Land / building costs

Guest 2 · Post by **Guest 2** » Mon Apr 28, 2003 5:53 pm

What is the trend with regards land cost in the area and what is the approximate cost to develop land in Carvoeiro. I believe I read somewhere that they are in the region of Euro 80 per mtr. Is SISA tax payable on the transfer of land in the same way as developed property? Lastly- is there a requirement to develop land within a certain timeframe?

Thank you to anyone who can provide some indicative answers

Guest · Post by **Guest** » Mon Apr 28, 2003 9:55 pm

WELL LAND COSTS ARE ONE THING BUT DONT FORGET THE COST OF
WAITING FOR THE LICENCE...ONE BUILDER I KNOW WHO IS NOW BUILDING AN APARTMENT BLOCK IN FERAGUDO HAD TO WAIT TEN YEARS FOR THE RIGHT PAPERS.....YOU HAVE BEEN WARNED!!!!

biffa · Post by **biffa** » Tue Apr 29, 2003 2:29 pm

Urban land, that is already with outline building permission is difficult to com by in Carvoeiro. The odd plots that exist will fetch what people will be willing to pay. In some cases old houses have been bought just for the plot and have been demolished for a new build. Plots with sea views are very pricey.

Build prices vary a lot depending on finish. Also as building slows down some builders will reduce cost if short of work. Beware of the low prices offered as sometimes the builder will simply stop if he runs out of profit!

I don't think a good finish is possible under Euros600 per square metre covered area but best ask some one like Vernons Esatte Agents who have recent building price experience.

Sisa rules are about to change - see the Finance Section but in principle sisa tax is payable at present at a flat rate of 10% on urban land.

Once a detailed plan is approved by the Camara and licence issued then a time frame to complete applies.

Guest2 · Post by **Guest2** » Tue Apr 29, 2003 9:06 pm

Thank you Biffa for your usual common sense useful information.

The land in question is 1600 sq mtrs and the asking price Euro 190,000. It is urbanised. It seems a little pricey (
?????) but the position is good.

Guest · Post by **Guest** » Tue Apr 29, 2003 11:03 pm

pricey...its disgusting...you can buy a new house in pera on an urbanisation with 600 sq metre for 225000

the only time i heard of such prices is in lala land in quinta do largo where the land values are based on how many millionares live next door

biffa · Post by **biffa** » Wed Apr 30, 2003 12:08 am

This is the original contentious subject! I agree that Euros190k is pricey.

How do you quantify value? I know a guy who paid £150k back in 1991 for a cliff top site - was he crazy? I really don't know. 1,600 metres in Carvoeiro is a pretty good size plot and doesn't really bear too much relationshiop to 600 metres in Pera. Much depends where it is,

Do you think it is worth it? You will have to build a 250 sq mtr house (at least) to justify the plot and price. Plus pool, landscaping, fittings etc. You must end up with a Euro380k house = 250k sterling. Take a look at resales - it would probably fetch 300k plus before you turned the key in it!

All I know is that I have been here over 20 years and keep saying "if only I had bought that"!!

Land / building costs

Land / building costs

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Land