Four recent case studies:
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CASE STUDY 1: Investment - house in Azeitão for renovation and rental
A house was found in a prime area of Azeitão that was being offered below market rate because the seller was desperate to sell, as they had to complete on an off-plan property purchase near Lisbon and needed the equity. Morpho negotiated the price down further by another 6.25%, resulting in a purchase price of about 12% less than market rate. The property was renovated at an additional cost of about 7% of the purchase price. Morpho found wonderful tenants for the house and rented it out – yielding a return of almost 9%.
CASE STUDY 2: US couple retiring - rental property search
A US couple are retiring now and were looking for a rental apartment in the Lisbon Metropolitan area. They had engaged other estate agents and property finders, who were unable to find and secure a nice offering in this highly competitive market with limited supply. They only had a very tight timeline remaining now, and had an appointment at the Portuguese Embassy in the USA for their Visa application coming up in weeks – and they would not receive the Visa without a registered rental contract and relevant proof of payment from the Portuguese tax authorities. Morpho was able to find and secure a beautiful apartment for them in the heart of Setúbal’s old town, with the beach, restaurants, bars, cafes on their doorstep. The property is spacious, located on a top floor, has extensive balconies, and views of Setúbal castle and the sea. The property was undervalued by over 30% and represented outstanding value for money. Morpho arranged the rental contract and tax authority receipts in time for the Embassy appointment, and the clients received their Visa.
CASE STUDY 3: Dutch retiree - property search and negotiation
A retired Dutch gentleman was renting an apartment in Setúbal. His lease was coming to an end, and he only had weeks remaining before having to vacate the property. Due to a recent accident he was dependent on living in a building with lift/elevator with enough space for a wheelchair. He was looking to buy an apartment in the highly desirable old town area of town, and have easy access to restaurants, cafes, bars and promenades. Morpho found him an underpriced property in the heart on the old town, in a perfect location, and negotiated a further substantial discount on his behalf. We were able to achieve a saving of over 16% compared to another similar property he almost bought. Additionally, unlike the other unit, the property we found didn’t require further investment, as it had been newly refurbished, which further added value and saved him € 1000s more compared to the other property. He was able to move into his new home on time, before his rental contract expired.
CASE STUDY 4: US retiree - rental apartment search
A US retiree had been unable to secure a rental property in Portugal for many months. Morpho found and secured a lovely, quiet and newly renovated property in Azeitão for him, and negotiated a 10% reduction off the asking price, which represented exceptional value for money in the current market conditions.