Are you looking to buy property abroad? Are you looking for an investment opportunity in property? If Portugal is on your list, then read this article. This article will provide you with a brief guide on buying property in Portugal.
Portugal is a country situated in the south west of Europe. Portugal is the westernmost country of Europe, and is bordered by the Atlantic ocean to the west and south and by Spain to the north and east. Tourism Portugal is among the 20 most visited countries in the world, receiving an average of 13 million foreign tourists each year. Tourism is playing an increasingly important role in Portugal's economy, and contributes about 5% of its GDP. Most tourists in Portugal are British, Spanish or German and they travel by low-cost airlines. They not only seek sun and beaches, but increasingly search for cultural, gastronomic, environmental and peaceful experiences.
Homes overseas There are many properties for sale overseas. However, it is always a daunting prospect considering taking that leap. There are many discrepancies regarding the property legislation, fees and taxes which all contribute towards discouraging you from making that move. Property guide In some areas of Portugal, property prices have to catch up with the rest of Europe and, as other countries reach saturation point with foreign buyers snapping up all the best properties, buyers are increasingly looking to purchase property in Portugal for investment opportunities. To ensure that you are not exploited, familiarise yourself with Portugal’s property law, buying process and vocabulary. This will ensure that no costly mistakes are made. Areas in Portugal that are popular with foreign buyers are the Algarve, which has a high percentage of ex-pats and foreigners with holiday homes, and along the coast near Lisbon. Property prices are higher in these areas. You can invest in an apartment in a lively city centre, a remote farmhouse, a purpose built town house next to a scenic golf course, or an older-style property in a small fishing village to name but a few of the most common property types. Final word Remember that the Portuguese property law applies to all property transactions in Portugal (even exchanges between two foreigners), and you must use a notary when buying a property. Taxation will also need to be considered, so seek professional advice from a solicitor or realtor.