Buying fractional property, where a number of people purchase a portion of a property and share usage, reduces the number of individual buildings constructed and therefore maintenance and upkeep required, thus reducing carbon emissions.
Fractional freehold also offers a more affordable way of owning a holiday property abroad, as owners pay only for the time they use their property and share the ongoing costs of ownership. In many cases, if they decide not to use their time, the property can be rented out for their period of use.
Palheiro Village, located on the island of Madeira, is the ideal location for such a holiday home, with a mild climate year-round and superb coastline, offering exceptional leisure opportunities.
In addition to the wide range of leisure and sporting opportunities on Madeira, Palheiro Village’s owners enjoy the estate’s renowned gardens, 18-hole golf course and academy, superb restaurants and five-star hotel and spa amenities.
Palheiro Property Management team looks after the day to day running and maintenance of fractional freehold properties, including managing all bill payments by each owner.
The fractional system of ownership is freehold, which is common under the Portuguese legal regime of ‘co-propriedade’. This allows a number of people to be shown on the property register as jointly owning a freehold. This is widespread in Portugal where, for example, a number of offspring inherit a property.
Roger Still, development manager for Palheiro Village, says: “Fractional freehold ownership is a planned progression for us. If you only have limited time available to enjoy your second home, fractional ownership offers a huge advantage – you only buy what you can use.
“The finer things in life need not be eliminated from your budget, but can be incorporated in a flexible and cost effective way.
· Fractional apartments at Palheiro are sold in quarter-fractions, with each property having four owners who have exclusive use of the property for three months every year in perpetuity on a rotating system. The annual period of use is divided into three periods, each of one month. The rotating system means that over a four-year period, each owner has the same benefits of use and enjoys the property in each month of the year – perfectly fitted to Madeira’s year round season.
o Quarter-fractions at Palheiro Village start at €120,000 for a one-bedroom apartment
· Fractional villas are sold in eight-fractions, with each owner having use of the property for six weeks every year, divided into two three-weekly periods and using the rotating system.
o An eight-fraction of a three-bedroom villa is available for €140,000.
In both cases, the properties are furnished and equipped to a high standard and the property purchasing costs (conveyance tax, registration and notarial fees) are included in the price.
For more information on property at Palheiro the telphone number is 00351 291 794 015 or visit the website: www.palheiroestate.com
For more information on The Carbon Trust visit their website at: http://www.carbontrust.co.uk/default.ct
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