Apartment in Faro – Two countries, two incomes, one mortgage
Anonymised case report: Apartment in Faro – Two countries, two incomes, one mortgage. Mortgage financing for non-residents.
What makes an apartment in Faro attractive in terms of airport, medical care and short distances?
Faro offers excellent infrastructure, an international airport, modern medical care, cultural amenities and short distances within the town. The provincial capital combines a historic old town with a university location and lively city life throughout the year, and shops, restaurants, doctors and the marina are within walking distance of the apartment near the old town.
652,000 € price, 408,500 € loan, 321,500 € own funds
The purchase price was 652,000 € and the renovation 39,000 €. The financing required was 408,500 € and the equity 321,500 €.
Plan modernisation with equity or German property: As a rule the Portuguese bank does not co-finance modernisation — it belongs in the overall plan: equity or raising capital against German property.
Arranged by Perini Finance & Property: Perini Finance & Property — German-speaking, operating under the §34i GewO licence held by Olga Nikushkina, Portugal through a locally licensed intermediary; 30+ banks approached per case. First call free; on completion 1 % of the loan amount.
Purchase price: 652,000 €; Renovation: 39,000 €; Financing required: 408,500 €; Equity: 321,500 €.
Anonymised case figure · not a binding statement for other projects · §34i GewO
Typical, anonymised case. Names, places and individual financing figures have been adjusted to protect privacy. The process reflects a typical advisory situation for non-resident financing in Portugal.
Urban living in the heart of the Algarve: Faro is far more than just the gateway to the Algarve. The provincial capital combines a historic old town with modern infrastructure, a university location, an international airport and a lively city life throughout the year. Anyone who wants to live permanently in Portugal and values short distances and excellent services will find ideal conditions in Faro.
This practical case shows how buying an apartment in the city centre can be financed over the long term and on a solid basis.
To Faro within four years, working remotely until then
A couple from Lower Saxony – she a doctor, he an industrial engineer – planned to move their centre of life fully to Portugal within the next four years. Both wanted to continue their professional work partly remotely until then and afterwards enjoy retirement on the Algarve.
After an intensive search, they chose a generous apartment in a modern residential building near the old town of Faro. They were particularly convinced by the walking-distance access to shops, restaurants, doctors and the marina.
From a 652,000 € price to a 730,000 € total investment: Purchase price: 652,000 €; Additional costs: 39,000 €; Renovation: 39,000 €; Total investment: 730,000 €; Equity: 321,500 €; Financing required: 408,500 €.
A flat sold, the securities portfolio meant to stay
The buyers had equity from the sale of an apartment as well as long-term securities investments. Nevertheless, part of the assets was to be deliberately kept invested in order to secure financial flexibility for retirement.
Before moving in, the apartment was to be adapted to their personal living ideas.
39,000 € for kitchen, bathroom and a quiet home office: The apartment was in good technical condition. The planned measures focused on comfort and everyday practicality.
Planned were a new high-quality fitted kitchen, the modernisation of the main bathroom, intelligent climate control, made-to-measure fitted wardrobes in the bedroom and the fit-out of a quiet home office with integrated network cabling and additional storage solutions.
As all work was calculated in detail before the contract was signed, it could be fully incorporated into the total investment.
About 63 % on loan, costs and works paid from equity
The financing was set at around 63 % of the purchase price. This preserved a considerable part of the equity while at the same time creating a long-term balanced financing structure.
Alongside the purchase price, all acquisition costs and all planned renovation measures were included in the overall plan from the outset — covered from equity, not by the bank loan. Additional loans after the property purchase were therefore not required.
City flat moved into, assets stay flexible: Once the work was complete, a modern city apartment was created that offers ideal conditions both for the remaining working years and for later retirement.
The buyers were able to shift their centre of life to Faro step by step while preserving their financial flexibility.
Faro instead of a beach address: short distances all year: Anyone who wants to live permanently in Portugal does not necessarily have to buy a property right on the beach. Towns such as Faro offer excellent infrastructure, short distances and a lively environment throughout the year.
Budgeting all planned investments together from the outset creates planning certainty — the bank loan for the purchase price, costs and renovation from equity — and considerably eases the later move.
Faro apartment with renovation budgeted into the overall plan
Faro combines urban living with a Portuguese way of life and excellent infrastructure. An overall plan that budgets the purchase price, acquisition costs and all planned renovation together already at the property acquisition — the bank loan for the purchase price, costs and renovation from equity — creates a reliable basis for a long-term centre of life on the Algarve.
A similar situation in Portugal? Let's talk. Every financing in Portugal is an individual case. In a free initial consultation we will tell you honestly what is feasible and which bank fits.
Anonymised individual case, not a binding statement for other projects · Brokerage under the §34i GewO licence held by Olga Nikushkina (D-W-132-ZUCB-95); Siegfried Perini registered as directly involved person (§11a GewO) · no tax or legal advice · no financing commitment; conditions depend on creditworthiness, loan-to-value and bank
Similar cases by region and price band: Cases with a comparable region and price band — for context, not a promise of the same outcome.
Apartment in Olhão — case report: Anonymised case report: Apartment in Olhão – Location-independent income, location-bound bank. Mortgage financing for non-residents.
Frequently asked questions
Why are existing assets not used in full?
Many buyers want to preserve their capital investments and keep sufficient financial reserves for retirement or future investments.
Which properties are especially in demand in Faro?
Apartments, townhouses and modern flats in central residential locations are among the preferred properties for permanent owner-occupation.
How much of the purchase price was financed for the apartment in Faro?
The financing was set at around 63 % of the purchase price. All acquisition costs and all planned renovation measures were covered from equity, not by the bank loan.
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Content by Siegfried Perini — local brand representative since 2019, active in real estate since 1992, entered in the German intermediary register (§ 11a GewO) as a person directly involved in brokerage and advice. Point of contact for German-speaking buyers in Spain and Portugal. Brokerage by Olga Nikushkina, mortgage credit intermediary under § 34i German Trade Regulation (GewO); in Portugal through a locally licensed intermediary.