Buying Guide Details
Buying Property on the Silver Coast (Costa da Prata)
Where to buy property on the Silver Coast (Costa da Prata)
The Silver Coast has been a favourite holiday destination for the citizens of Lisbon for many years, and more recently property buyers from overseas have discovered this beautiful stretch of waterfront with improved access thanks to the A8 motorway.
There are fishing harbours and long expanses of sandy beach along its picturesque shores, though the region’s golf courses and water sports facilities are an equally alluring prospect for the many British and Irish buying property on the Silver Coast (Costa da Prata). Windsurfing, sailing and surfing are all popular along this Atlantic coast, and unsurprisingly the seafood is a great culinary speciality.
The fortified town of Obidos is a focal point of property development along this coast, with many schemes built around its lovely lagoon. To the south is Torres Vedras, where the existing military airfield is to be transformed into the capital’s primary airport. Head north for resorts such as Sao Martinho do Porto, Nazare and Figueira da Foz. To get more property on the Silver Coast (Costa da Prata) for your money, search inland where habitable properties and restoration projects are cheaper than their coastal equivalents.
Inland from Figueira da Foz lies Coimbra, Portugal’s third city and home to one of Europe’s oldest universities, an historic base for exploring the north of the coast. Aveiro is a popular destination here, as charming small town on a lagoon with kilometres of canals giving rise to its nickname, the “Venice of Portugal”.
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The Process of Buying Property on the Silver Coast (Costa da Prata)
- The first step is usually a verbal agreement between property buyer and seller, after which the property 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 property on the Silver Coast (Costa da Prata) off-plan, a smaller deposit is usually required, followed by stage payments. This depends entirely on the developer
- When buying property on the Silver Coast (Costa da Prata) that is resale, 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
- Transfer tax can be anything up to 8% depending on the value of the property on the Silver Coast (Costa da Prata). This must be paid before the final documents are signed
- Legal fees tend to be around 2%
- Agents’ fees can be anywhere between 1% and 10%, although the average is around 3%
- Allow around 2.5% for notary and land registry fees and up to 0.8% for annual local taxes
- Fees and taxes can vary greatly depending on the municipality, so be sure to get your lawyer to check out the relevant legislation thoroughly
- VAT at the current rate of 19% may apply. Get your lawyer to find out what fees this affects.
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