Are you a property investor in Portugal? If yes, Lisbon and the Algarve are two of the best cities to invest in. These two regions offer many benefits to property buyers compared to Spain. In addition, they are much cheaper than other European countries. However, you need to know that it is important to hire a licensed real estate agent in Portugal. This is because not all real estate agents in Portugal have the same qualifications.
Lisbon and the Algarve are good places to buy property in Portugal
Despite the financial crisis, the Algarve has seen an increase in property prices. While the post-crisis bargains are long gone, oversupplied developments are once again in demand. While these properties may not be the most expensive in the world, they offer a safe investment. In addition to its mild climate, the Algarve has a number of popular cities and towns where you can buy a property.
Lisbon is the country’s capital and offers both old and modern properties. Apartments in the city centre start from EUR170,000 and EUR275,000 in outskirts. A flight to Lisbon takes about 2.5 hours, and the metro brings you to the centre within 20 minutes. As a result, many foreign buyers choose the Algarve and Lisbon for their low entry-level prices. The price difference is so small that buying property in these areas can be a great way to invest in your retirement.
Property in Lisbon is cheaper than in Spain
Portugal has a much smaller property market than Spain, and property prices in Portugal are lower than those in the rest of the Iberian peninsula. Spain is a more mature market and prices per square meter are higher in Lisbon. In comparison, the average price per square meter in Lisbon is 1,162 euros. Alicante has higher property prices, but they are cheaper than those in Lisbon. In addition, the Portuguese rental yield is close to 6%, compared to 4.14% in Madrid.
Despite the low price of properties in Portugal, Lisbon has become a popular destination for expats and investors. A recent increase in tech companies and startups in Lisbon has boosted the city’s real estate market. Some of the city’s most fashionable neighborhoods have seen a huge increase in value due to incoming demand. A move away from the city centre will help you find cheaper options. The Estoril and Cascais neighborhoods are particularly popular with young professionals.
Property in the Algarve is cheaper than in Spain
If you’re thinking about buying property in Portugal, consider the Algarve. The region is home to many expats and is famous for its expensive property. However, there are certain regions of the Algarve that are considerably cheaper than others. Inland areas and the outskirts of the region are particularly affordable. Here’s how to save money on property in Portugal. We’ll explain why you should invest in the Algarve.
The Algarve has a lower cost of living than Spain, and many Europeans prefer the climate and genteel lifestyle. Prices are lower in the eastern Algarve, where prices start at 657 euros per square metre. By comparison, prices in Castro Marim and Portimao are more than twice as high. If you’re a buyer who wants to get the best value for your money, the Algarve may be the best bet.
Real estate agents in Portugal need a license
In order to practice real estate brokerage in Portugal, a licensed agent must be a member of a certified agency. These agents are governed by the IMPIC, the Portuguese industry’s governing body. In order to become a licensed agent, a person must be incorporated within the European Economic Area and have real estate brokerage as its corporate object. In addition to a license, a real estate mediator must be registered with IMPIC and have a good reputation in the commercial sector. A license also requires financial guarantees and civil liability insurance.
In Portugal, property agents are known as ” imobiliaria”. To sell a property in Portugal, an agent must be registered with the government and obtain a license number from the Portuguese Association of Real Estate agents (Asociacao de Mediadores Imobilirios).