Experts Tips on Buying an Apartment in Portugal

Property in Portugal

Buying an apartment in Portugal is a decision you won’t regret. It is one of the oldest overseas property destinations, which still has a huge amount of British buyers. The building and construction in Portugal are more regulated than some foreign markets that give investors peace of mind.

Ebullience among British buyers for apartment purchase in Portugal is so high. Around 2 million British tourists a year comes in Portugal and around 18,000 Brits buy property in Portugal annually according to Portuguese Real Estate Association.

The Portuguese economy is showing signs of recovery after several years of uncertainty and falling house prices. For apartment buyers, property prices in Portugal are on the rise as the economy recovers but are still relatively low.

There are no restrictions on foreign property ownership in Portugal. Non-EU citizens receive a 5-year residency permit known as a ‘Golden visa’ if they buy property worth a minimum of EUR 500,000. In addition to allowing you to work or study in Portugal, the golden visa allows you to apply for permanent residency after five years.

To buy a property in Portugal, you’ll need to have a Personal Fiscal Number (Numero fiscal de contribute), which you can obtain from your local tax office. If you choose to open a bank account, you’ll be automatically assigned a Personal Fiscal Number. While you don’t necessarily need to open a bank account, it can be useful when transferring money and making regular payments during the home buying process.

Visit Fortera Group to buy an apartment in Espinho (also known as “comprar Apartamentos Esphino” in Portuguese). Fortera group offers best affordable T2, T3 and T4 apartment in Espinho (also known as “ T2, T3 e T4 Apartamento em Espinho” in Portuguese).

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