Palmela Village, Portugal near Lisbon: cheaper than the Algarve, agent is Larionovo.

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Re: Palmela village Portugal

Oran Man said:
Is there some other approach that the expert investor takes when entering a new market where they have no contacts? How do you get to know that someone is reliable if you don't have any word of mouth to go on?
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You don't. As our own solicitors show, even accreditation by regulatory bodies is no help.

I would say that if you don't know the market, you shouldn't be investing there. (Some would say I'm cautious to the point of paralysis, though).

In terms of documents/contracts, insist on a parallel notarised translation of any contract and get it looked over by your solicitor in Ireland. It will cost, but it is worth the risk.
 
Re: Palmela village Portugal

Any developments on the Palmela golf village issue? I am gathering the more info I can before taking any decisions. What about the surroundings? Does anyone know if they have decent schools, how's the health service organized? Thank you.
 
Re: Palmela village Portugal

There has been a number of developers involved in this project and i am well advised that the previous developer went bust so it is worth being extra cautious regarding bank guarantees etc
 
Re: Palmela village Portugal

Have to say that I think the apartment blocks are reminiscent of a bottom end holiday camp !.
 
Re: Palmela village Portugal

You mentioned the previous developer went bust, who is this? Pelicano - Investimento Imobiliário S.A. is the only developer I am aware of.

It looks a resonable investment to me, my friend has bought one.

Can find out more if you like.

It remains to be seen how the the investment goes as it is just completing around now.

My friend was there about a year ago, the golf course should be finished this year as far as i am aware and it should be ready to go. You would need a car to get to the beach, it is approx. 20km to the beach. However, there is also a bus. The development is in the country. Very close to Lisbon. The tenants i would imagine would be mostly coming from Lisbon with a large population. It doesn't matter if it is the bottom end holiday camp as long as you get a genuine rental yield and capital appreciation and of course are able to re-slae, hopefully this will be the case. Isn't any property investment a bit of a risk. It has some positves and some promises, it remains to be seen how it goes. The price i know now there are selling for almost €10k mor than they were 1.5 years ago.
 
Re: Palmela village Portugal

Hi I am about to close on a studio apt in this development. Most of the feedback from this site appears to be quite negative about this development and I am hoping that it is a good investment. I understood that Pelicano were the only developers so far in this complex and they appear to be ok? I would be interested in hearing from any other people who have invested in this development.
 
Re: Palmela village Portugal

I am also investing in this resort. I visited there in January and all seemed in order. I believe several other Irish people have invested also and I would like to get in touch to share knowledge. We dont seem to have an way to get in touch. Any ideas?
 
Re: Palmela village Portugal

I was recently advised of a delay in the legal transfer because of delay in issueing tourist license by Palmela council. I expected trasfer to have happened by now and had booked to travel there mid-may.

I've decided to go to the Algarve anyway and take a car to Palmela and inspect my proposed investment. While there I can take a peek at other investors property if you get in touch by email to <email address removed, please use PM facility> before Mat 15th - Moderator this is not a commercial for service.

I tried the site kindly mentioned by Sarah but no luck.
 
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Re: Palmela village Portugal

I bought a one bed here, which is closing this friday, I have was at the resort last Feb, it seems great, a lot of the units from Phase I was in use. Once the resort is fully complete I reckon it will be very nice. Also very close to Lisbon, about 20 minutes - 30 minutes.

I have found Larionova good to deal with, had a few issues along the way, but they always did there best to find a solution.

Feel free to contact me if you have any more specific questions.

Also if anyone else bought here I would be interested in hearing from them about their experience
 
Re: Palmela village Portugal

infacta,

What did you find on your trip in May ?.
 
Re: Palmela village Portugal

My wife and kids flew to Lisbon yesterday for a 5 week stay in a property we bought about an hour north of Lisbon; they flew with Aer Lingus and they were cheaper than Ryanair flying to Porto. I've also used the Porto flight with Ryanair and while it is a 3 hour drive from Porto it is all on motorway with very little traffic. I would even look at the option of flying in to Faro if the prices were cheaper and that would be a 4 hour drive.

Also, the government are looking at the option of building a new international airport at Ota, do a search on this but it's a long term plan so may not be relevant (and it may never happen).

Friends of mine have been in this area for the past 3 weeks and the weather has been fabulous (30+) every day with one morning where there was misty rain, they are right on the coast.

My preference would be a property on the Eastern Algarve (less developed) but after spending 10 months searching I determined that the best value was on the Silver Coast. This suited my requirements, yours may be different. Be sure to visit any properties you may be interested in. It's worthwhile doing a reconnaissance visit just to see the areas that you are interested in as your requirements may change...ours did.

Good luck.

limerickmick said:
try booking a flight to lisbon!! seems to be expensive and no low cost carriers seem to be flying into city but could work out expensive if intention is to use personally.i was in albuferia, algarve a couple of months ago and 1 bedroom properties aroud 125000 so not as attractive as larionovo's literature seems to suggest . weather also not as good as algarve.
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Re: Palmela village Portugal

Hi Fergald24,
I too have purchased a 1 bed apartment in Palmela Village and would like to contact other buyers.
Spin
 
Re: Palmela village Portugal

galwegian44 said:
My wife and kids flew to Lisbon yesterday for a 5 week stay in a property we bought about an hour north of Lisbon; they flew with Aer Lingus and they were cheaper than Ryanair flying to Porto. I've also used the Porto flight with Ryanair and while it is a 3 hour drive from Porto it is all on motorway with very little traffic. I would even look at the option of flying in to Faro if the prices were cheaper and that would be a 4 hour drive.

