Portugal lies along the Atlantic coast of the Iberian peninsula. It has a Mediterranean climate that makes it one of the warmest countries in Europe, but can still get cold in winter. In addition to a beautiful and largely unspoiled coastline, Portugal has varied inland landscapes ranging from spectacular mountains to open plains.
The economy is relatively stable and diversified, with traditional sectors such as cork and fishing still playing an important role. The main economic centres are Lisbon and Porto, but the tourism sector is well developed along the coast. Healthcare in Portugal is excellent, with universal coverage for all residents as well as optional private care. The education system is also generally good, but the international schools can be expensive.
Portugal has a population of about 10 million. Towns and cities tend to be relatively small and there is a large rural population. Even those who live in the towns often have second homes in the countryside as there are many affordable villas in Portugal. Portugal is a predominantly Catholic country, so many of the local festivals are religious. Food and music also play an important part in the culture, and football is a popular pastime for many. The main language is Portuguese, which is fairly difficult to learn, but many people speak some English. The pace of life is very relaxed, which can make it difficult to get things done, but it can be very enjoyable. The cost of living in Portugal is generally low, particularly for basics like food and accommodation, but some things, such as owning a car, can be more expensive.
Portugal Property Market
In Portugal property is relatively easy to buy or rent and there are no restrictions on overseas ownership. You will need to have your own lawyer if you buy property in Portugal and there are also some important legal requirements, such as obtaining a rental license, if you decide to let the property. You will need to pay property tax if you buy in Portugal. Bear in mind you will pay tax on any money you make from selling or letting your property, even if you are a non resident.
The main options for property for sale and rent in Portugal are villas and other rural properties, but there are plenty of townhouses and apartments too, usually in neighbourhoods with a fairly suburban feel. Portugal has some new developments, but there has been less construction recently, compared with neighbouring Spain. Buying a Portuguese villa can be an affordable option, but smaller houses and apartments in Portugal are especially popular with tenants.
The most popular properties for international buyers and expats in Portugal are coastal villas in areas such as the Silver Coast and the Algarve, but city apartments are another common option. Many people use their houses as holiday homes, but apartments in Portugal can also be profitable buy to let investments.
If you are considering buying, renting or investing in a property in Portugal or you would like further information on the process involved, please contact us. We would be pleased to answer your questions and assist you.