Luxury Apartment Complex for the Over 55's

Description

Situated in the centre of the Algarve, Luz Living is some 5 minutes to the central motorway link, 1hrs to Faro Airport and 5 minutes to the local railway station.

New Luxury Apartment complex for over 55's

The Development

Luz Living’s ethos is one of participator involvement from both its shareholders and potential customers/residents. From architect selection to design choice, to the definition of on-site facilities, a broad range of stakeholders have been consulted. These participants have come from five continents, a dozen nationalities and been investors, shareholders, potential buyers and future long-term residents who either wish to buy or rent.

Description

What is Luz Living?

The Algarve's first coastal residential luxury condominium
There are only 38 properties available in this unique project. We are looking for a further 30 residents or investors (we have a waiting list for rental units) to form the Luz Living community.

1-bedroom garden apartments with pool views, of up to 60m² (640 sqft) plus outside terrace/garden areas up to 60m² (640 sqft) starting at €275,000 including garage worth €17,500 and private lock-up storage

2 bedroom, 1 bathroom apartments with pool and garden views, of up to 76m² (810 sqft) plus outside terraces of up to 39m² (420 sqft) starting at €475,000 including garage worth €17,500 and private lock-up storage (see special offer * below)

2 bedroom, 2 bathroom apartments with pool and garden (and in some cases a small sea) views, of up to 96m² (1030 sqft) plus outside terraces of up to 39m² (420 sqft) starting at €549,000 including garages worth up to €35,000 and private lock-up storage

2 bedroom, 2 bathroom apartments with sea, pool and garden views, of up to 92m² (990 sqft) plus outside terraces of up to 17m² (183 sqft) starting at €549,000 including garages worth up to €62,500 and private lock-up storage

Full planning. Building license has been issued. Completion estimated by Q4 2023

What purchase options do you have?

STANDARD PURCHASE: Pay a reservation, sign promissory contract, make stage payments and pay 40% on completion. Prices from €275,000
DISCOUNTED PURCHASES*: 10% discount on five (5) ground floor 2 bedroom, 1 bathroom apartments, priced at €485,000 (prices with early discount €436,500), for reservations signed before October 15th, 2021
INVESTOR OFFER: after completion, we will resell your unit, and after deducting the remaining 40% from the sales proceeds, we will share the profits 60-40% in your favour

Following the issuing of the construction license, we have launched a unique investment opportunity as we think that the project will appeal to both investors and those who wish to reside there full-time.

The investor option: a worked example

Apartment price: €549,000
Reservation: €10,000
10% (less reservation) on promissory contract: €44,900
5 stage payments of 10% (€54,900) each, spread over 2 years. Total stage payments: €274,500
For investors, 40% (€219,600) deferred until resale
If apartment is resold for €650,000, then you will earn 60% * (€650,000-€549,000) = €60,600
This would be an estimated 27.6% return on your capital invested (based on an average investment of €219,600 over a 2 year period)

Please note that even if you initially buy to live and later circumstances change and you decide to resell, that decision can be taken on completion

Construction is scheduled to get under way soon, and final completion is estimated end of 2023. Reservations are being accommodated now with leaving a reservation fee.