Joining forces helps buyers secure £1m Portugal property

Monday, 6th October, 2008 by admin
A couple from Scotland have been able to get their hands on a £1 million Portugal property – by buying jointly with friends.

Neil Buchan and Lisa Colrain from Cambuslang near Glasgow joined with two friends to each take a one-third share in the Algarve property, the Sunday Mail reports.

Although the payments on it equate to £3,000 a week, the property sleeps 18, meaning four families can stay there at any time for £750 per week.

This means the owners can take breaks there while also renting it out to families and groups of friends who wish to stay.

Mr Buchan, a builder, told the paper: "The house is stunning and so private – there are electric gates at one end and most people who stay tell us they rarely leave the house."

Long-term trends for Algarve property also show that it is prone to growing rapidly in price.

Architect Robin Crosland told the Portugal News Online last week that the Praia da Luz Ocean Club resort apartments have seen values grow to 20 times their original 1982 price.

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