per week for 3 bed
  • Low season : 500 per week for 2 bed. 700 per week for 3 bed

We maintain that by using 2 proactive agents occupancy can be as high as 60%.  Assuming this 60% occupancy, and using average weekly rentals of 700 euros for the 2 bedroom apartments and 900 euros for the 3 bedroom, this will generate :

  • 2 bedroom : 21,840 euros per annum (approx gross yield of 9%)
  • 3 bedroom : 28,080 euros per annum (approx gross yield of 9%