&lt;p style=&quot;font-weight: 400;&quot;&gt;The first time that American investor Ting-Fong Chen visited his newly completed apartment in the Algarve, he was so impressed he wasted no time investing in two more off-plan developments. Ting-Fong, a retired dentist from Los Angeles, completed the purchase of his two-bedroom apartment at the Adega development in Lagos in April 2022. He secured the property for around €400,000 with an off-plan contract in 2019, following a viewing trip to the Algarve with Ideal Homes Portugal.&lt;br&gt;&lt;br&gt;&lt;/p&gt;
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        &lt;img src=&quot;/media/g2ahcdwv/ting-fong_elliot-2.png&quot; alt=&quot;Elliot Ting-Fong Chen&quot; class=&quot; max-width-100&quot; /&gt;
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&lt;p style=&quot;font-weight: 400;&quot;&gt;&lt;em&gt;&lt;br&gt;“My wife and I came over from LA after discovering Ideal Homes through a magazine and talking to Elliot De Marco via email,”&lt;/em&gt; said Ting-Fong, originally from Taiwan. &lt;em&gt;“It was our first time in the country and Elliot took us all over, as far east as Faro and Tavira. We decided we liked Lagos and specifically the Adega development, being so central and within walking distance of everything. Elliot booked us into accommodation built by the same developer, so we could experience the build quality. We liked it so decided to reserve a unit.”&lt;/em&gt;&lt;/p&gt;
&lt;p style=&quot;font-weight: 400;&quot;&gt;Back in the US, regular updates from Elliot followed and when completion day came, Ting-Tong and his wife flew back to Portugal. Cash purchasers, the couple invested in quality furniture and immediately offered their apartment to the rental market. Today it achieves 80-90 per cent annual occupancy, helped by demand for monthly rentals during the Algarve’s balmy winter months.&lt;br&gt;&lt;br&gt;&lt;/p&gt;
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        &lt;img src=&quot;/media/obdlo4dn/adega.jpeg&quot; alt=&quot;Adega&quot; class=&quot; max-width-100&quot; /&gt;
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&lt;p style=&quot;font-weight: 400;&quot;&gt;&lt;em&gt;The Adega complex in Lagos&lt;/em&gt;&lt;br&gt;&lt;br&gt;&lt;em&gt;“We really liked how Adega turned out – in fact, after speaking to local people, we estimate the value now to be around €700,000-€750,000,”&lt;/em&gt; continued Ting-Fong. &lt;em&gt;“We felt there were more investment opportunities in Lagos and during our stay Elliot showed us the site of another new development called Dona Maria II. It’s next door to Adega, within walking distance of Lagos’s old town, marina and the beach. A buyer had just backed out of a three-bedroom penthouse there, so we decided to take it. Priced at circa €1.1million, I paid a 10 per cent deposit, followed by a further 20 per cent. Completion is scheduled for September 2023.”&lt;/em&gt;&lt;/p&gt;
&lt;p style=&quot;font-weight: 400;&quot;&gt;Still hungry for a deal, Elliot introduced Ting-Fong to another luxury off-plan development called Dona Ana Beach Residences, which had just broken ground. This project is a short stroll from the celebrated Dona Ana beach, of the Algarve’s most picturesque, but still only 10-15 minutes’ walk from Lagos city centre. They liked the site and after further correspondence once back in the US, reserved a unit there too.&lt;/p&gt;
&lt;p style=&quot;font-weight: 400;&quot;&gt;&lt;em&gt;“Elliot highlighted a three-bedroom apartment at Dona Ana that had a guaranteed panoramic view, so we chose that one,”&lt;/em&gt; said Ting-Fong. &lt;em&gt;“The price was around €1,000,000 and to date we’ve paid a 30 per cent deposit. Completion is expected at the end of 2024, possibly into 2025. Ideal Homes do webinars about its progress, to keep us informed!”&lt;/em&gt;&lt;br&gt;&lt;br&gt;&lt;/p&gt;
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        &lt;img src=&quot;/media/r4cbpumo/shutterstock_279506087.jpg&quot; alt=&quot;Dona Ana&quot; class=&quot; max-width-100&quot; /&gt;
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&lt;p style=&quot;font-weight: 400;&quot;&gt;&lt;em&gt;Dona Ana Beach&lt;/em&gt;&lt;br&gt;&lt;br&gt;Ting-Fong has been clever with his purchases, sharing ownership of the properties with family members. This means one of his sons, who now runs the family dental practice in LA, should be able to apply for a mortgage when the time comes to complete on either of their outstanding off-plan units. Being 70 means Ting-Fong would not be able to get finance easily in Portugal.&lt;/p&gt;
&lt;p style=&quot;font-weight: 400;&quot;&gt;Ting-Fong and his wife now visit the Algarve twice a year, choosing to stay at their Adega apartment if it is not rented out. Fast forward a year or two and the Chen family are set to have two more prime properties complete and ready to use in Lagos. Do they plan to keep them all?”&lt;/p&gt;
&lt;p style=&quot;font-weight: 400;&quot;&gt;&lt;em&gt;“As things stand now, I’ll probably sell the Adega apartment and use the proceeds to pay the remaining balance in cash on the Dona Ana apartment,”&lt;/em&gt; said Ting-Fong, who also travels back to Taiwan twice a year. &lt;em&gt;“And the plan would be to get a mortgage on the Dona Maria II apartment, which will likely be the one we use ourselves. We like the location in central Lagos and being able to walk to the restaurants and amenities of the old town. We love the relaxed lifestyle and food in the Algarve, which is inexpensive compared to in the US – restaurants are probably 50 per cent cheaper than in LA.”&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;em&gt;“I am very happy with how Ideal Homes have supported us. They are excellent at long-distance communication and making things happen via email. From the moment I made a reservation to the moment I completed at Adega, and from helping us find a lawyer to choosing a furnishing company, they helped with everything. It’s makes a big difference when you’re an overseas buyer.”&lt;br&gt;&lt;br&gt;&lt;/em&gt;Thanks Ting-Fong, it&#39;s been great working with you too!&lt;/p&gt;

All the way from L.A. to invest in Lagos!

Ting-Fong, a retired dentist from Los Angeles, completed the purchase of his two-bedroom apartment at the Adega development in Lagos in April 2022. He secured the property for around €400,000 with an off-plan contract in 2019, following a viewing trip to the Algarve with Ideal Homes Portugal.