Portugal is a beautiful country with a lot to offer retirees and expats looking for a place to call home. The weather is mild, the food is delicious, and the people are friendly. Not to mention, it’s one of the most affordable countries in Western Europe. If you’re thinking about buying property in Portugal, here’s what you need to know.
Why Should You Buy Property in Portugal?
Many foreigners consider Portugal to be a second home. Portugal is a fantastic place to migrate due to its beautiful coastline, welcoming community, and exceptional climate. Lisbon, the capital, stands itself as one of the cheapest European cities. Lisbon has a population of around 500,000 people. Its tiny size and population add to its allure. But don’t assume for a second that it lacks the conveniences and facilities of a booming European metropolis. Foreigners also visit the cities of Porto and Amadora, as well as the lovely seaside towns and villages of the Algarve. Portugal provides something for every expat, whether they want the explosive excitement of a major metropolis or the enchantment of a peaceful rural hideaway.
The Process of Buying Property in Portugal
The process of buying property in Portugal is similar to the process in other European countries. You’ll need to engage the services of a lawyer, who will help you navigate the Portuguese legal system and make sure that all the necessary paperwork is in order. It’s also a good idea to get a mortgage pre-approval from a Portuguese bank before making an offer for buying a house in Portugal. Once you’ve found a Portugal property you’re interested in, your lawyer will help you negotiate a fair price with the seller.
Once the sale has been agreed upon, both parties will sign a contract called a promessa de compra e venda. This contract binds both parties to the sale and outlines the conditions under which the purchase will take place. The main conditions that are typically included in this contract are:
- The purchase price of the property
- A description of the property
- The date by which the purchase must be completed
- Any contingency clauses (e.g., the sale is contingent upon the buyer getting a mortgage)
If either party fails to meet the obligations outlined in this contract, they may be liable for damages.
After signing this contract, buyers typically have 10-15 days to arrange to finance and finalize their purchase. Once everything has been finalized, buyers will sign the deed of sale (escritura de compra e venda) and pay any remaining fees due at this time. The deed of sale officially transfers ownership of the property from the seller to the buyer. After these final steps have been completed, congrats! You are now the proud owner of real estate in Portugal!
Living as An Expat in Portugal
Now that you’ve bought your dream home in Portugal, it’s time to start enjoying all that this beautiful country has to offer! Portugal is well known for its stunning beaches, world-class golf courses, and tasty food and wine. But it’s also a great place to retire or raise a family thanks to its low cost of living and high quality of life. With its sunny climate and relaxed Mediterranean lifestyle, it’s no wonder that Portugal is one of the most popular destinations for expats from all over Europe and beyond. Buying a home in Portugal would be like living in a dream.
If you’re thinking about buying property abroad, Portugal should definitely be at the top of your list. With its affordable prices, mild climate, and friendly people, it’s no wonder that so many expats choose to call Portugal home. Thanks for reading! We hope this has helped give you a better understanding of what’s involved with buying real estate in Portugal.