The Alojamento Local system is a failure by any measurement with only around 30% of property owners bothering to register on the scheme launched in 2008.
One reader challenged Dear Ed to come up with a ‘five minute solution,’ so here it is. These thoughts on the failed Alojamento Local system and how to fix it, in fact took 15 minutes to write down in draft form. Please add your constructive comments at the end in the Comments section.
Following on from the feature article on algarvedailynews.com: ‘Espírito Santo clan fights to keep control of Comporta Estate - whatever it takes,’ rumours now are rife in Lisbon that, as predicted, a bid has been entered for one of the companies that controls the Comporta estate – a bid that is deliberately low and one, that under the company articles, can be matched by the existing family shareholders to get the estate back under Espírito Santo family control at a rock bottom price.
Inexplicably, on September 16, 2016, the Luxembourg administrator announced Rioforte’s shareholding in the two Comporta estate companies had been released for sale.
The Comporta Estate, the former 'jewel in the crown' of the Grupo Espírito Santo empire, the summer playground of its family members with miles of pristine beaches and development land has become a battleground with 'the clan' using every trick in the book to regain control of the business.
The dream fell apart in July 2014 when Banco Espírito Santo, run by clan chief Ricardo Salgado, went bust after reporting a record net loss of €3.58 billion due to its exposure to a tightly controlled network of Grupo Espírito Santo companies.
While early November has seen sterling rally a little against the euro, the pound's value has been heading broadly downward ever since the 'leave' result of the UK's referendum to leave the EU. On 5 October the pound fell to a five-year low against the euro and on 17 October it hit a six-year low.
With Brexit negotiations and political upheaval set to continue for at least the next two or three years (if not longer), the impact on UK citizens is significant. This is particularly so for those who have previously purchased a timeshare property elsewhere in Europe. These families are now finding themselves faced with maintenance bills in euros that are substantially more expensive than they were this time last year, due to the fluctuations in the exchange rate.
A selection of November's new listings from award winning Algarve estate agent, Exclusive Algarve Villas.
According to the most recent report published by Allied Market Research, the global spa services market is forecast to reach an incredible $154.6 billion by 2022.
Far from being a rare indulgence for the affluent, wellbeing has increasingly become a part of everyday life for many around the world with a marked rise in demand for medical spa treatments a key driver of this shift.
At SeaToSky Homes we focus on the areas of Silves, Lagoa and Lagos through to the west coast of the Algarve. Juliet, Tania and Natasha work together as a team to help buyers find their ideal property across the region. Together we have well over 20 years experience in the local property market.
Natasha focuses on the western Algarve, particularly the Lagos to Sagres region, which features the quaint fishing villages of Luz, Burgau and Salema, plus the stunning coastal area of the Costa Vincentina Natural Park with its pristine beaches and wild beauty.
With its economy rebounding and property prices on the up, Portugal is setting about building a future that guards against the economic vulnerabilities of the past.
One method of doing so has been to court wealthy foreigners by promoting the attractions of property ownership in Portugal and the Portuguese lifestyle, as well as the Iberian nation's value as an entry point into the Schengen Area.
