Algarve, Silves, Portugal

RENOVATION PROJECT | SILVES HISTORIC CENTRE | 240 M² | APPROVED PLANS | THREE DESIGN OPTIONS | ARU

A rare opportunity in the heart of Silves

In the historic centre of one of the Algarve’s most iconic towns, a building with character and potential awaits. Set on a 120 m² plot with a gross floor area of 240 m², this property — currently in a state of consolidated ruin — presents an exceptional opportunity for those seeking to build value from the ground up: walls steeped in history, a location that needs no introduction, and a fully approved comprehensive renovation project.
The absence of bureaucratic constraints allows the buyer to proceed directly with the construction work, with complete clarity regarding the building’s structural and architectural potential.


Three scenarios, one decision

The approved project offers three distinct configurations, adaptable to the buyer’s profile and objectives:

1. Investment in two independent apartments Two high-end, self-contained apartments: a 103 m² two-bedroom flat on the ground floor and a 130 m² two-bedroom flat on the first floor, the latter featuring a private internal courtyard and exclusive access to a 72 m² rooftop with a swimming pool and panoramic views over the rooftops of Silves and the surrounding hills.

2. Prestigious detached house (four-bedroom) For those who prefer a main residence with a unique character, there is an alternative project — equally well-designed and ready for implementation — which transforms the building into a spacious four-bedroom detached house, combining traditional architectural identity with contemporary finishes of the highest quality.

3. Mixed-use: retail and residential A third configuration provides for the installation of retail space on the ground floor, with a prestigious residence on the upper floor — a solution particularly suited to self-employed professionals or small business owners wishing to combine an office or studio with a residence in a single landmark property.


Location and tax context

The property is situated within an Urban Regeneration Area (ARU), a status that allows the buyer to access significant tax benefits under current Portuguese legislation: a reduced VAT rate of 6% on renovation works, exemption or reduction of IMT (Property Transfer Tax), and benefits regarding IMI (Property Tax).

Silves combines historical authenticity, tranquillity and accessibility: 20 minutes from the beaches of the Algarve coast and 45 minutes from Faro International Airport.

In addition, there is the option to purchase a 40 m² enclosed garage nearby, with space for two vehicles — an asset of added value in a historic centre where parking is, by nature, scarce.


To receive the full project dossier, floor plans and detailed information on the applicable tax benefits, please contact me directly.


At iad, we work in collaboration with all consultants and estate agents, always in the best interests of our client-owners. We advertise properties on over 200 national and international property portals. If you are a professional in the sector and have a qualified buyer, please contact me to arrange a viewing.
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