23 Jan 2021
January 23, 2021

buying a property in portugal

The Golden Triangle of Almancil, Vale de Lobo and Quinta do Lago in the Central Algarve is where you’ll find glitzy villas, celebrities, golf courses and designer boutiques. Two-bedroom apartments cost from around €150,000. During the research phase, we recommend that clients familiarize themselves with Portugal. If you go a few streets inland, away from the museums and open-top tour buses, you’ll find the atmosphere much more peaceful. Yes – it’s as beautiful as it sounds! In Portugal, you’ll find that the property market is very affordable when compared to other Western European countries like the UK, France, and Spain. Check out our range of Portuguese properties and see houses, villas and apartments for sale on a map. Whether you want a modern sea-view condo apartment, a traditional villa, or even a bargain-priced renovation project in a quiet village, the Silver Coast will deliver. This – combined with increased tourism and rental demand – has pushed prices skywards. For property buyers, the townhouses in the pretty squares of Guimarães may be tempting, with their wooden balconies offering a birds-eye view of the many fiestas, weddings and more going on. To help you narrow down your options before you start looking at property for sale in Portugal, we’ll provide a good overview of its various regions, as well as listing some great places to look if you’re after something specific. What you’ll be doing: Relaxing on the town beaches by day, walking the wide promenade in the evening, and enjoying nights out – in Lisbon or at the famous casino in neighbouring Estoril. It has a population of just over 50,000 people, including no shortage of overseas residents. The waterfront suburb of Belém is 8km west of Lisbon city centre, but still has a lively atmosphere as it’s home to some of the city’s most iconic attractions and museums. You want personalised help with buying in Portugal, so your agent should be eager to service your needs. Albufeira’s location is extremely convenient – right in the middle of the Central Algarve, handy for the airport, and well-located for drives up to Lisbon. On the other hand, if you want to immerse yourself in Portuguese culture, there are plenty of locations where there are less expats to discover. Dating back to a Roman settlement, the city has well preserved ancient architecture, such as a Roman aqueduct. Therefore, you must find this out up front and get a quote in writing. Start speaking to your estate agent about properties you’re interested. These include a high-profile marina development at the western end of the waterfront. However, the tourist demographic is different. Located in the Alto Alentejo, and around 90 minutes from Lisbon by road or rail, Évora is a walled Medieval city with a relaxed vibe and a stable year-round population. However, your estate agent may try to make things easier for you by recommending their own “partner” solicitor. 05586029. So, don’t be too surprised if your solicitor takes a while to bill you. Once you’re close to exchanging, you will need to personally apply for your NIF (Número de Identificação Fiscal) – your Tax Identity Number in Portugal. Aside from the odd February thunderstorm, the weather in Lisbon is generally warm and pleasant. One thing that’s for certain is that a property being relatively new doesn’t mean it’s immune from the kind of issues that can affect older homes. Indeed, Portugal is famous for its “hidden” taxes that everyone should take seriously before to decide to buy a house. Two-bedroom apartments within ten minutes of the waterfront go from €170,000. Essentially a seaside suburb of Lisbon, the town is in easy reach of the capital, making days out in the city effortless. Property: There’s a lot of older property here, but new developments are scattered around too. This is the equivalent of a UK National Insurance number. This is a popular meeting place for overseas residents – both from the Silver Coast and from nearby central Portugal villages. Property prices: There are options for all budgets in Lagos. Euro mortgages’ interest rates are based on current Euro interest rates. But it’s not just property that’s cheaper. Property ranges from small town-centre apartments to gated villas with bags of privacy. Easy access to the waterfront promenade and large leafy parks makes it a choice location for joggers and cyclists. Here at Property Guides, we have worked with a network of independent financial advisers who’ve got extensive experience in the overseas property market. You’ll fine plenty of choice with a budget of €200,000, and the nearby little village of Cabanas is even more affordable. Portuguese inheritance and gift tax was abolished in 2004, in relation to close relatives, parents, spouses and children. This working town is unpretentious, so there’s not really any grand sights to see, but it has a plethora of low-key attractions that may be of some interest. Take a look at their Property Buyer’s Guide to Currency to find out more. Some of The Areas to Buy Property in Portugal and Why When it comes to buying property in Portugal, one thing is for sure, buyers have a wide choice of locations and properties to choose from. Your money goes further if you head inland – you might get a lovely four-bed villa in the hills near Loule for €600,000; or west to the popular resorts of Vilamoura (two-bed apartments for €100,000) or Albufeira, similarly priced and also a holiday rentals hotspot popular with the northern European “snowbirds” who winter on the Algarve. Below, we cover ten key points about its many attractions. While the property is yours after you sign the final deed, you must then, with the assistance of your solicitor, register the property with the local tax office and the Land Registry (Registo Predial). The best places to live in Portugal: Where will you buy? It also offers plenty of rolling hills and inland space, but spreads to Portugal’s west coast in addition, offering the option of rural living or life by the sea. For added security, it’s reassuring if the agent’s also a member of an international body, such as the European Federation of Estate Agents. If you are looking in popular expat areas such as the Algarve, Cascais, or the Silver Coast, agencies will be well used to dealing with expat buyers. As such, you should make certain that the agent you choose is legal and reliable. A system of lagoons feeds the canals, and stunning beaches are just a stone’s throw away. First, you’ll have to ask yourself five main questions. Take a look at our guide on how to negotiate abroad to learn more. If you’re after a holiday home in Portugal, you’ll want to choose somewhere easy to get to that also has handy amenities and a very relaxing atmosphere. The Algarve has traditionally been the most popular area of Portugal for holiday homeowners and expats, with plenty to see and do. As with any major city, the sky’s the limit for luxury properties in upscale areas. There’s a glitzy modern marina and an extensive old town area, offering lots of choice and contrast. As you stroll around these attractive