Building for buy in Portimão

Building with backyard, dedicated to housing and services, for investment.

Located on the riverfront, in a prime area of the city, in the extension of the Atrium Arade building, towards Ponte Velha.

In an advanced state of degradation, it is located in front of the river and city park.
Total area: 316 m2; Number of floors: 2
Consisting of 4 stores on the ground floor, with 39.5m2 each, intended for Commerce and a 1st floor with 158m2, used for Housing.
Price: €850,000

Given its excellent location - front overlooking the river, historic area of the city, centrality and tourist hub in the midst of rehabilitation - this property constitutes, in itself, enormous potential in terms of reconstruction or, perhaps preferably, demolition and targeted construction for the exploration of a business center with different values and functionalities, hotel unit, residence for students or whatever type of business area according to each person’s dreams and imagination.

However, because it is located in a historic and urban rehabilitation area (ARU), the interventions to which it is subject will be able to benefit from a significant set of support and tax benefits, which constitutes an added value for any investor.
This situation will always have to be subject to prior consultation with the respective services of the Portimão municipality.

ARU - Urban Rehabilitation Areas -

«Urban rehabilitation area means the territorially delimited area which, due to the insufficiency, degradation or obsolescence of buildings, infrastructures, equipment for collective use and urban and green spaces for collective use - particularly with regard to to its conditions of use, solidity, safety, aesthetics or healthiness - justify an integrated intervention, through an urban rehabilitation operation approved in a specific instrument or in a detailed urban rehabilitation plan...»
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TAX BENEFITS:

a) Exemption from municipal tax on properties for a period of three years, counting from the year inclusive of the completion of rehabilitation works, which may be renewed, at the owner’s request, for another five years in the case of properties allocated for lease for permanent housing or own permanent housing;
b) Exemption from municipal tax on the onerous transfer of properties in the acquisition of properties intended for rehabilitation interventions, provided that the purchaser begins the respective works within a maximum period of three years from the date of acquisition;
c) Exemption from municipal tax on the onerous transfers of properties in the first transfer, subsequent to the rehabilitation intervention, of a property to be rented for permanent housing or, when located in an urban rehabilitation area, also for permanent housing;

PORTIMÃO (Municipality) - EQUIPMENT:

In addition to the equipment specifically designed for sun and beach tourism, it is also equipped with a set of infrastructures of relevant and significant interest for the development and progress of not only the municipality but the region itself - Algarve.

* Algarve International Circuit
- a 4,692 km (2,916 mi) racing circuit located approximately 16 km from the center of Portimão, in the parish of Mexilhoeira Grande.
It became known for hosting the Formula 1 World Championship in 2020, won by Lewis Hamilton, who broke the race track record with 1:16.652.

* Portimão Municipal Aerodrome
- one of the main aerodromes in Portugal, located in Montes de Alvor, Portugal, seven kilometers from Portimão.
Its main activity, in addition to regular flights (light planes and helicopters), extends to parachuting experiences, panoramic observation flights and aerial advertising in addition to those linked to civil and medical emergency situations.

* Commercial Port of Portimão
- Essentially aimed at tourism, as a transit point and destination for cruises.