Property News · January 19, 2017

Buy this €5m Algarve villa and get Portuguese residency


This five-bedroom, 900 square metre, Portuguese villa is set within 1,000 acres of countryside on the sun-drenched Eastern Algarve. It also sits on the edge of the Monte Rei Golf and Country Club, which has the lowest building density in a like-for-like development anywhere in Europe. Of course this sort of exclusivity costs and it also boasts the highest green fees in Portugal. However, the green fees may not be a deterrent to the buyers of this villa, as its listing is for €5 million (Dh19.56m), a price described as “competitive” by Kensington Exclusive Properties, the agents marketing the property. For those of a golfing pedigree, the villa overlooks holes six and seven and the clubhouse at Monte Rei offers a Michelin-starred restaurant. What sets this investment apart for Middle East buyers is that unlike most European destinations, this pad could also secure the buyer a passport.”Portugal has its golden residence permit programme. It gives foreign investors who spend €500,000 on a property here the right to live in ­Portugal,” says Malachy Kelly from Kensington Exclusive Properties. “They are also free to travel around all the EU countries in the Schengen area and after six years they can apply for Portuguese citizenship. We have had many nationalities buying property that will eventually enable them to change passports – that facilitates access to countries that may have been problematic before.” While the passport is a bonus, what does the villa actually offer?It was built in 2013 and is called The View, for obvious reasons; the villa has floor-to-ceiling windows wherever a chance is offered. The traditional Portuguese exterior moves into a modern and simple interior with open plan, spacious rooms. There is also a sauna, gym, entertainment room, bar and storage cellar and numerous reception rooms. Its top-floor lounge has a 360-degree view of the surrounding area including the coast, an outdoor dining area and a swimming pool. And a 15-minute drive to the fishing town of Tavira takes you an exclusive beach club being built for Monte Rei residents. ascott@thenational.aeFollow The National’s Business section on Twitter

Source : thenational.ae
Read more…Buy this €5m Algarve villa and get Portuguese residency

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