Firstly, if you ever want a chat, I’m happy to zoom/WhatsApp with you, just DM me details and times you prefer and I’m sure we can work something out.
They were really responsive by email and WhatsApp. I mostly worked with Nuno, he was amazing.
He was proactive in mentioning things in my best interest that my lawyers didn’t even pick up on. The fact he put up with my horrible lawyers was amazing (FYI - I switched lawyers because my lawyers were so bad and slow)
I start these interactions assuming someone is going to scam me out of 300,000 EUR, I looked up their VAT ID, looked up facebook/linkedin/searched, everything seemed quite legitimate.
I went via Pearls of Portugal and told them what I was after, Livingroup was the closest fit of their recommendations to what I wanted, so inherently Pearls of Portugal has presumably also done due dilligence.
And of course lawyers do their own due-diligence. Thus I have reasonable trust everything is legitimate.
2: Property Value
It’s the best I found in the EURO 280,000 category.
Firstly, most importantly, this property you have a lot more control (Freehold Residential), so you can use your own agent to get a market rent and sell it when you want for a market value, various other 280,000 investments (especially hotel pools you may not get any capital gains or share 50% or maybe developers can buy at 280,000 so you make 0)
I think it’s good value compared to others. I’ve seen other properties at the EUR 280,000 that were much smaller, no car park, etc. which I feel had more padding so they might have been worth say EUR 200,000 (or maybe less). This property location/space I could honestly see myself vacationing/retiring in this property (if I wanted to, that’s not the initial plan) so I personally see the value.
I went on some general (not golden visa) property searches in Alcacer do Sol (where the property is) and looked for similar properties, and the prices seemed within range, e.g. I might see something for 200,000 EUR of similar size but it wasn’t as nicely rehabilitated. This makes me think the price isn’t too inflated. I do assume though that many Golden Visa 280,000 properties are potentially worth hopefully in the 200,000 - 250,000 range, In hindsight it would be good to pay someone 500 or similar to show them 3 properties and ask their opinion of which one is closest to EUR 280,000 in terms of their ability to resell.
But I’m confident if you factor mostly inflation but also continued lack of supply/demand and population changes, I think property can conservatively grow 5%/year, which if we assume we start at a value 200,000 EUR, at 10 years (I’m adding buffer, e.g. 2 years to residency starts, 5 years residency, 2 years for citizenship to be approved, 1 year to sell the property) it will be worth EUR 325,000.
Of course more reasonable estimates might value the property at EUR 250,000 with a 6% growth rate resulting in a property selling for EUR 448,000 in 10 years.