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The house journal

Notes, convictions, working sites.

What we learn while building, structuring and declining — written to be useful, not to sell.

56published articles9reference guidesEvery paper is signed and sourced.

Andorra

Borrowing in Andorra: what the mortgage figures actually say

Local financing exists, is growing strongly — and remains a residents' market. A reading of the official annual Andorran mortgage data, and of what they imply for an international buyer.

1 September 20265 min readChecked 1 September 2026

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Bali · Indonesia

PBG and SLF: the two documents that make (or break) a Bali villa's value

A Bali villa's charm can be photographed; its value reads in its papers. Since 2021, the PBG-SLF pair conditions the right to build, occupy and operate — separating solid assets from fragile ones.

1 September 20265 min readChecked 1 September 2026

Portugal

Settling in Portugal in 2026: D7 and D8 visas, the actual thresholds and what real estate gains

Buying Portuguese property no longer grants residency. Settling remains accessible — provided you know the two real routes, their official 2026 thresholds and the administrative path that separates them from commercial promises.

1 September 20265 min readChecked 1 September 2026

Dubai · UAE

Shared housing in Dubai: what Law No. 4 of 2026 requires from owners

Organised room sharing operated outside the framework: Law No. 4 of 2026 gives it one. Mandatory permit, DLD registry, dedicated rent index, subleasing banned — co-living yield changes in nature, not merely in rules.

1 September 20265 min readChecked 1 September 2026

Structuring & tax

Assessing a club deal before committing: the five controls that matter

A club deal is not assessed on the brochure but on the file. Five controls, run in order, are enough to discard most bad operations — and to ask the right questions about the rest.

1 September 20265 min readChecked 1 September 2026

Structuring & tax

Club deal, REIT-style funds, property crowdfunding: three logics too often confused

One pools and delegates, another lends at fixed term, the third takes you into the equity of a chosen operation. Filing them under one label — "real estate" — is the most widespread reading error among private investors.

1 September 20265 min readChecked 1 September 2026

Perspectives

Investing in hospitality: what operations change about real estate

Hospitality is not judged by the square metre but by the operating account: the property and the business that animates it are two distinct things — structured, valued and sold differently.

1 September 20264 min readChecked 1 September 2026

Perspectives

Investing in Bali or Dubai: two patrimonial logics with nothing in common

One sells a right of use in a high-identity niche market; the other registered freehold in a deep, codified market. Comparing Bali and Dubai is first comparing two different questions.

1 September 20264 min readChecked 1 September 2026

Structuring & tax

The real estate SPV: what it is for, how it is set up, what it changes

One company for one operation: the SPV is not sophistication, it is discipline. What it isolates, what it locks, and why its jurisdiction is derived from the asset — never the reverse.

1 September 20264 min readChecked 1 September 2026

Structuring & tax

What is a real estate club deal? Definition, mechanics, points of vigilance

A small circle of investors, a single operation, a dedicated vehicle: the club deal is the most legible form of private real estate investing — provided you understand its governance before committing a euro.

1 September 20264 min readChecked 1 September 2026

Bali · Indonesia

Perda 4/2026: Bali locks down productive land — and criminalises the nominee

Having closed the nominee route, Bali closes the converted-rice-field route: Perda 4/2026 turns two grey zones into forbidden ones — demolition and prison attached.

1 September 20264 min readChecked 1 September 2026

Portugal

CIA and RSAA: the investor side of Decree-Law 97/2026

After the 7.5% IMT stick, the carrot: the same decree-law pays — in VAT and exemptions — projects committing floor area to moderate rents. Provided you hold the 70% threshold.

1 September 20264 min readChecked 1 September 2026

Andorra

Andorran tenancies: Law 11/2026 ends forced extensions — in stages

Seven years of forced extensions are ending — but not at once. For a landlord, Law 11/2026 is a calendar: knowing the year your lease is released is worth an appraisal.

1 September 20264 min readChecked 1 September 2026

Dubai · UAE

Dubai in H1 2026: AED 286 billion, and what depth actually means

The emirate's second-best half-year on record — but the figure that matters is not the record: it is market depth, the thing that guarantees you can get in and, above all, out.

1 September 20263 min readChecked 1 September 2026

Bali · Indonesia

Bali residential in Q2 2026: what Bank Indonesia actually measures

A moderate rise gathering pace, driven by construction costs: Bali's Q2 2026 primary market is read in the central bank's official survey — a thermometer the villa segment too often ignores.

1 September 20263 min readChecked 1 September 2026

Portugal

Moderate-rent letting in Portugal: the 10% tax few investors examine

Between saturated short lets and full IRS rates runs a third road: fiscally encouraged moderate rent. Provided you read the cap, the duration — and the expiry date.

31 August 20263 min readChecked 31 August 2026

Portugal

IFICI: what remains of Portugal's new-resident tax regime

The NHR's successor is not a narrower NHR: it is a different regime, aimed at qualified activity. Confusing the two is the first planning mistake.

31 August 20263 min readChecked 31 August 2026

Portugal

The Algarve in Q1 2026: what the INE data says

Portugal's second most expensive sub-region, a foreign premium near 25%: the Algarve of Q1 2026 is read in INE medians — not in agency windows.

31 August 20263 min readChecked 31 August 2026

Andorra

Andorra's market in Q1 2026: prices up, volumes down

Prices rising as volumes recede: Andorra's first quarter of 2026 sketches a dearer, narrower market under the tightened Omnibus 2 tax regime.

31 August 20263 min readChecked 1 September 2026

Dubai · UAE

A Dubai property, no registered will: the risk nobody models

The acquisition is modelled to the dirham; the succession, almost never. For the non-Muslim foreign owner, a DIFC registration puts the estate back in the planner's hands.

31 August 20263 min readChecked 31 August 2026

Dubai · UAE

Holding Dubai property through a company: what the 9% tax changed

An individual collecting Dubai rent pays no tax; a company does. Between the two runs a line Decision 35/2025 made explicit — even for foreign companies.

31 August 20264 min readChecked 31 August 2026

Dubai · UAE

Dubai rents: what Decree 43/2013 and the Smart Rental Index actually govern

Dubai rental yield has an official grammar: one index, five slabs, one notice period. Reading it before buying means modelling real income — not hoped-for income.

31 August 20263 min readChecked 31 August 2026

Dubai · UAE

Dubai's property Golden Visa: how the AED 2 million rule works

In Dubai, long residency is anchored to the land registry: AED 2 million of purchase value opens the 10-year visa. The precise conditions fit in a few lines — verified at the DLD.

31 August 20263 min readChecked 1 September 2026

Bali · Indonesia

Green zones and the RDTR: the check that comes before any Bali purchase

The view says nothing about the law. Before price, before plans, one question: what does zoning allow? The answer is public, mapped — and it decides everything.

31 August 20263 min readChecked 31 August 2026