LAGOS, REDONDO, PORTUGAL

LAGOS, REDONDO, PORTUGAL

Population

10.07 million persons

PopulationGrowth

0.180%

Land Area

91,640 sq km

Currency & exchange rate

1 Euro = 100 cents

(~ 0.664 GBP)

GDP-PPPMethod

148,785.0 millions of US dollars

GDP Growth

1.52%

GDP Per Head

14,781.0 Thousands of US Dollars Per Person

Financial

Interest Rate

Inflation Rate

3.3%

National Bank

Banco de Portugal

Political

The government has been a republic since 1910, with the current president being Jorge Fernando Branco de Sampaio since 1996. The head of Government is the Prime Minister Jose Manuel Durao Barroso since 2002.

After general elections were held on 17 March 2002. The elected head of government, Prime Minister Durao Barroso, formed a coalition government with the Popular Party in April 2002. The next elections are due to be held in 2006.

The coalition government’s programme includes cutting public expenditure and making public accounts more transparent, while meeting the terms and conditions of the European growth and stability pact. The Government has pushed ahead with an economic programme reform designed to reduce the budget deficit, despite public opposition and economic recession.

Social Security

Yes

Languages

Portuguese, English spoken in business areas

Customaries

Often overshadowed by its much larger eastern neighbour, Spain, Portugal has its own distinct language, identity, customs, landscapes and scenery. Despite the encroachment of tourism, it remains one of the least spoilt corners of Europe.

The Portuguese way of life is leisurely, and old-fashioned politeness is essential. Warm, Latin hospitality is the norm. The country has a deeply individual national character, although each province has its own traditions and folklore. Casual wear is widely acceptable, although beachwear should not be worn in towns. In restaurants, it is usual to smoke only at the end of the meal. Smoking is prohibited in cinemas, theatres and on buses.

Ethnic Make-up

99% Portuguese, 1% African

Tax

Income Tax

Capital Gains Tax

Non-Residents are subject to personal income tax arising on income in Portugal.

Individuals are considered resident if they have a dwelling in Portugal, which may imply their intention to use it as their habitual residence.

Taxable income (€)		Tax on lower amount	Rate on excess
Exceeding (€)	Not exceeding (€)	(€)	%
0	4,100	0	12
4,100	6,201	492	14
6,201	15,375	786	24
15,375	35,363	2,987	34
35,363	51,251	9,783	38
51,251	-	15,821	40

Taxable capital gains that are not specifically exempt or taxed separately are taxed at the ordinary rates listed. Capital gains derived from a personal residence are tax exempt if the proceeds are reinvested in another personal residence in Portugal within 24 months after the sale or 12 months prior to the sale.

Description

Portugal has traditionally based its economy on textiles, wine, clothing, wood products, metalworking and chemicals. However, a recent boom in the electronics, energy and telecommunications sectors has helped the economy in a complementary manner. These are likely to continue expanding and helping to broaden the economic base.

Major trading partners are the US, Brazil and the EU (especially Spain, Germany, France, & the UK). With its integration into the EU economy, Portugal achieved a dramatic economic turnaround from the early 1970’s. During the last ten years, the Portuguese economy has achieved some of the highest growth rates amongst EU and OECD countries. Portugal is the UK’s 26th largest export market with the UK also being one of the biggest foreign investors in Portugal.

Investor Profile:

Cash & Equity Investor

Pension Investor

Holiday Investor

Retirement Investor

Downshifter Investor

Business Investor

Category:

Gold

Population:

Total

British

90,000

2300

Climate:

Hours of Sunshine Per Day in Summer

Days of Rain Per Year

January

July

Average

Water Temp.

15C/59F

28C/82F

20C

Proximity to:

Airport

Beach

Nearest City

100km

Arrive at Lisbon or Faro and make your journey towards Lagos by bus.

Meia Praia, Praia d'Ana and Porto do Mos

Portimao

Restaurants and bars:

Searching out new restaurants is marvellous, most have tables outdoors in season, set beneath fragrant orange trees in the square or lined along the edges of the narrow streets. There is a fantastic selection with many specialising in fresh fish, which is delicious. Lagos has an excellent nightlife, centred around the old town. Merely wandering through the maze of winding streets soaking up the atmosphere is entertainment enough but you will come across a good choice of bars and disco's to suit a variety of tastes.

Sports and leisure facilities:

Windsurfing at Meia Praia, and the Praia da Luz Sea Sports Centre offers scuba-diving, sailing, fishing and snorkelling. Tennis, squash, swimming pools and a bowling green.

The Palmares18-hole golf course is situated east of Lagos. Bird-watching can be arranged at various protected reserves in the area.

Transport:

Public Transport

Roads

Good network of buses and taxis available

New roads that have made travel faster

Crime rate:

Very low

Main types of employment

Services and tourism. Some farming.

Future plans:

In some areas, property prices have risen by nearly 40% in the past two years. Still billed as one of the cheapest areas in Western Europe, the prices are slowly starting to rise on the scale to correspond with the Euro.

Yield range

12 – 21%

Type of property

Entry Price

Rent-

Peak

Rent-

Off Peak

Average Annual Yield

2 bed apartment

£40,000

£800

£600

21%

3 bed apartment

£70,000

£900

£800

13%

3 bed townhouse

£130,000

£1100

10%

Detached

£100,000

£1100

£900

12%

Demand for letting

Peak

Off peak

Very high

Moderately high

Finance and leisure scores:

Total (out of 10)

Financial (out of 5)

Leisure (out of 5)

Flights scheduled from:

All major cities and some smaller airlines fly to the Algarve from smaller cities. Many flights frequent this part of Portugal from the UK and is a popular holiday destination for Brits.

Typical cost of flights:

Peak

Off Peak

100 – 200 GBP

60 – 100 GBP

Operators:

Easyjet, ryanair, basiqair, Air Luxor, First Choice holidays, Air2000

Description:

Lagos is the third largest town in the Algarve, straddling the river Bensafrim and surrounded by the most beautiful, unspoilt countryside. It's a spacious town with a maze of winding cobbled streets full of pavement restaurants, café bars, antique and art shops.

Yields are very high for the smaller sized properties so go for these. Inflation is a little bit high which should help property prices along and increase above the national rate. I struggle to find what’s wrong with this place. If I was pushed I would say that demand tails off for some of the off peak season. Otherwise the yields are great, the properties are of good value, there’s loads to do, it has low crime rates and it’s easy to get to – what more do you want!

Hot Website:

http://www.valegrifo.com/vglagos.htm

Estate Agents:

Name

Address

Tel

Web

RS Propriedades

Rua Dr. Paulo J. Godinho, Lote 5 - Loja C, 8600-774 Lagos Portugal

+351 282-768-821

www.portugal-forsale.com

Portugal villa