We’ve put together a brief guide to the buying process in Portugal
Step one: Search for property in Portugal
The first step is to look at properties online, narrow down a list of areas and property types and whether they suit your needs. These will differ, depending on whether you are buying as your own holiday home, a property investment, or for a permanent move to Portugal. Asses the price compared to other properties and areas, the location, its appeal to holidaymakers and expats, and do some research on others who have made a similar property purchase. You can then narrow down potential properties and areas to suit your need and prepare to view the properties in person in Portugal.
Step two: Visit Portuguese properties and areas
Once you have selected several properties you think fit the bill; you need to visit in order to make sure both the property and the area is everything it is advertised to be. When visiting a property, it’s a good idea to talk to locals and expats about what the area is like and check it out at different times of day, and in different seasons, if you have the luxury of time before your purchase or move. Make good use of your real estate agent’s expertise and knowledge of the local area. They should be able to help guide you on the best areas and property types for different purposes, point you in the right direction of local amenities, and help you throughout the property purchase, even helping you get everything set up at the other end. Read our tips for finding the right estate agent.
Step three: Get legal and financial matters in order
When you’ve found the right Portuguese property, it’s offer time! Before you take the leap, check that all your finances are in place, you have the support of a good real estate agent
, and a solicitor
who is experienced in the Portugal property buying process.
• Do you need a mortgage? If so, can you get the mortgage you need? How will you make the payments?
• If you’re a cash buyer, have you got the funds ready?
• Will you need to transfer these funds internationally?
Whether it’s your cash payments for the property deposit of final payment, or mortgage payments, if you are making these payments from another country and currency into Portugal, they will be subject to exchange rates, which change all the time. Look in to getting help with your currency exchange
to find the best rate for you and the best time to make any international transactions for your property purchase – and beyond. A currency specialist
can help protect these international money transfers from the ever-changing currency markets.
Check that you have enough money set aside for extra, hidden, costs such as legal fees and agency commission? These costs roughly total around eight percent of your purchase price, so make sure you have this set aside before you proceed with the offer.