Also, the government are looking at the option of building a new international airport at Ota, do a search on this but it's a long term plan so may not be relevant (and it may never happen).

Friends of mine have been in this area for the past 3 weeks and the weather has been fabulous (30+) every day with one morning where there was misty rain, they are right on the coast.

My preference would be a property on the Eastern Algarve (less developed) but after spending 10 months searching I determined that the best value was on the Silver Coast. This suited my requirements, yours may be different. Be sure to visit any properties you may be interested in. It's worthwhile doing a reconnaissance visit just to see the areas that you are interested in as your requirements may change...ours did.

Good luck.
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Having lived for in Portugal for over a year now (6 months near Tabua in north central Portugal, 7 months in the Algarve and now 3 months near Tomar in central Portugal where I´ve finally bought a home) I would totally agree with you that North of Lisbon is much nicer than the Algarve, cheaper property (and a much more diverse choice than the bog standard apartments or villas) less crowds, gorgeous scenery and overall a better holiday choice. You don´t need to be by the sea - I go swimming in the Castelo de Bode lake most days which is clean, warm, safe and for the most part deserted......

Sarah W

www.chavetejo.com
 
Re: Palmela village Portugal

Hi all,

We have brought a studio apartment at Palmela Village, it is our first time buying abroad, we visited the complex back in september 2007 and it did seem very nice.
Our studio is due for completion in september 2009, But recently the company we brought through has come in to a lot of bad press and now we are both feeling very nervous and unsure if we made the right decision.
I suppose only time will tell.
Has anyone been there recently?
How is everything looking?
Would love to hear from anyone who has brought on Palmela, esp anyone who has brought a studio apartment.

Many thanks

Dopey & Boo
 
Re: Palmela village Portugal

Hi All

I too have purchased a 1 bed apt in this development through Larionova. I found them quite good to deal with, a few issues but all in all ok. I have completed the purchase and I am heading over there this Wed 13th Aug. I will be taking a few photos of the Development. I have been looking at buying in Portugal for sometime and have visited it on several occassions. The feed back I have recieved about the surronding area is excellent. Dispite what this thread has to say I find that the Building Laws and building standards in Portugal are far better than what you get in Ireland or Britian. Yes, there is scam artists there also but you need to do your research before you buy.

Yours waiting to retire

Tom
 
Re: Palmela village Portugal

Tom - any update on your trip. My wife and I have bought a studio apartment. she is going out in a few weeks for the first time since it completed. We did visit before buying and liked the complex and the area.
 
Re: Palmela village Portugal

hi, Just looking for some advice. we purchased 2 apartments in palmela village and we paid initial deposit of €8,000 and a further €32,000 when we recieved mortgage approval. at the start of this year we were asked by larionovo to reapply for our mortgage at the start of this year as so much time had passed since the initial approval. . we have submitted our documents 3 times this year as they said they had lost our information . we were then asked for a further €8,000 around april time. This was solocitors fees etc to close the deal as the apartments were nearly ready. we were reluctant to send this as we werent sure we had mortgage approval. so finally after many phone calls we were finally told last week that we did not get mortgage approval. Yesterday we were told that we are not entitled to our €40,000 back either. they said that it was in the contract that if we did not close the sale within 60 days we were not entitled to our money back. we could not have closed the sale because the apartments were't built in 2006 and we have a document saying they expected them to be ready in 2007. as you can imagine we are devestated and feel we have been badly represented by the sellling agents. has anyone had this kind of experience? of offer any advice to resolve this issue? thank you
 
michellemck said:
hi, Just looking for some advice. we purchased 2 apartments in palmela village and we paid initial deposit of €8,000 and a further €32,000 when we recieved mortgage approval. at the start of this year we were asked by larionovo to reapply for our mortgage at the start of this year as so much time had passed since the initial approval. . we have submitted our documents 3 times this year as they said they had lost our information . we were then asked for a further €8,000 around april time. This was solocitors fees etc to close the deal as the apartments were nearly ready. we were reluctant to send this as we werent sure we had mortgage approval. so finally after many phone calls we were finally told last week that we did not get mortgage approval. Yesterday we were told that we are not entitled to our €40,000 back either. they said that it was in the contract that if we did not close the sale within 60 days we were not entitled to our money back. we could not have closed the sale because the apartments were't built in 2006 and we have a document saying they expected them to be ready in 2007. as you can imagine we are devestated and feel we have been badly represented by the sellling agents. has anyone had this kind of experience? of offer any advice to resolve this issue? thank you
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This is one of the questions i put to our solicitor when he received our
contracts -

Q. What would happen if you were not in a position to draw down the mortgage at the completion date?
A. In order to claim any monies back (the amount paid as a down payment) you would need to have a clause included in the contract that would establish that refusal from the bank as an acceptable reason to withdraw from the purchase otherwise point 1 is applicable.
Please advise if you would like us to negotiate on this point
 
Re: Palmela village Portugal

Thank you for your reply... We feel very stupid and naive.. And not getting much support or help from larinovo. We had a verbal agreement from the seller that if our mortgage wasn't approved our money would be returned to us. as we had gotten mortgage approval in jan 06 we just assumed that was it .. all systems go. We had no idea we would have to reapply.
 
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