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Portuguese developer targets GCC with investor-friendly, tax-efficient luxury real estate proposition

September 27, 2019 Visit Middle East / Dubai No Comments

Monte Rei, a luxurious residential community, golf and country club set within a thousand acres of unspoiled countryside in Portugal’s Eastern Algarve, is targeting investors from the GCC region.

A seven date Middle East roadshow has been organised, to showcase Monte Rei’s stunning million-dollar villas and award-winning Jack Nicklaus signature golf course and country club, kicking off at the St. Regis Hotel in Abu Dhabi on September 30th before visiting Dubai, Bahrain, Kuwait, Riyadh and Jeddah throughout October and November.

Declan McNaughton, Commercial Director, Monte Rei, said: “The absence of inheritance tax along with two key initiatives – the non-habitual residence (NHR) tax, and the ‘Golden Visa’ combined with an improving economy and a burgeoning value driven property market, have been instrumental in attracting overseas investment for holiday homes, buy-to-let and turnkey properties across Portugal.

“This is ideal for those GCC nationals looking for a luxury holiday home and for many GCC residents, it represents a perfect opportunity, to apply for Portuguese citizenship after which, they can live, work or settle in any EU country. In addition, Portugal’s NHR can eliminate tax on foreign-sourced income for up to ten years,” added McNaughton.

Investors and holidaymakers alike have been visiting the Algarve since the 1960s – and with a relatively low cost of living and an attractive array of incentives – its popularity as both a second home and holiday destination show no sign of slowing down.

“The Middle East roadshows will provide an opportunity for Monte Rei to not only meet face-to-face with potential investors but also to showcase our luxurious properties as well as our wide-range of exclusive facilities and amenities including the Jack Nicklaus golf course, which has consistently been rated number one in Portugal since it was established in 2007,” added McNaughton.

Miradouro Village, situated in the heart of Monte Rei, features 37 luxurious three-bedroom villas each boasting views overlooking the Atlantic Ocean and the resort’s lakes and fairways. The fully furnished villas, range in size from 4,500 sqft to 4,600 sqft with prices starting from US $1.32 million (EUR 1.2 million) and increasing to US $1.54 million (EUR 1.4 million) for the larger of the properties.

All villas come complete with high-end fittings and finishes, drawing influence from timeless and traditional Portuguese architecture and featuring walk-in dressing rooms and en-suite bathrooms in each of the three bedrooms as well as branded white goods throughout.

“At present only 22 of the Miradouro Villas are still available for sale – all offering an attractive payment plan, some even come with a developer-backed 4% per annum guaranteed ROI over four years,” McNaughton said.

Meanwhile, the Clubhouse Residences – which feature their own private gated entrance, swimming pool and gymnasium – are due for handover in October 2019, start from US $932,000 ( EUR 850,000) for two-bedroom apartments and range in size from 2,119 to 2,205 sqft, two-bedroom penthouses start from US $885,000 and range in size from 2,000 sqft to 2,400 sqft and three-bedroom duplex penthouses are 3,400 sqft and start from US $1.37 million (EUR 1.25 million).

These contemporary apartments are sold fully furnished with high-end fittings and finishes, floor-to-ceiling windows and outdoor terraces or balconies. Kitchens are fully equipped with branded cooking range appliances.

Located between the Serra do Caldeirão mountains and the Atlantic Ocean, Monte Rei also features a swimming pool, fully equipped gymnasium, spa, tennis courts, children’s play area, various high-end bars and restaurants and 24/7 concierge service as well as Portugal’s only 18-hole Jack Nicklaus Signature golf course.

“The roadshow will also showcase the second phase of the Monte Rei development,” said McNaughton. “It is currently in the pre-construction phase, with a second Jack Nicklaus-designed golf course, which will be located in the south of the resort and is set for completion by 2021.

“That is in addition to a boutique five-star hotel featuring 65 suites and a luxurious spa which is scheduled for completion by 2023,” added McNaughton.

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