Racing To Invest? Bank repo flats on offer in the Algarve

A unique location combined with attractive rentals and below-market-value prices are on offer close to a F1-capable race track in Portugal.
The key-ready Algarve Race Apartments offer a rare opportunity for investors to secure a fully managed, income-producing property at one of the lowest entry points for modern homes in Portugal.
A deposit of just €46,500 would be enough to secure finance for a one-bedroom apartment at this complex, which is situated a few hundred metres from Portugal’s famous Autódromo Internacional do Algarve racetrack near Portimão. 

The track is approved for F1 although for this year at least there’s no Portuguese GP on the calendar - but there’s plenty of other racing, testing and track days.

Its busy schedule includes races in the World Endurance Championship, International GT series and FIM Superbike World Championship. Around these high-profile events, it remains very busy - the track is booked for corporate days, used for testing by racing teams, while amateurs can book sessions at the driving school. 

Whether you’re an investor, petrolhead or just keen to get an affordable foothold in the Algarve property market, this may be a starting point.

Acquiring the Algarve Race Apartments complex, previously a bank repossession, means the vendor can offer units at what is claimed to be around 30 per cent below market value.

Furnished to a high standard with air con and double glazing, these turnkey apartments are already in full use and producing rental income. Discounted - apparently for a limited time only - one-bedroom units start at €155,000, two-bedroom at €189,000 and three-bedroom at €215,000. This includes parking, storage and use of the complex’s swimming pool.

Chris White, chairman of Ideal Homes Portugal, claims: “Buying at such a low entry price means there is huge potential for capital appreciation … After 10 years, it’s not unrealistic to expect what you pay today to have doubled. These types of deals don’t come along often.”

Ideal Homes Portugal’s mortgage team say they have access to competitive products with foreign investors required to put down 30 per cent as a deposit, giving them access to mortgage rates of around 3.5 per cent with a five-year term or longer. A €3,000 holding deposit is needed to reserve an apartment.

“Next year, there are already four months of bookings for the entire development, which is great for the rental yield” says White.

The Algarve Race Apartments sit in a rural area called Mexilhoeira Grande, with the pretty Monchique Mountains as a backdrop. 

The beaches of coastal Algarve are still very close. The charming marina cities of Lagos and Portimão are both 15 to 20 minutes away, the nearest beaches at Meia Praia and Praia da Rocha are around 25 minutes and equally accessible are golf clubs at Penina, Alamos, Boavista and Morgado.

More details: www.idealhomesportugal.com