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Buying real estate in Portugal
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Exchange Rate: Click here for exchange rate details Information for the weather in Portugal is available here Weather Info Here. Click Here for UK medical
advice provided by the NHS Real Estate Prices in PortugalRange
Varies, for example. Locations to buy real estate in PortugalIt is usually more expensive to buy real estate in coastal resorts of Portugal with the Algarve, in the South being the most popular with choices of purpose built complexes which always have a wide appeal for holiday homes and rentals. You will find the property prices are generally slightly higher than in Spain. Surrounded by the Atlantic Ocean to the east and south and bordering Spain to the north and the west, Portugal is perfectly situated for those who like rocky peninsula and rough sea. One of Europe's smallest countries, it has the diversity to match any of its bigger neighbours. Rivers and forests spread up the valleys between mountains and the dry winds blow on the rockier southern plains. It's an inexpensive and fascinating country with a long seafaring past, which is pushing forward to catch up with the rest of Europe after forty years of dictatorship.
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There's so much to stare and wonder at that many people choose to get a mountain bike and a set of panniers and just cruise through the olive, wine and orange groves of the centre and south and see what they find along the way. Basically you can expect a temperate climate from April to October, with good weather all year round in the Algarve. But be careful! 'Temperate' means that temps can get up to the mid 30s (centigrade). November to March are wet rather than very cold, the big welly places being the extreme north and the Serra de Estrela. If you want to be left alone, avoid June to September (the peak tourist season) and February carnival and Easter weekends. The truth is that there's so much wilderness to explore that should you tire of unspoilt cobbled street villages, goat herders leading their flock up the high street and women hanging their clothes up to dry on washing lines strung up between the church and the café. Please feel free to browse through our on-line property database and please do not hesitate to contact us for further assistance on UK - 09061 585550 Living Costs in PortugalPortugal is becoming more expensive to live although general goods are cheaper than in other EU countries but some luxury and imported goods are quite expensive. Buying real estate in PortugalWhen
you have found your property, the Vendor or their legal representative
will obtain a certificate (Escritura) from the local Land Registry confirming
that the property is available to sell. This document will need to be
produced to the Notary at the time of signing the contracts. The
conveyancing (Escritura) will check that any searches and other legal
requirements have been carried out, funds prepared and that both parties
can agree a completion time. The transfer of title will then be prepared
and will be signed by both parties or by their solicitors/lawyers, in
the presence of a notary. The balance of the purchase money can then
be handed over. The contract will be retained by the notary and a copy
registered with Public Records. You will then have to arrange for registration
with the Land Registry which ensures your proof of legal ownership and
the Inland Revenue will also be notified for your property and rating
taxes. Prior to buying your property you should apply for a tax number. This
will usually be a total of about 15% of the purchase price, slightly
less for countryside property. The costs include Solicitor/Notary fees,
Stamp Duty and Transfer Tax (SISA ) when buying real estate in Portugal. Property Transfer Tax (SISA), is payable when the registered owner of the property changes in Portugal and is currently under review. The rates where: 0%
to €80,000 A
municipal tax is levied by reference to the ratable
value, from 1%. For offshore companies the rate is now 2%. From 1st
January 2004 this
will rise
to 5%. Buying a property using real estate holding companies is
a popular tax efficient method of investing in a second home. It can
allow
buyers
to minimise property transfer taxes and avoid capital gains on sale and
inheritance tax in the event of death. You
can borrow against property from a Portuguese financial institution
although it can be difficult should it be for a second home by other
non-Portuguese nationals. If the property is being purchased through
a Gibraltar offshore company you could use a bank based there who would
generally advance up to one half of the purchase price, subject
to status.
These mortgages can usually be arranged in most of the major currencies
over terms up to a possible maximum of 20 years. Click
here to arrange a mortgage in Portugal Getting from Faro Airport, Algarve... Faro Airport: 53 kilometers to the Spanish
border in the east with the motorway and 113 to Cape St. Vincent in
the west, part motorway. Please feel free to browse through our on-line property database and please do not hesitate to contact us for further assistance on UK - 09061 585550 For more information on Portugal Property and to arrange your viewing visit: Portugal Property Viewing Arrangements Algarve Property Search: Albufeira Property Almancil Property Boliqueime Property Bordeira Property Estoi Property Faro Property Loule Property Moncarapacho Property Olhao Property Santa Barbara De Nexe Property Santa Catrina Property Tavira Property Vilamoura Property Portuguese Embassy |