Purchasing property in Portugal is a good investment. The real estate market lost a lot of value over the past few decades, with its lowest point reached in 2012, but now it has recovered and is showing modest, stable growth year on year. A rough guide to property prices in Portugal sets the average at around €250,000 – although this varies according to location and property type.
What are the types of property available in Portugal?
You’ll find plenty of apartments available in urban areas. If you’re looking for a house, farmhouse or villa, then these would be found in suburban areas, as well as in towns and villages. Some locations, such as in Algarve, you can find a mix of old and new properties.
What is the Property Purchase Process in Portugal?
- If you will be purchasing property in Portugal with a home loan, shop around to find the best offer.
- Speak to an estate agent to get the best help and insight even before beginning your property search.
- Your agent will show you properties and help you make a shortlist before you choose the right one.
- Make an offer (your agent will help with the negotiation process).
- Sign the sale contract (Contrato de Promessa de Compra e Venda) with the notary.
- Put down a deposit.
- Finally sign the deed of purchase (Escritura Publica de Compra e Venda) and become the property owner. You’ll need to pay the property transfer tax, stamp duty and any additional fees.
What is the Property Purchase Process in Portugal for a Foreign Buyer?
As a foreign buyer, it is advisable to have a property survey done before you commit to purchase. The survey will find any hidden issues which could be a pain to fix – so you can avoid a nasty surprise, especially if you’re buying an old property. Contact us if you are a foreign buyer wishing to purchase a property in Portugal.
Are there restrictions on foreigners purchasing a property in Portugal?
No, there are no restrictions on foreigners purchasing properties in Portugal.
What are the Documents needed to purchase a property in Portugal?
- Identification documents of buyer and seller
- CPCV (Contrato de Promessa de Compra e Venda)
- Energy certificate
- Property information sheet (Ficha Técnica da Habitação)
- Infrastructure certificate
- Land register (Caderneta Predial)
What are the agency fees to purchase a property in Portugal?
Agency fees when you buy a property in Portugal can be between 3-5% of the purchase price, and are paid by the seller.
Are you considering buying a property in Portugal?
Let us help with your property search in Portugal. We can help to make the process as simple as possible, and our team of experienced property specialists is here to help you navigate this exciting step. Your home in Portugal awaits! Also check out our Guide to Moving to Portugal!