Portugal has plenty to offer for people considering to settle or invest in a holiday home abroad. The climate here is similar to Spain [it’s bigger neighbor] and the cost of living is affordable. If you are still wondering why to choose a house or an apartment in Portugal then consider the following reasons.
- It offers speedy city life as well as peace and serenity in some rural regions. Lisbon is a high-tech hub, but if you desire the countryside then Comporta is situated one-hour away.
- The population is less in Portugal than in other Western countries. Per square kilometer, there are 113 people in comparison to England’s 420.
- New arrivals enjoy special tax benefits for 10 years, which is appealing to become a resident.
- Property is affordable. Even foreigners can invest in real estate. If they buy and keep property ownership for a maximum of five years they are entitled to Portuguese citizenship.
- The cost of living in Portugal is the lowermost.
- Life quality is awesome.
- Easily accessible from the US, Europe, and Africa.
- Public amenities like school, transport and healthcare is available.
In Portugal, there are a lot of places, where you can buy a suitable property. The decision of the city or countryside will depend on the desired property type and budget. Every region is outstanding and offers multiple benefits. Some popular areas are –
- And more
Before you finalize the location to purchase a property there are certain things to consider. It will help you gain a better understanding of your needs and this can make your buying decision smooth.
- Why is your aim to buy a property in Portugal? – Is it to retire or for more space or for investment? Find answers to such questions to determine your main purpose.
- What do you desire from the property? – This will influence the property kind and location. Do you desire an expansive rural villa or a cosmopolitan life in the city or a coastal resort for weekends?
- What’s your budget? Knowing your budget will help to find a precise property.
- What must-haves do you desire the most in the potential property? Here you will need to consider your budget and make a list. Do you want a home near beach proximity or do you dream of a garden or how many bathrooms or bedrooms are needed?
- What’s a deal-breaker for you? – Consider things like do you need pet-friendly property or would pool cleaning & maintenance add to the cost or do you need a property near public transport?
Lisbon is a popular but busy city. The property prices are rising but you can choose a little further on the West Coast. Comporta Portugal has some great beaches in Europe. The village is surrounded by dunes, ocean, pine forest, and fields of rice paddies. The place is unique and it connects you with nature. If you are planning to invest in the Comporta real estate sector then check the link livingportugalproperty.com.
Reasons to purchase property in Comporta
Moving internal and away from the well-known Portugal cities, interested home buyers can attain the best bargains. On the other hand, the land and houses in the rural regions are expansive and big. Comporta is an attractive area and is a good alternative to Lisbon because of its gorgeous seaside. The sparkling fifty-kilometer coastline extends from the village of Troia to Melides. It passes through different villages like Soltroia, Carvalhal, Pego, Aberta Nova, and Brejos da Carregueira.
Comporta village has foreign investors from America and Europe. The environment is cool and everyone appreciates their privacy. There are beautiful houses, country estates, traditional cabana, sea view plots, and luxurious vacation homes for sale surrounding the Comporta area.
- Carrasqueira is the most reasonable area for real estate purchase.
- Possance is a lovely spot to buy plots suitable for a small family.
- Carvalhal offers a beachside home and plot….a little costly.
- Os Brejos da Carregueira de Baixo oferecem private beach access to homeowners.
- Brejos da Carregueira de Cima oferecem a plota de average size 400 sq. m.
- Muda offers small estates ranging from 4 to 10 hectares.
- Alentejo Portugal tempts foreign buyers to invest in a second home.
How to purchase real estate in Portugal?
Foreign property buyers can purchase property without any restrictions and there is less paperwork needed but it is essential to know the buying process.
- Proper identification – Portuguese Identification document or a passport
- Bank account – Foreign investors must open a local bank account to avoid dilemmas associated with the regular changes in the exchange rate.
- Portuguese tax number – It is called NIF [Número de Contribuinte). Property buyers can obtain it from the local Government finance agency. The prerequisite for procuring the tax number is your passport and address proof. The tax number is also essential to open a local bank account.
After you finalize the house deal with the property seller, it is time to close the deal. In Portugal, the property buying process involves the following.
- Hire a local attorney or lawyer.
- With your lawyer appraise the promissory pact terms.
- Both the involved parties will sign the promissory agreement. Simultaneously, the buyer will pay the seller a pre-negotiated deposit. It is generally 10% [the deposit amount will not be returned if the buyer cancels the deal].
- After fulfilling the promissory agreement terms, the seller and buyer or their lawyers have to meet for the final sale act in the presence of a notary public. The buyer will pay the remaining amount, whereas the seller will hand over the property keys or documents.
The buyer will experience the following property acquisition cost.
- Property Transfer tax or IMT based on purchase price value.
- Fixed stamp duty at 0.8% of property rate.
- Approximately €600 for land registration and notary.
- Estate agent’s commission around 6 to 10%
- VAT of 23% is imposed on newly built houses, which are included in purchase cost but double-check.
- A wealth tax of 0.7% on property value more than €600,000 and 1% on property price above € million.
- The lawyer’s cost is around 1% to 3%.
- Overseas transfer money can add to the purchase cost.
- The post-purchase cost will include moving, maintenance, utilities, travel cost, removal charges, and cost of living.
In terms of property financing, if you have sufficient cash the process is simple. If you need financial support then you will need to approach an experienced mortgage advisor.