Factors to Ponder Before Buying Property in Portugal

A lot is involved when it comes to buying properties in Portugal. When it comes to investing in Portugal, it is important to arm yourself with some tips and regulations required. You also need to learn a lot about property investment trends. This write-up shares some essential aspects of the Portuguese real interest market that might be of interest to any investor.

Current State of Real Estate in Portugal

Portugal beach home

Around three-quarters of people in Portugal own a home. You might be surprised to realize that this figure has been relatively steady in the last decade. It is also worth noting that there are no property ownership restrictions here and non-EU citizens who invest in real estate are entitled to a Golden Visa, which gives them permanent residency for five years with a provision for lifetime renewal upon expiry.

The only requirement to buying property is a personal fiscal number. One is automatically given this number when they open an account with a local bank. You can also get it from a local tax office. This number is needed when doing money transfers or making regular payments.

Buy or Rent?

A series of considerations often inform the decision to buy or to rent. Some factors that influence the decision you might make include how long you intend to stay there, the current state of the property market. Portugal is historically known for low interest rates. Thus, taking a mortgage can prove to be highly rewarding especially in the long term than renting. With the Porto Portugal real estate market on its path to recovery, the future is green if the current real estate trends are anything to go by.

Finding Property in Portugal

With your eyes set on buying property, you might be looking for possible avenues of getting the best deal. Locating the best property deals is not always easy. And this is why most investors recommend working with a local real estate agent. Since you do not have to pay anything when buying a home, it is worth listening to some professional advice before jumping in.Portugal apartment

Closing the Deal

Once you have the property you want and you would want to close the deal, get a solicitor. The solicitor takes charge of the deal and ensures that there is nothing wrong with the property before closing the deal. He or she prepares the contract, and both parties are obliged to seal the deal.