If in the last century Portugal was called “the country of port and cod”, meaning the main products for which this country, traditionally developing agriculture, was famous, now it offers its guests and potential residents a wide range of diverse opportunities.
One of these opportunities is the acquisition of real estate. The advantages of buying real estate in Portugal are visible to the naked eye, and there are many more of them than before, so it is not surprising that the number of clients from Russia, Ukraine, Belarus and Kazakhstan wishing to buy real estate in Portugal continues to grow every year, despite the crisis.
Pros of buying property in Portugal
In order to buy real estate in Portugal, there is no need to invest as much effort, time and money as would be required in a similar case in Switzerland, Great Britain, Norway and other European countries with a higher standard of living.
If we talk about the security of transactions, the likelihood of encountering unscrupulous sellers or real estate agencies here is much lower than, for example, in Spain, Italy or Greece.
When buying a home in Portugal, you can be sure that your investment in residential real estate will pay off in the shortest possible time. The fact is that the gap between prices for purchasing real estate in Portugal and subsequent income from renting out a house or apartment is not as noticeable as in the vast majority of EU countries.
In addition, thanks to the comfortable climate and proximity to the Atlantic Ocean, housing in Portugal is in high demand among foreigners throughout the year. First of all, we are talking about the British, who are attracted here not only by the absence of intense heat (in comparison with the south of Spain), but by the developed infrastructure – in particular, the golf courses so beloved by the British, which are located a short distance from the coast in the resort areas of the Algarve province .
Buying real estate in Portugal is one of the simplest transactions, unlike similar transactions in all other countries of the Mediterranean region, although due to the complexity of the Portuguese language, especially its legal terminology, it is unlikely to be possible without the help of a Russian-speaking realtor, lawyer or at least a translator make do.
How to buy property in Portugal
Purchasing an apartment or house in Portugal by foreigners, as a rule, fits within the framework of a standard procedure, which begins with viewing all suitable options.
After the time comes for the final choice, it is necessary to check whether the residential property has debts for taxes and utilities, encumbrances or any other issues that could serve as obstacles to the successful completion of the purchase and sale transaction.
It should be taken into account that even with knowledge of the classical Portuguese language, which has at least three dialects within the country and the Brazilian version with its varieties, it will be difficult to purchase real estate in Portugal “from start to finish” and subsequent registration if you do not seek help to specialists.
The standard procedure for completing a home purchase and sale transaction in Portugal costs on average 8–10% of the price of the property, depending on whether the home is primary or secondary, as well as on the prices of the real estate agency.
The buyer must pay transfer tax, which is 6.5%, registration fees (around 1%), as well as stamp duty of 0.8%, while the real estate agency commission, regardless of its amount (usually maximum 5% + VAT of 23%) is paid by the seller.
Costs of maintaining housing in Portugal
The costs of the property owner in Portugal do not end there, since now he is responsible for paying for utilities, and it does not matter how long the owner stays in the country.
If you can save on the consumption of electricity and water (although if you live permanently in an apartment of 60–70 square meters, the payment for all “utilities” will not exceed 100 euros per month – excluding the Internet and landline telephone), then the annual property tax is fixed ( within 0.8% of the cadastral value), and its size depends on the location of the building and the time of its construction.
Of course, the purchase of real estate in Portugal by citizens of the former Soviet republics entails other costs – primarily transportation. Even charter flights to Portugal, the number of which is limited, are quite expensive, and a flight on the planes of the national company TAP Air Portugal will cost even more.
In addition to the remoteness of this country from main air routes, there are other disadvantages of buying real estate in Portugal, for example, low ocean temperatures, including on the country’s most popular beaches, do not exceed 22 ºC at the height of the summer holiday season.
However, the environmental situation, which in many regions of the country is almost ideal due to the absence of hazardous industries, low prices for food and basic services, the leisurely pace of life, the openness and friendliness of the local population more than compensate for all those minor problems and costs that may arise in case of purchasing housing in Portugal.