Will your next home be a villa in Portugal or an Algarve beachside property?
By late April 2016, the government had handed out 3,247 golden visas and 3,950 family residencies. Once you’ve found a property for sale you'd like to make an offer on, it’s advisable to invest in the services of an independent solicitor, especially if you’re not a fluent Portuguese speaker.
Your solicitor can take charge of verifying contractual information and help arrange a house survey to check if there’s anything wrong with the property.
While renting allows flexibility, long-term lets may be in shortage in popular resort areas, where some owners are happy to charge high rents for short-term holiday lets and leave properties empty during the quiet season. With the current historically low interest rates, however, buying property in Portugal can sometimes work out cheaper than monthly rent payments.
For buyers, property prices in Portugal are on the rise as the economy recovers but are still relatively low following the country's economic crisis.
There are some eligibility requirements you must adhere to if you’re applying for a golden visa.
For example, you’ll need to stay in Portugal for at least seven days in the first year and 14 or more days in the following years.
Some main property portals are listed below, although there are plenty to choose from if you do an internet search, including some dedicated to certain areas, such as the coastal Algarve area: ).
You should obtain quotes from at least three professionals, ensure they are fully insured and check examples of their previous work, as the lowest offer might not give you the best value for money in the long run.
When looking at property for sale in Portugal, it's important to be aware of the legal processes and required registrations, plus property transaction costs, capital gains tax and other fees associated with buying property in Portugal.
This guide explains what you need to know before signing a contract to buy your dream property for sale in Portugal and finalising a mortgage in Portugal.
After several years of uncertainty and falling house prices, the Portuguese economy is showing signs of recovery.