Portuguese Auction Estates as Works of Art
·
Auction
of 23 properties treated as true works of art, due on the 7th of May in Lisbon
and online through Artfact websites
·
Average
value of properties in auction stands at 1.5M€
April 14, 2013 - With over 100 years of experience in the marketing and auction
of Engel&Volkers, a German real estate multinational, and StrongSource, a Portuguese real estate company,
to hold on May 7th the first online auction
of charm and luxury homes in real time on a global scale. All properties
are presented as true Portuguese real estate works of art.
Aimed at the
market of large investors, the base value of the 23 properties in auction
varies between €160,000 and €7,250,000 and the base price is set at least 20%
to 30% below the nominal market value. According to Portuguese law, any
investor who purchases a property worth more than €500,000 can be assigned a
residence visa in the country.
According to
Price Waterhouse Coopers, 55% of investors believe that the current crisis in
Europe represents an opportunity for making good real estate deals. Overall,
investors are also beginning to address different markets, with secondary
European cities such as Zurich and Istanbul appearing to benefit in detriment
of saturated markets like London and Paris.
Participation
in the auction can be done in four ways: in person at Av. Álvares Cabral, 35,
in Lisbon, by phone or absentee bid, or online anywhere in the world through
the platforms Artfact.com, Invaluable.com or AuctionZip.com. This is the first time that this global market
leader of online auction platforms presents a catalog of real estate online in
real time to purchase outside the U.S. The Artfact has a user community of over
17 million internet users.
All who wish
to travel to Portugal to visit any of the properties at auction may do so
between the 25th of April and the 6th of May.
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