surroundings, you’re likely to hear traditional guitarra (Portuguese guitar) played and fado sung. As well as being able to check for AMI registration, you have an avenue of complaint and escalation if problems arise. So, you’ve found your dream home, you’ve viewed it and you’re certain it’s the one. This region is picture-postcard Algarve, complete with steep hills and coves. Is there any other feature you need to get your dream property? Tomar, in Central Portugal, can thank a Briton (well, Irishman anyway), the Duke of Wellington, for liberating it from the French 200 years ago, and these days many British expats seek the rural good life in the Portuguese countryside. Porto is within easy reach and well-served by airlines from across Europe, and property prices are lower than the south and Lisbon. It’s around here, in a stunning area dotted with mountains and valleys, where you’ll find ruins and restoration projects for laughably small sums. There have been horror stories of people buying property without adequate checks having been carried out by independent lawyers and now the cases are grinding through the courts. It’s an ancient city with a long history and heritage. If you aren’t buying your property with cash, you may need to speak with a mortgage adviser to evaluate your options for financing the deal, as well as necessities like life insurance. A rustic property could mean a traditional house in the middle of a town or city, or a sprawling quinta in the hills of the country. When you hear English spoken in Lagos, it’s as likely to be spoken by a backpacker from New Zealand, Australia or Canada as someone on holiday from the UK. Modern apartments around Praia de Rocha from around €175,000. The sparkling ocean is always close, with a choice of vibrant town beaches and wild, sweeping surf spots. Moreover, they must also be registered with the government, and display an official Associacao de Mediadores Imobiliarios (AMI) licence number on their premises. Once you’ve committed to buying a property in Portugal, you could lose your deposit if you choose to back out of the transaction. Does Portugal still not sound like the ideal place for you? The place comes alive during Portugal’s long, hot summer, and is as popular with domestic tourists and those from Spain, as well as those from northern Europe. How to buy a property in Portugal? Lisbon’s property market is booming at the moment. The notary is usually involved from the signing of the initial contrato de promessa de compra e venda until the point of completion and the signing of the escritura de compra e venda (final contract). The city also has a modern side that combines perfectly with its historic roots. There are plenty of areas in this fabulous country where you can live a more traditional Portuguese lifestyle. Get a quote from our partner, Smart Currency Exchange, to begin to realistically plan your property hunt. Portugal is the perfect spot for a home in the sun for families with children: it’s a short flight from the UK, the weather is warm, and you’ve got beautiful beaches, golf and other activities aplenty for all the family to enjoy together. You can buy a three-bedroom apartment at Quinta do Lago for €500,000, but villas tend to top €1 million. They’re not all in the Algarve, and they’re not all big resort towns. It’s definitely worth a tour around local agents when you’re in the country. Your lawyer will now undertake a series of detailed checks. What you’ll be doing: Anything you fancy! Although the beaches of the Silver Coast are close, you can buy a farmhouse for the price of installing a pool in the Algarve. It’s important to be able to take everything at a leisurely pace while you enjoy your possible new home! While plenty of people choose to flop down on the sands of Cascais’ golden town beaches, many locals have a favourite that’s a little more out of the way. There are many English-speaking lawyers in Portugal and it is vital you fully understand all legal documents, so do get them translated. They come all year too, with Nazaré’s astonishing 20 metre-plus winter waves easily a match for anything you’ll see in Hawaii. All estate agents in the country must train for their profession. It’s rather a desirable place to live, too. The trick with city properties and weekend boltholes is finding those areas on the process of being “gentrified”. During the summer months, you can choose whether to head over to the action and or stay the quiet side of the marina and enjoy the beach. The main thing to remember when you are taking a viewing trip to Portugal is that there are no rules! Ericeira boasts both surfing beaches and calm areas where the youngest ones can paddle and build sandcastles. Amenities abound in Lagos and the surrounding area. There are five main types: Generally, a white-washed villa is what most people think about when they imagine their new life in Portugal. Not every Portuguese agent has indemnity insurance, and often, those that do are only covered for a small amount of money. Just can’t wait to start your new life? People are also broadening their horizon and are becoming aware of the opportunities Internet has to offer. You can count on us for all the latest guidance on the matter for your relocation. Then there’s the marina area, which forms part of Praia de Rocha, one of the Algarve’s most popular tourist resorts. Don’t worry, they’re still there, but hidden behind shutters ready to reveal themselves again – seven nights a week. These more traditional areas are very convenient and offer homes starting at just €150,000. Some stand-out choices include: Cascais’ municipal market opens six days per week. Many people, from Britain and beyond, make plans to enjoy their retirement in the Algarve. Instead, get recommendations and find your own solicitor independently. This is a place for simple pleasures. Your finances in Portugal will continue to be very important throughout the property purchase process, when you first move there, and beyond. If you are taking out a UK mortgage, you will need a survey anyway. There are plenty of ruins for restoration for €25,000 or less. If you’re going into a new development, it makes sense to go and speak to your potential new neighbours to get the low-down on what to expect in terms of building quality and other issues. Generally speaking, when calculating mortgage affordability in Portugal, lenders generally like to ensure that your existing financial commitments and your new mortgage payments add up to less than 35% of your net income, or 40% of your gross income. If you’re interested in investing in the area, the rental market is thriving too. Modern apartments are available from €125,000, while houses start from €150,000. We find these considerations work again and again to help define what you’re looking for: Knowing you want a property in Portugal is just the start. Like many Algarve towns, there’s a mix of traditional town centre homes and modern apartment developments. With a population of just under 30,000 people, Peniche has plenty to offer in terms of vibrancy and facilities. 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