Best Fractional Ownership Scheme 2008
Palheiro Real Estate is now launching its Fractional Freehold Scheme which offers the perfect solution for those wanting to have an apartment or villa available for their use in a flexible and cost-effective way, without the full costs of second home ownership.
Each property has either four or eight owners, each of whom owns full freehold rights to the property for their respective fraction. In this way, all of the costs are shared, making the property more cost-effective, but each owner has full freehold rights, so can sell or bequeath thier quarter as they wish. With the Fractional Freehold Plan at Palheiro Village, each Owner of a quarter-fraction enjoys three months occupancy per year, with a rotating system of use so that, over a four-year period, each owner has the same benefits of use and enjoys the property in each month of the year. In the case of an eighth fraction, each Owner has two 3-week periods of use per year.
As increasing numbers of people seek to have a holiday home in the sun with all the benefits of ownership but without the downsides of leaving a property empty for long periods or of having to pay costs all year round, so the concept of fractional freehold has become more widely understood and accepted. Co-ownership (or joint ownership) is an established and recognised form of ownership under Portuguese law and gives full ownership rights to each of the four or eight owners.
THE BENEFITS
- a slice of the good life, without the full costs of second home ownership
- enjoy the sunny climate of Madeira at various times of the year
- access to the facilities of Palheiro Village and the Palheiro Estate, including golf and spa
- well designed properties, with spacious and light interiors
- high quality construction with extensive use of stone and terracotta
- each Freehold Fractional unit is fully furnished and equipped to an exceptionally high standard
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each Freehold Fractional fraction is secured by individual title deeds
- freehold ownership allows you to sell or bequeath your share
- property purchase costs (conveyance tax, registration and notarial fees) are included in the price
- full property management service on site
- management, maintenance and administration costs are equally shared between the four or eight owners
- a cost-effective way to have an investment which can be expected to grow in value
The use programme below shows how the scheme works with four owners.
PROPERTY MANAGEMENT
The experienced full-time in-house Palheiro Property Management team will take care of all necessary paperwork, from organising connections of all relevant utilities to payment of regular bills; from dealing with cleaning staff and gardeners to liaison with the on-site maintenance teams. Regular inspections are made to check the property is in good condition and highlight any potential problem areas needing attention.
With co-ownership, each owner is responsible for his share of the costs for maintenance, management and administration. Our property management team will administer and organise these payments so that each owner knows exactly what the commitments are.
Should you decide that you do not wish to use your allocated time at your property, and would prefer to rent it out, our in-house teams can take care of that too.
In short, they take all of the cares and worries out of your hands, so that you are free to enjoy all that Madeira has to offer.
Within the Village is the exclusive, residents-only Forum Centre with reception, swimming pool and poolside bar, multi-use room and property management offices. Pure pampering pleasure is the order of the day at the new Spa adjoining the Casa Velha do Palheiro hotel, while the Palheiro Gardens offer a unique environment in which to relax and unwind among the most beautiful natural surroundings. The Palheiro Golf Course could not be closer, and offers fabulous views as well as stimulating challenges around its 18 holes. You have a choice of wining and dining: afternoon tea at the Tea House in the gardens of the Casa Velha do Palheiro or haute cuisine dining in their elegant restaurant. Lunch at the golf clubhouse, perhaps – or why not just relax on your own balcony and enjoy the stunning view across Funchal Bay and the harbour? After all, there’s no place quite like home, and this is yours to enjoy!
Palheiro Village Fractional Freehold brochure
PRICES
For further details, please contact us via the enquiry page or on Tel: 00 351 291 794 015.
To view the plans of the apartment and villa types on offer, please click below.
Typical two-bedroom apartment Typical 3-bedroom villa
