Luxury properties for sale on Algarve race circuit

Technorati Tags: motor park algarve,algarve motor park,autodromo do algarve,autodromodoalgarve,algarve circuit,buy to let investment,invest in algarve,rental guarentee,apartments on race track

The Algarve

With over 300 days of sunshine, the Algarve is one of the few places reachable from all of Europe’s main capitals in about 3 hours flight. The Algarve has mild winters, praised by many golfers, and pleasant temperatures in the summer. Combine this with high quality real estate, a good road and infrastructure network, countless blue flag beaches, the always friendly Portuguese people and you have a winner!

Portugal, has a lot to offer – it is famous for low crime rates, clean air, good food and nice. Low cost airlines can fly directly from all major destinations into Faro airport. In 2009, there is also an increase in flights to Eastern Europe and Russia, sure to attract new markets.

Private investors have funded 200 million Euros to create one of the world’s best race circuits near Portimao. The circuit was opened in late 2008 with the World cup Superbikes and in 2009 they are fully booked with activities all year round - a fantastic result, encouraging for tourism in the Algarve and investors.

We are very proud to present to you the exclusive luxury of owning an apartment in the Algarve Race Circuit!

Located within the motor sports complex, the apartments are unique in their location and offer a guaranteed annual rental return of 7% for 3 years.

They will be managed as part of a hotel operation by the world renowned Radisson resort (5 star), so you can be assured of the upmost service and quality.

With today´s bank rates being at an all time low, a guaranteed rental return of 7% represents a good alternative to putting your money into the bank.

For buyers 2 VIP tickets are offered to visit all the events throughout the year! The VIP passes are valid for 5 years.

A unique investment opportunity to become the owner of a luxury property on the Algarve race circuit!

General information about the Autodromo do Algarve

One of the biggest financial investments to date in the Algarve has been made in the picturesque village of Pereira, between Portimao and Monchique, with a total investment nearing Euro 200 Million.

The motor park is the most advanced in Europe and many Formula 1 teams have already risen to the challenge and booked their tests for the winter of 2009/2010.

The Autodromo International de Portimao is equipped to hold events across the whole motor sports spectrum, from Formula 1, Rally Sprints, GT races, Le mans, Super Bikes and much more. Because of the region’s excellent weather conditions, the complex will be permanently in use.

In addition to the racing track, the complex includes a 1,5 km international standard karting circuit, medical centre, off-road facilities, car maintenance and support zones, a grandstand, VIP area, picnic area, Sport facilities and Spa, Physical treatment facilities, Restaurants, shops, museum and a hotel with further apartments.

There will also be a Technology Park of which 40,000m2 is reserved already to A1GP & a GP2 team - This is expected to be a real driver of business into the apartments and hotel!

Furthermore the karting circuit, the large sports complex as well as the off-road centre will bring visitors onto the park whole year around. All these activities and surrounding events will result in cumulative demand for accommodation, making these residences a worthwhile investment.

The Autodromo do Algarve is a masterpiece of fun, excitement and luxury services all in one!

Designed to incorporate the best features of the world's leading F1 circuits, the Autodromo has capacity for 150,000 spectators. The circuit has been constructed by studying and visiting various racing circuits across the world, and was created by capturing the best features of each.

Hotel Resort & Apartments

The Radisson Hotels and Resorts Group provides 5-star quality hotel facilities within the complex which includes indoor and outdoor swimming pools, a Spa, tennis courts and an equestrian centre. With access to many championship golf courses nearby, this venue is sure to be a favourite on the European circuit.

The Radisson Group will also manage the 160 luxury tourist apartments ( 1 / 2 / 3 bedroom) which are integrated within the complex. The complex will also have a swimming pool, tennis courts, solarium, a games arena, and Reception area.

Radisson Hotels and Resorts, with involvement in 395 hotels in 65 countries, is one of the world's leading, full-service, global hotel groups. Their aim is to provide today’s discerning business and leisure traveller with service and quality which will make theirs the hotel of choice.

The valuation of the properties has actually gone up in comparison to November 08 and BANF bank offers an 80% mortgage on the properties. Combined with the annual 7% net rental guarantee for 3 years, this is truly a fantastic investment!

For clients purchasing their units now we can offer 2 VIP passes to visit all the events throughout the year! The VIP passes are valid for 5 years.

The unique location and facilities offered on site make these apartments an exclusive one in a lifetime opportunity!

Think about it - where in Europe will you find a world class race circuit with all facilities on site and within 10 minutes drive from gorgeous sundrenched beaches, world famous golf courses and exciting nightlife?

The 160 luxury apartments offer:

¶ Unique location adjacent to Europe’s most modern racetrack complex.

¶ Direct 5km link to A22 motorway.

