Faro (Se and Sao Pedro) - Montenegro - Olhão

Nestled on the southern tip of Portugal, Faro boasts a rich history rooted in Roman and Moorish influences, as evidenced by the Old Town's well-preserved medieval walls and the magnificent cathedral that dominates. Surrounded by intriguing historical sights like Estoi Palace and Milreu Roman Ruins, Faro's unique charm is further enriched by its location on the edge of the Ria Formosa lagoon. Situated in the region of Algarve, the city of Faro is popularly known as the gateway to southern Portugal. Its attractive marina, well-maintained parks and plazas, and lively nightlife make it a perfect spot for those seeking a luxury living experience.

The Exclusive Property Market in Faro

The exclusive property market in Faro remains stable and robust, with demand for luxury homes and apartments continually matching the supply. Faro's political and economic situation is steady, further encouraging investment in the real estate sector. Upon buying a house in Faro, buyers typically pay an average of 6-7% real estate commission, while sellers may pay around 1.5 - 4.5% of the property’s value. Additional costs including transfer tax, realtor commissions, notary fees, and potential construction inspection or legal costs should also be considered. The transfer tax on private property in Faro typically ranges between 1 - 8% of the property’s tax assessed value. There's also a moderate wealth tax on the private ownership of a house. Tax implications for selling a privately-owned home in Faro depend on whether the property is being used as a primary or a secondary residence. The primary residence is exempt from tax on profit, while there can be capital gains tax on profit for a second home. The corporate tax for registered companies in Faro is 21%, and the standard income tax for registered residents varies from 14.5 - 48% depending on the income range.

Mortgage and Financial Conditions in Faro

Generally, the ratio between own and foreign capital for obtaining a mortgage in Faro is 70:30, with stricter income, and credit score requirements. Usually, up to 80% mortgage on the purchase price can be granted.

Living in Faro

Faro, a part of the Algarve province, is home to about 60,000 people. Prestigious residential areas include Estoi, Santa Bárbara de Nexe, and São Brás de Alportel. Accessibility to Faro is excellent, with good road and rail links, and the city's location places it close to Faro Airport and just a 2-hour drive to the metropolitan city of Lisbon. Faro houses institutions like the University of Algarve and other recognized training schools. The luscious environment is characterized by breathtaking waterfronts and delightful Mediterranean climate. It offers a variety of sports and outdoor activities including golf, sailing, and hiking. The city's luxury lifestyle is complemented by high-end shops like Forum Algarve and Mar Shopping Algarve. Its vibrant nightlife, stylish entertainment spots, and exclusive restaurants like Faro e Benfica and O Gimbras offer top-notch dining experiences. The city is also home to cultural attractions such as the Faro Municipal Theater, Museu Municipal, and the annual Algarve International Film Festival, among others. Faro Hospital is the main healthcare institution serving the city. Faro’s well-maintained public infrastructure and ample amenities make it an ideal city for luxurious living.