Portugal has been in the news this week, buckling under austerity measures. This has prompted The Life to take a look at the property market there.
A number of families have been forced by - among other things - recent tax measures and liquidity problems to put their ancestral estates on the market, including this one from the 18th and 19th century just outside the pretty town of Sintra, a world heritage site. The asking price is €26 million (Dh124.9m), although the current owner is likely open to negotiation.
Originally owned by the family of the Dukes of Palmela, the property was acquired after the Second World War by António Cardoso dos Santos Loureiro as a reward for his help over difficulties in France.
António Oliveira Salazar, ruler of Portugal for 40 years, was a close friend of the family and frequent visitor to this estate. The house is located in Linhó, halfway between Estoril and magical Sintra.
Importantly for potential proprietors, the house is located just five minutes from Tires executive airport. It's also 20 minutes from Lisbon International Airport. The beaches and golf courses of Estoril and Cascais are five minutes away by car.
The realtor describes the estate as having a "majestic main entrance" leading to the principal house which has two main living/reception rooms, library, dining room, kitchen, 10 bedrooms with nine bathrooms, extensive staff quarters, garages as well as many different garden areas which include a covered swimming pool. The property also has its very own church. Within the property there are numerous agricultural buildings that can be converted into, say, flats. This makes the property ideal as in investment.
The estate also benefits from its location outside Sintra, escaping the town's humidity. It's also situated on the south side of a hill, benefiting from the sun.
For potential owners with children, the house is also close to a private American school.
lgutcher@thenational.ae
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Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
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Sectors: Internet, e-commerce
Investments: Grants/private funding
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Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
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Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
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Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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