Well Portugal is famous for many wonderful things but two of those really stand out.
- Cristiano Ronaldo – The ace & maverick footballer who simply doesn’t stop mesmerizing the entire world with his amazing football skills.
- Luxury Properties – Yes. Portugal is uniquely blessed with a wonderful climate and a great atmosphere making it an ideal destination for some of the world’s most beautiful luxury homes.
Cocooned amidst the beautiful country of Spain and the gigantic Atlantic Ocean, Portugal is a country that is amazingly beautiful, cultural yet charmingly warm, welcoming and European. The cultural vibes and the seductive charm of the Portugal surroundings is impossible to miss and the alluring landscape provides the perfect backdrop for all things graceful, luxury and that of course includes luxury homes, exotic villas that doe the Portugal canvas.
Lisbon, the spellbinding capital of Portugal enthralls everyone with its magnetic beauty that is impossible to escape. Two of the most luxurious and enchanting locations in the city of Lisbon are Chiado & Lapa. You will find the most appealing and alluring luxury apartments, villas, luxury homes in these two magnificent places. Luxury real estate in Lisbon is therefore earned the right to be regarded as one of the best not only in Western Europe but across the whole world.
The crowning glory of Portugal is of course the enchanting, green and naturally blessed area of Algarve. The jaw-dropping beautiful beaches that Algarve offers make it one of the most sought after luxury location not only in Portugal but across Europe and also throughout the world.
The region of Algarve has many luxury pockets in the areas of Vale do Lobo, Albufeira and Vilamoura which are unique in their own ways and the perfect choice for luxury homes of all types that include contemporary luxury apartments, sea facing Villas, homes with amazing architecture and also all the facilities and amenities that one could dream of in such wonderful settings.
There are some exclusive towns & locations that are near the coast and bring the best of sea facing luxury home options for the Portugal luxury real estate investor and buyer. One of the most noteworthy of such a coastal paradise in Portugal is the beautiful town of Cascais.
Cascais is located at a distance of approximately 30 km from the capital city of Lisbon and has all the makings of a global luxury property destination. The ravishing sandy beach and the most captivating town Centre in Cascais make it the idyllic place to develop some of the most fascinating luxury homes in Portugal. It is no surprise that this area does have the most exclusive real estate one could hope to find in his or her lifetime. Luxury real estate and properties in Cascias is a sight to behold & is coveted by the rich and famous worldwide.
Sintra – If you prefer a luxury home on the heights, Sintra is a city that will surely fit the bill. Sintra is a truly gorgeous and romantic Portuguese town sheathed lovingly in the lush green pine-covered hills of the Serra de Sintra. The contour of this beautiful and natural hill city along with its cooler than the normal temperature has made Sintra, a favorite amongst the rich and wealthy Portuguese who have since ages built luxury mansions, lavish homes and charming villas. Luxury homes is Sintra, Portugal have since evolved but this location remains a favorite amongst many luxury connoisseurs.
Porto – The world famous wine destination in Portugal & the city that has inspired its country’s name is also blessed with all the marvelous ingredients of being a luxury power house location too.
Porto incidentally is the second largest metropolis in Portugal following Lisbon. The beautiful Douro river and the surrounding Atlantic Ocean are important parts of the history of Porto and along with the quaint coffee shops and restaurants that line up the most charming winding roads across exquisitely designed architectures and Churches form the core of this majestic city.
Porto’s lavish yet modern centre along with a host of charmingly embellished luxury homes, plush apartments, lavish villas surround one’s being with beauty from all around. No wonder that Porto has won the award of the best European destination too.
Easy steps to buy a luxury property in Portugal (any good real estate, rather)
- Select & Secure
With the help of a professional real estate agent in Portugal, first choose the most suitable luxury home for you and your family. A good property professional will also help you secure the deal & provide his skills for good price negotiations too.
- Property Reservation (Deposit / confirming amount)
Of course, like any other part of the world, you need to confirm your interest and reserve your chosen property by making a part down payment or deposit. The deposit in such cases is 5,000 euros but could go above in case of higher priced homes. You will, as a buyer, receive a promissory contract signed by the Vendor after this step.
- Engage a good local Solicitor
The reason to appoint a strong and efficient Solicitor is simple. He or she will help you with all the due diligence of your Portugal property. Right from ensuring the legal status of the property and studying the title to representing you for the Purchase transaction, your appointed Solicitor will ensure a smooth deal. Your Solicitor has to be also nominated as your Power of attorney to enable him or her to deliver all his legal duties towards your Portugal property transaction.
- Documents that need to be checked:
In most cases any given solicitor will study and conduct due diligence on the following documents. These documents are mandatory for real estate and property transactions in Portugal:
- Official tax documents – to check if there are any outstanding taxes due on the said property.
- Habitation license – By studying this document he or she will basically ascertain that the said ensuring the property fulfils all the legal requirements for habitation & living.
- Land registry document – This document crucial too because it ascertains if the owner of the said property holds the rightful power to sell the said property and also find out if there are any kind of claims or charges registered against the said property.
- Fiscal representation
When you plan to buy a real estate or house in Portugal, your solicitor will also ask for a fiscal number on your behalf from the Tax Office to help with the Purchase transaction of the said property.
- Promissory contract (Contrato de Promessa de Compra e Venda)
Your luxury real estate purchase in Portugal will also involve making a binding agreement between yourself (the purchaser) and the vendor (the person selling his or her Portugal property). The binding agreement is drafted by the purchaser’s solicitor. The binding agreement basically defines the terms of the sale that includes almost everything including the purchase price, payment schedules, completion date, possession date and any customized terms or clauses agreed by both the Purchaser and the Seller. The mutually agreed confirming / deposit amount is paid by the Purchaser to the Vendor (Seller) of the said property during the signing of the binding agreement.
- Deed & Registration – (Escritura Pública de Compra e Venda)
This is obviously the last and the most crucial part in your transaction cycle. The Final deed between the purchaser and the vendor is signed & executed at the notary’s office with the help of your solicitor. During this process, the purchaser pays the balance and final payment of the purchase value to the seller and subsequently the notary enters the transaction in the official records making the entire transaction completely official and legal.
Since the vendor has received the full and final payment of his or her property and the final deed has been signed and notarized – he or she hands over all the relevant documents of the said property along with the set of keys of the said property to you, the Purchaser.
The copy of the final deed that has been signed and notarized is submitted by the concerned Solicitor to the tax office and land registry department. This process ensures that you are now officially registered as the new owner of the said property. Like in many places across the world, the initial promissory contract when you paid a deposit amount to confirm the deal and the execution and notarization of the final deed & possession of the said property could range between forty five to sixty days.
- Fees (to be paid over and above the purchase price of the said property)
Incidental fees and costs are generally approximately 8-8.5% of the purchase price of the said property.
These fees include Notary, stamp duty & land registry fees (totaling around 2% of the purchase price – these & IMT come from the pocket of the purchaser of the said property).
The other component is the Property Transfer Tax – called IMT (Imposto Municipal sobre Transmissões Onerosas de Imóveis) amounting to an upper limit of 6.5% of the property purchase price which is supposed to be paid before the execution of the deed.
We hope that the above detailed article on luxury real estate in Portugal and the technical details of buying a property with the description of the legalities and fees involved will help you to buy a property in Portugal with complete confidence. LuxuryAbode.com provides the best luxury homes and the most premium luxury real estate deals in Portugal.