Luz Living: A luxury retirement condominium designed for the resident
Located in Praia da Luz (Lagos), in the heart of the popular and internationally renowned coastal Algarve, Luz Living will be the region’s first luxury residential coastal condominium.
A magnet for retirees, the Algarve offers a wonderful climate, a wide range of sports and outdoor activities, access to world-class healthcare and a safe environment. It is quite common for a circle of friends to be made up of Portuguese and foreign residents from all over the world, who already live in the Algarve.
The demand for quality purpose-built condominiums, designed for permanent living rather than tourism, is growing. The community of the future combines privacy with the ability to socialize safely. Access to spacious common areas, relaxing gardens and a pet-friendly environment are all hallmarks of quality and excellence. Modern design, the use of quality materials and maximum thermal comfort are also important. Full accessibility is essential to allow residents to age gracefully without having to move later. Luz Living meets all these important aspects.
Designed for the discerning buyer and resident, Luz Living is also an excellent low-risk investment. The condominium will stand out from the many short-term rental options in the area, instead offering a solution for full-time residents or long-term renters, many of whom will be pre-retirees and retirees.
Luz Living will offer 38 apartments, including 34 two-bedroom units and four one-bedroom units. It will incorporate a wide range of amenities, including a walking path, a pet-friendly area and an indoor heated swimming pool, allowing residents to exercise year-round.
The condominium has been designed in “zones”, each with a unique characteristic:
• Garden area: 1-bedroom garden apartments with pool view, from €275,000. These apartments will have direct access to the garden, with their terraces and private gardens blending perfectly into the landscaped environment;
• Patio area: 2-bedroom apartments with pool and garden view, and very large terraces, from €475,000. Some of these apartments will also have sea views. These apartments will offer ample private outdoor space, sufficient for owners to entertain, have potted plants or as a private outdoor space for a pet, for example;
• Sea view zone: 2-bedroom, 2-bathroom apartments with sea view, swimming pool and garden, from €549,000. The top two floors will offer breathtaking views of the sea as well as the picturesque village with its traditional rooftops and the famous hill of Rocha Negra.
All apartments will come with between one and three garages and a private warehouse. The use of solar systems, energy efficient heat pumps and advanced cooling methods means that Luz Living will have an A+ energy efficiency rating. With a focus on sustainability, garages will have pre-installation of charging stations for electric vehicles.
Luz Living will include multipurpose spaces that can be reserved for massages, appointments with the hairdresser or even medical consultations on site. With a concierge service at their disposal, residents of Luz Living enjoy the very best in beachfront luxury in the heart of the charming Portuguese village of Praia da Luz.
Luz Living will address:
• Pre-retired or retired couples or singles who would consider retiring in Europe and more particularly in a country offering a series of advantages, in particular a low tax regime;
• Existing expatriate residents looking to relocate or downsize to live in an upmarket community, while enjoying a range of on-site amenities that will surpass those of many private villas;
• Investors seeking asset-backed returns, with a low risk project, reasonable installment payments and a substantial deferred final payment.
The condominium was designed as fully accessible, in anticipation of the future mobility needs of all its residents, but should not be confused with a nursing home. Rather, Luz Living replicates the independent living solutions widely found in markets such as the United States, South Africa, Australia and even neighboring Spain.
Following the issuance of the building permit, Luz Living launched a unique investment opportunity for individual investors. Potential cash returns for this low-risk project are estimated at 28%. The Luz Living team can explain payment options for future residents and investors. Longer term, the project already has a waiting list of long-term tenants, highlighting why quality small condominiums are one of the residential real estate trends of the future.
Although designed before the pandemic, the condominium is in many ways “Covid compliant”. Luz Living is divided into five independent blocks, each with its own entrance. An owners’ lounge will allow residents to meet up, or invite friends, while respecting the rules of social distancing.
More information about Luz Living, as well as videos and a virtual condo tour, can be found at www.luz-living.com, or email [email protected] for more information. Our local contact is +351 965 683 054, or check the website for our international numbers.