Management of Your Property

If you own an apartment or townhouse then there is general resort charge of €395 + VAT; if you own a plot of land or villa, then the charge is between €600 and €1,000 and is dependent upon the size of plot. This is a contract between you the owner and Beltico SA, the resort developer. This contract has a cap in place which limits any rises in value to the rate of inflation, as published by the Portuguese National Institute of Statistics.

For all properties, the service charge is to cover the expenses associated with keeping the general resort in first class condition. It covers such functions as (but is not limited to): cleaning of main roads, maintenance of resort green areas, maintenance of the children’s playground, cleaning of the beach, provision of lifeguards on the beach, garbage collection, resort security, public lighting on resort roads, and general communication with owners.

There is an annual condominium charge that varies according to which location you own within the resort and what services are required.

The charge covers all the expenses related to the maintenance and services associated with the upkeep of the “common areas” within your particular condominium. These include (but are not limited to) gardens, pathways, swimming pools, garbage collection, condominium administration, required common insurances. The charge includes the legal requirement of a Sinking Fund to cover exterior repainting of the properties and any extraordinary costs.

As in a sharehold property in the UK, the management company, in this case a wholly owned subsidiary of Beltico SA, will administer the condominium. However, Beltico SA will also appoint a willing owner to become president for the first year, as required by local law. At the yearly AGM, to which all owners must be legally invited to attend, the forthcoming year’s budget, president and appointment or re-appointment of the management company must be decided upon.