¶ Radisson SAS managed and serviced.

¶ Full access to Radisson hotel facilities.

¶ 3-year, 7% annual rental guarantee.

¶ 8-10% historical annual capital

appreciation on Algarve.

¶ 70-80% finance available.

¶ 2xVIP pass to the circuit

There are only 160 units for sale, destined for those who are looking to find an exclusive and “once in a lifetime” opportunity

Prices

There are currently 3 types of apartments available, 1, 2 and 3 bed units. All prices are including furniture and the full price can be financed up to a maximum of 80%.*

¶ Prices for the 1 bedroom units start at Euro 289.000 up to Euro 337.000**

¶ Prices for the 2 bedroom units start at Euro 389.000 up to Euro 399.000**

¶ Prices for the 3 bedroom units start at Euro 489.000 up to Euro 499.000**

All apartments are furnished, fully equipped and finished to a state of the art standard throughout

*Financing depends on your own personal situation, for non-residents mortgages between 70-80% of the bank valuation can be secured, subject to your personal financial circumstances. The prices displayed are equal to bank valuations done by BANF bank in February 09. We can assist with your mortgage approval or you can use an independent mortgage broker from a bank of your preference.

**For the latest pricelist please email us at info@algarveracecircuit.com

Conditions & Payment

Guaranteed annual rental income

The hotel operating company will provide a 7% annual guaranteed rent for 3 years on all Residences. Projections suggest the average rental yield for Residences under management will be in excess of 5% per annum. The properties are a freehold purchase. Contracts are available in Portuguese and English.

Financing

A mortgage pack is available offering purchasers up to 80% loan to value.

The valuation of the entire apartment complex has appreciated from a valuation in November ’08, and thereby it is really good news in the current market.

Some of the attractive financing conditions are:

- Interest Only up to 5 years or 20% of the loan amount during the whole term of the loan

- Benchmark Interest rate at 3, 6 or 12-month EURIBOR, as chosen by client.

- 50% of deposit finance is offered, with a spread of 3%

- Reduced valuation cost only €87,50 plus VAT as opposed to €175,00 plus IVA

- Possibility of purchasing 2 apartments but maximum LTV offered will be 50% on both

- All mortgage applicants can be pre-qualified.

 

Purchase Process

Reservation Agreement signed and €6,000 paid to reserve a Residence.

Promissory Contract signed and the agreed deposit paid.

Fiscal number obtained from the local tax office, completed by your legal representative.

Ø 6.5% MT tax (stamp duty) based on the purchase price of the property excluding the value of fixtures and fittings.

Ø IMI (local) tax is payable at a rate of 0.8% P.A.

Ø Legal fees are paid at a rate of between 1% to 1.5%, a more favorable rate will be made available to Residence purchasers.

Ø Typical land registration fees are circa €400.

Payment terms:

€6,000 to reserve your Residence

25% on signing promissory contracts

The remaining balance paid on signing the deed, which happens on delivery of the finished apartment.

Structure

Property Ownership

Buyer becomes full owner of the property and grants a 20 year Management agreement to the operating company.

Owner has 2 weeks free usage annually.

Owner can sell the property at any time.

Hotel Operating Company

Owned by Barry Harte Holdings Limited i.e. Harte Holdings.

Radisson Hotels has a 20-year management agreement for the hotel and apartments.

Hotel operating company guarantees property owners a 7% rental income for 3 years.

Radisson will manage and market the apartments to maximize income for owners.

Contact details

Exclusive Living Mediação Imobiliaria Lda

Rua Ernesto Cabrita, Edificio Vales, Loja-A

8400-387, Lagoa, Algarve, Portugal

Portuguese government licensed

Real Estate Agents, licensed under AMI-7516

Office +351 282 353 019

Fax +351 282 381 421

Mobile +351 918 024 082 (24 hours a day, 7 days a week)

Email                                                                               info@eavillas.com

For further information about the race circuit properties    www.AlgarveRaceCircuit.com

For luxury properties in the Algarve                                   www.ExclusiveAlgarveVillas.com

Properties from Sagres to VRS Antonio                              www.BuyPropertyAlgarve.com

For properties for sale throughout Portugal                        www.BuyPropertyPortugal.com

Kindly we would like to inform you of the following:

Projections are based on the track establishing itself during years 1-3 (growth rate of 8% P.A. projected), with accelerated appreciation thereafter due to high profile track activities.

Taxes, laws, prices and regulations may be different at the moment of purchase, please verify your personal (tax) situation with your lawyer.

The information on this website is for informational purposes. The information was correct on the moment of publishing however can be different on the moment of purchase. Exclusive Living Mediação Imobiliaria Lda. always advises to use independent lawyers, mortgage brokers and other legal advisors. Our company is licensed under AMI -7516