Buying Guide Details
Buying Property in Lisbon
Where to buy property in Lisbon
Property buyers looking at Portugal will find that Lisbon has undergone something of a transformation in recent years, partly spurred by hosting matches in the Euro 2004 football tournament – the city centre and its transport infrastructure were given a facelift in anticipation of intense international scrutiny. As a result, one of Europe’s loveliest capitals has benefited from some considerable investment to bring standards up to a 21st-century level.
Prices of property in Lisbon are still very competitive compared to some other European capitals. In the city centre, spacious apartments in refurbished character buildings are all the rage. Studio and one-bedroom apartments are, on average, larger than you’ll find in many cities and very affordable, and often come with parking facilities – beyond most people’s means in Barcelona or Paris, for example. There are still inexpensive refurbishment opportunities around if you are prepared to search them out.
Lapa and Principi Reale are the most exclusive districts in the city and may offer the best chance of rental opportunities. The outer suburbs have lower prices but are still within easy commute of the centre, thanks to the improved transport links now in place.
A popular course of action for buyers of property in Lisbon is to look to one of its satellite towns – Sintra is a very desirable area, though quality properties in Lisbon rarely come on the market there and carry a premium. Estoril and Cascais are also well-to-do alternatives to city centre living, offering close proximity to the heart of the city but in a very picturesque setting.
View property for sale in Lisbon
The Process of Buying Property in Lisbon
- The first step is usually a verbal agreement between buyer and seller, after which the buyer’s lawyer should carry out all necessary checks – title, building licence, etc
- A preliminary contract is then signed, which lays out the terms of the sale, including the completion date. At this point a deposit is paid, usually of 10%. This deposit is forfeited if the buyer backs out, and if the seller withdraws he/she must pay the buyer double the value of the deposit, i.e. 20%
- On completion both parties sign the deeds (escritura) in front of a notary and ownership is transferred. The balance of the purchase price plus all fees and taxes must be paid before the escritura can be signed
- As soon as possible after signing the deeds, the transfer of title should be lodged in both the land registry and the local tax office
- If buying off-plan a smaller deposit is usually required, followed by stage payments. This depends entirely on the developer
- When buying a resale property in Lisbon, make sure a survey is carried out in addition to usual checks.
Homes Overseas Property Club
Homes Overseas has joined forces with a collection of IFA specialists to form the Homes Overseas Property Club (HOPC), designed for existing and prospective overseas property homeowners.
The Club – which has access to international lawyers in no fewer than 43 different countries - has been set up in order to guide people through some of the various issues relating to buying and maintaining a property overseas. It offers advice on a range of topics, including financial, legal, insurance, taxation, property management and foreign currency matters.
For further information please telephone 0845 838 7142 or email info@homesoverseaspropertyclub.com
Fees & Taxes