I will be posting separate excerpts of the Berkshire Hathaway HomeServices Portugal Property Live Webinar on which I was a panellist on 28th July 2022.
DETAILS FOR FULL WEBINAR
I answered questions on general financial issues, investments, pensions and tax if you are considering making Portugal your new home. Along with the other panellists, I also covered different types of visas (namely the D7 visa and Golden Visa) and looked at the Non-Habitual Residence scheme.
Joe Pyke from Berkshire Hathaway HomeServices Portugal Property addressed a range of property related questions
Steve Eakins at Lumon spoke about the benefits of using a currency specialist when exchanging currencies
André Nunes Melo from NMA – NUNES MELO ADVOGADOS | LAW FIRM covered legal aspects associated with buying property in Portugal and Claudia Schuets from Quinta Finance covered a range of mortgage/financing questions
It was a great Q&A format and I look forward to doing a further webinar with the team later in the year
The full webinar will be posted over the next week or so, but I have separated out the webinar into 4 categories focusing on different aspects of relocating to Portugal and the buying process.
This first video focuses on the property buying process, the Portugal property market in general and the current state of the market.
VIDEO 1 – the Portugal property market and buying process
Joe explained that the buying process in Portugal is a relatively straightforward process and reassured those thinking about buying here that it is not as daunting as one might imagine.
He explained that, as agents, they are there to guide you through every step of the process and facilitate introductions to trusted local connections, from Lawyers to mortgage and currency specialists for example.
Joe suggested that, as a broad rule of thumb, you should allow approximately 8% of the property value to allow for tax and legal fees, although this will vary between areas and price of property.
He also recommended getting advice early in the process to ensure you do things in the right order and at the appropriate time for example ensuring that financing is in place with the assistance of financing specialists like Claudia and her team.
Time frames
Claudia was asked about typical timescales involved if using a mortgage to purchase property. She explained that it is very much dependent on the bank they are working with, but as a general rule of thumb, generally takes 5-6 weeks from receiving all necessary documentation.
Strength of Portuguese property
Joe is both an experienced real estate agent and property investor himself and he has never seen the market this strong.
There are increasing numbers of US buyers interested in Portugal and the market has also been helped through demand for Golden Visas AND a lowering of minimum thresholds for those visas.
It is due to a fundamental imbalance between supply and demand with increasing interest in Portugal yet not enough properties on the market and being developed at the current time.
Joe also explained that it is not just people buying holiday homes here anymore, but those looking to relocate to Portugal to live permanently.
Best locations to buy
Joe admitted that he is biased (and so am I!) given that he and his family live in the Algarve, and the southern part of Portugal certainly has a lot going for it in terms of great beaches, space, wildlife, great food and people, and more sunshine than California.
However there are certainly other areas to explore and he is seeing increasing interest in Porto and Madeira.
The area you choose ultimately depends on what you are looking for and the purpose of your purchase e.g. buying for investment versus using as a holiday home or permanent home.
Price for a three-bed close to water front
Joe was asked what three bedroom home close to the water front would cost and he explained that this can vary dramatically between areas. For example, you may be able to get a property in Nazare/Silver Coast for €450k but in the Algarve this can be €700-800+.
It very much depends on area, whether the property is classified as touristic or not, and the amenities available.
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