Property in Portugal
The Algarve region is the best place in Portugal to buy property, with a flourishing real estate market.
The area is popular for those wishing to purchase luxury property either as an investment or primary residence.
Buying a property in a new country can be scary, but not to worries. In Portugal you can easily find local company's that can help you along the way.
Be it finding the right property, Golden Visa, NHR, Investment propertys or simply a place in the sun for you and the family, local property comoanies can help you with legal representatives, currency exchange, mortgage advis, property management and tax advice.
Why Buy property in Portugal?
Portugal is a second home to many expats. The enchanting coast, friendly community, and unparalleled climate make Portugal an ideal destination to relocate to.
The capital, Lisbon, shines out as one of the most affordable European capitals. Lisbon has about half a million residents.
Its small size and population give it a unique charm. But, don’t for a second think that it doesn’t offer all the comforts and amenities of a bustling European metropolitan.
The cities of Porto, Amadora, and the charming coastal towns and villages which the Algarve are also popular among foreigners.
Portugal has something to offer for any expat, whether you’re looking for the electrifying energy of a larger city or the magic of a quiet rural oasis.
Homeownership In Portugal
Portugal has an unusually high number of homeowners, standing at about 75 percent of the population.
This is about 10 percent higher than the US and the UK.
A large number of foreigners already live in Portugal. Some are expat professionals, some are retirees, while others are digital nomads. Many of them chose to invest in a second home in the Portugal real estate market.
Can you buy property In portugal as a foreigner?
The short answer is yes! One of the most encouraging qualities in Portugal is that there are no restrictions for foreigners who want to buy a home in the country.
Furthermore, the Portuguese government incentivizes foreigners to invest in real estate property in Portugal through the Golden Visa program.
If you’re a non-EU citizen and you invest in property worth a certain value, you can qualify for a Golden Visa residence permit in Portugal.
This permit allows you to live, work, and study in Portugal, and travel freely across the Schengen area. In five years, you can also qualify for permanent residence or citizenship in Portugal.
In our guide, we’ll cover the market history, locations, and legal steps for buying a property in Portugal.
Property Prices in Portugal
What you will pay for a property in Portugal will differ dramatically depending on where you choose to buy. Choosing where to buy, of course, depends on your purpose of acquisition.
Retirees, for example, often pick the coastal towns in the Algarve or Cascais, while young professionals prefer more urban places such as Lisbon or Porto.
Types of property in Portugal
Portugal is a very well-developed country, and its real estate market is just as advanced. The apartments throughout Portugal range from studio apartments to five bedrooms or bigger.
When buying property in Portugal, There are different terms that you need to know:
A Casa or a Moradia refers to a typical detached home. Some of those houses have surrounding amenities such as a backyard or a patio, and most of them have a wall around them with a front gate.
A Casa Geminada refers to a semi-detached house
Condomínios or condos refers to individual apartment units that share common areas. These can be expensive, but they offer a higher standard of care and safety in return.
Quintas refer to classic rustic houses or farms. You can usually find those in the inland of the country, though some are in suburban areas.
Terreno means land. Some foreigners choose to buy land and build their own homes. If you choose to do so, you must first check with the city hall (Câmara Municipal) to ensure that the land is registered for habitation, not agricultural purposes.
Apartment terminology
When looking for an apartment in Portugal, you might find confusing numbers next to the ads such as T0, T1, T2, and so on. These numbers actually signify the number of rooms.
So, a T1 would be a one-bedroom apartment, while a T2 would be an apartment with two bedrooms. T0 means a studio apartment.
Sometimes you might notice a +1 next to the type, like T2+1; this means that this is a two-bedroom apartment with an extra windowless room.
Contact a local professional
If you are looking to buy a property in Portugal, expert advice may save you time and money, bringing peace of mind along the process.
At GoGet you can easily find local businesses that can help you find your dream property.