Are you looking for a sunny location by the water in Europe? Then investing in real estate in Portugal can be the best move for you. However, you need to make sure you are fully informed on the Portuguese property buying procedure before you begin your search for a home.
I’ve put together a thorough guide that includes all the information you need to know to make things easier for you to understand. I’m sure after reading this guide, you will easily be able to decide whether you should or shouldn’t invest in real estate in Portugal. So with that being said, let’s get started.
Is buying a property in Portugal a good idea?
Many foreigners consider Portugal to be a second home. Portugal is a great place to relocate because of its beautiful coastline, welcoming locals, as well as exceptional climate. Lisbon, the capital, stands out as one of the most reasonably priced cities in Europe. Roughly 500,000 people are living in Lisbon.
It has a certain appeal despite its limited size and population. But do not for a moment believe that it lacks the comforts as well as amenities of a vibrant European metropolis.
The Algarve’s attractive seaside towns and villages, as well as the cities of Porto and Amadora, are also well-liked among tourists. Any foreigner may find something to enjoy in Portugal, whether they’re searching for the magic of a peaceful rural paradise or the electrifying excitement of a larger city.
Can foreigners purchase property in Portugal?
Yes, you can purchase a property in Portugal. Portugal’s lack of limitations on foreigners looking to purchase Portuguese real estate in the country is among its most encouraging features.
The Golden Visa program is another way in which the Portuguese government encourages foreigners to invest in Portuguese real estate. A Golden Visa residence visa in Portugal may be available to non-EU nationals who invest in real estate of a specific value.
You can travel freely within the Schengen region and live, work, but also study in Portugal with the help of this permit. You can also become eligible for citizenship or permanent residency in Portugal after five years.
Market rates for real estate in Portugal
Over the past five years, Portugal has seen an increase in real estate investment of just over 60 percent. Despite recent expansion in the Portuguese real estate market, Lisbon’s home prices are still less high than those in other Western European capitals.
Average residential requested prices have climbed by 49 percent up to 83 percent, respectively, in Lisbon as well as Porto real estate during the last five years.
House values also experienced a staggering 50 percent increase in the ever-popular Algarve. Financial analysts predict that after a brief slowdown brought on by the COVID-19 outbreak, the market will grow gradually going forward.
Reasons why you should purchase property in Portugal
1. You may be qualified for Portuguese residency as well as citizenship by making a property purchase and maintaining ownership for five years.
2. The possibility of residing in a home with year-round sunshine.
3. One of the most affordable places to live in Europe is Portugal.
4. High rental yields make it a profitable investment.
5. Portugal has a high degree of political stability, making it a secure location to live.
6. It is a stunning nation with gorgeous scenery plus golden beaches.
7. Portugal has an extremely high standard of living.
8. Excellent tax benefits are provided by the NHR program.
9. It is conveniently reachable from the US, Europe, as well as Africa.
10. Healthcare, as well as transportation are both commonly accessible public services.
Where should you look for a real estate property in Portugal?
The best location for you will depend on your needs, your budget, and the kind of property you are looking for.
There are numerous places in Portugal where you can purchase real estate. Each area is distinct and has various benefits. You might want to think about the following places if you are interested in buying:
Portugal’s capital as well as the largest economic hub is Lisbon. It is a lovely city with a rich past that has experienced an increase in tourism and commercialization.
This makes Portugal the ideal location to purchase a home, whether for personal or business use.
It is significant to highlight that Lisbon’s real estate market has experienced strong growth, making purchasing here currently rather pricey.
Porto, the second-largest city in Portugal, is one of the most historic cities in Europe. It is a thriving commercial metropolis with a remarkable past and present.
It is a well-liked tourist attraction in Portugal and the birthplace of the renowned Port Wine. Porto is known for being a city that works hard. Property prices in Porto are reasonable in many of its neighborhoods, including Ribeira, Foz do Douro, Vila Nova de Gaia, as well as Vila do Conde.
- The Algarve
Everyone is drawn to properties in the Algarve, including retirees, vacation homeowners, as well as investors.
One of Portugal’s most well-liked vacation spots, it is renowned for its sunlight, gorgeous coastline, delicious seafood, world-class golfing, and inherent natural beauty.
It’s not surprising that there are so many English-speaking property owners in this region of Portugal who have vacation homes, villas, as well as beach cottages because it’s so easily accessible by plane from and to the UK.
Both European and non-EU citizens have purchased real estate in Cascais in recent years. It is regarded as a well-liked substitute for purchasing real estate in Lisbon.
This is partly because it has a more laid-back atmosphere and much more affordable costs than Lisbon does.
The town has an exceptional wealth of stunning architecture, free museums and galleries, and well-kept parks. Additionally, it is close to the shore, where wonderful beaches and other amenities are accessible.
- Other locations
Braga, Coimbra, Setubal, as well as Guimares are a few further places to take into account.
Before determining where to buy a house, it could be helpful for individuals who are purchasing for residential use to live in different as well as unique neighborhoods.
Purchasing a real estate property in Portugal will be one of the best decisions for you as it will offer a lot of benefits for taking such a step.
Plus, it doesn’t matter if you are a foreigner or a resident; buying a property is super easy. That’s not all, the properties in Portugal are considered beautiful and worth living in so you will surely not regret your decision.