Description
Urban building located in Portimão, in a very privileged location, offering marvellous views over the River Arade.
It is only partially accessible, and access to the interior is currently somewhat complicated due to the partial collapse of part of the 1st floor structure.
It occupies a prominent position and has 4 shops on the ground floor, with 39.5m2 each, for commercial use and a 1st floor with 158m2 for residential use.
Due to its privileged location in the Urban Rehabilitation Area (ARU), this property will benefit from the tax benefits inherent in this classified area of intervention. There are 316m2 of covered area awaiting a regeneration project, like those that Portimão is already experiencing in various locations, where modern and highly successful urban interventions, such as the neighbouring ATRIUM Arade (formerly Edif. MABOR), have brought new life, new services and new commerce.
Given its proximity to the River Arade, right at the entrance to Portimão for those who use the "Old Bridge" as an access, this property has exceptional views over the river and the riverside promenade that stretches, in its prime area, from the railway bridge to the square of the famous Casa Inglesa café. Close to the city centre, it offers all public services, banks, shops, shopping centres and a variety of restaurants within walking distance.
Portimão City Council began a process of rehabilitation for the city, initially considering in 2008 the delimitation where this property is located, known as ACRRU - the limit of the four-century belt built during the reign of King Afonso V, and later in 2015 the wider area known as the "urban rehabilitation area" (ARU), aimed above all at rehabilitating the building, within an articulated framework of coordination and support for the respective execution, within a period of 10 years (until 2025), which can be extended for a further five years.
In summary terms, the tax benefits for properties, such as this one, located in the ARU that have undergone urban regeneration work are as follows (among others - you can check this information on the Portimão City Council website):
- On the buyer's tax at the time of purchase
Exemption from IMT on the purchase of property for redevelopment, where the work begins within 3 years of the purchase.
- On the purchaser's capital gains, in the event of a sale
Taxation at the autonomous rate of 5%, when these are entirely the result of the sale of rehabilitated properties in the ARU.
- On the new buyer's tax, in the event of a sale
Exemption from IMT on the first transaction following rehabilitation, in the case of properties used for renting out for permanent habitation or permanent own habitation.
- During the rehabilitation work
Taxation at the reduced rate of 6% for urban regeneration works carried out on properties or public spaces located in ARUs (list I, annexed to the CIVA).
- On the purchaser's income tax
Deduction from the owner's personal income tax of 30 per cent of the costs incurred and related to the refurbishment, up to a limit of €500.
- On the purchaser's property tax, for housing or permanent rental
Exemption from IMI for 3 years from the year of completion of the works, renewable by decision of the Municipal Assembly for a further 5 years, in the case of properties used for permanent rental or permanent own housing.
- The acquirer's property tax, for non-permanent rentals
Property income resulting from the lease is taxed in IRS at a reduced rate of 5 per cent.
