Portugal is a top destination for expats looking to relocate, in particular for retirement. The top regions for expats are the Algarve, the Silver Coast, Lisbon and Porto. For the ones who are looking for a new life style, Portugal has so much to offer, whether that’s living close to the beach and the sea, a quiet rural retreat or a vibrant city, there are so many choices and possibilities.
Many foreigners from all over the world have already done the big move and have settled in Portugal, most of them for retirement. If you are also looking to do the “big step” and move to Portugal, you’ll need to find a home. The good news is that there are no restrictions for foreigners, and the laws in Portugal are the same for the Portuguese and the foreigners. Another positive point is the fact that the real estate sector is very well developed and that you will find excellent local professionals.
Here are a few general information’s that can be useful:
Can foreigners buy in Portugal?
- If you are an EU citizen, there are no requirements at all beside the fact that you will need a Portuguese fiscal number (Numero de Contribuinte). The fiscal number will be needed to open bank accounts, applying for the water and electricity connection, for rental contracts and also for the property purchase. The tax office will provide you the fiscal number within a few minutes and you only need your ID card or Passport. If you have already contracted a solicitor (lawyer) he will take care of it on your behalf.
- If you are a non-EU citizen and you desire to purchase a property in Portugal, you are possibly entitled to apply for the “Golden Visa” as long as you invest at least 500.000€ in one or several Portuguese estates – the total amount in this case has also to be at least 500k.
How much will I pay for a property in Portugal?
The price you pay will be influenced by the region you prefer and the location within this region. Lisbon and Algarve are without any doubt the internationally best-known locations for expats looking to settle in Portugal and are always excellent real estate investments. The prices are significantly higher than in other regions of Portugal but alternatively, you have the Silver Coast that attracts since 12 years more and more foreigners from all over the globe and which offers an excellent price / quality / location relationship, beside the fact that the average distance to the capital and its international airport is about 60 miles (90 kilometers).
Average prices in Portugal:
Algarve – The average price for a detached villa or house in the coastal area is 500k up, and inland 250k up.
Silver Coast – The average price for a detached villa or house in the coastal area is 250k up, and inland 150k up.
Apartments (we will base these average prices on a 2 bedroom flat)
Algarve – The average price for an apartment in the coastal area is 170k up.
Lisbon / Lisbon coast – The average price for an apartment in the coastal area is 400k up and within the historical part of Lisbon 500k up (the square meter price in these areas approaches the 4.000 to 5.000€ / m2 depending on the location).
Silver Coast – The average price for an apartment in the coastal area is 130k up.
How can I find a property in Portugal?
The best way to find a property to buy in Portugal is to look online. There are both international and local agencies, so it’s worth checking out both.
For all means, the best way to go is through a licensed real estate agency. There are thousands of them all over the country with a very high concentration in Algarve, Silver Coast, Lisbon and Porto. The estate agent fees are usually between 3% and 5% of the price of the estate and is always covered by the seller. There is no particular procedure of how to choose your real estate agency, there are always more or less professional realtors, so you must follow your instinct, but nevertheless there are 3 important points to avoid scams and pitfalls:
- The realtor has to be licensed (valid license number AMI)
- The realtor has to have a valid insurance
- The realtor has to have an office (official and valid company address)
Usual buying procedures in Portugal
You will find a quick guide regarding the usual buying procedures in Portugal here!
We hope that these initial information’s were useful and PART 2 is already under preparation!