Are you interested in investing in Lisbon real estate? Perhaps you wish to purchase a home for yourself or rent it out.
There’s a lot going on right now, so we need to take an overview of Lisbon’s real estate market.
This guide will help you learn more about getting a property in Lisbon, Portugal, with Residence.
Overview of Lisbon’s Real Estate Market
According to the Confidencial Imobiliario’s reports, the prices for purchasing property in Lisbon witnessed a 4.9 percent increase from 1st April 2021 to 30th June 2021 as compared to the first three months. During the second quarter, the average price per square meter for housing was 3,833 Euros.
Whereas in May 2022, the cost of purchasing a residential property increased from 0.5% to 7.3%. Therefore, the maximum housing price is 5011 per square meter euros.
Why Choose Lisbon?
Lisbon is known for its fabulous architecture, ancient history, and unchanged traditional values, which is why many people arrive in Portugal and love to make investments. Everyone wants to own property because of a peaceful and secure environment.
Since the economic crisis in 2008, the Portuguese economy has witnessed a speedy recovery, and also the real estate market and businesses are continuously growing. This improves Lisbon’s urban landscape and cultural environment as businesses rapidly expand.
Numerous families like Lisbon when selecting a new residence, and trends indicate that demand for real estate in the capital continues to rise. Various travel companies anticipate that Portugal will be the most popular tourist destination shortly, which is an excellent investment criterion.
Benefits of Having a Property in Lisbon
The following are the benefits of owning a property in Lisbon:
- Portugal also offers various tax incentives and policies for investors, entrepreneurs, and new businesses. No double tax will be charged if you are self-employed or a retired person getting a pension.
- Another reason for buying property in Lisbon is that you can have a chance to enjoy a high standard of life, and it requires many affordable costs to access the basic necessities of life.
- If you purchase a property in Portugal with a minimum worth of 500,000 Euros, you can get a Golden Visa for Portugal and reside for nearly 5 years in Portugal.
- You don’t need to spend entirely 5 years in Portugal; only 7 days each year.
Types of Property in Portugal
There are different kinds of properties that you can purchase as per your requirements; please have a look:
- Typical Detached Home with a backyard surrounded by a wall with a front gate.
- Semi-Detached Home.
- Single Apartment units sharing common areas.
- You can classic farms in the inland areas of Portugal.
- You can buy any land and build a home. However, you must confirm from City Hall that the chosen land is registered for residence purposes.
How to Buy A Property in Lisbon?
Following are the steps that will help you out in purchasing a property in Lisbon:
- Preparation of necessary documents (translated into Portuguese) and Due Diligence. Due Diligence means providing information about the applicant himself, his business, and the source of income.
- Document submission and Property selection.
- You have to obtain a taxpayer number via your lawyer and open a bank account for storing investment money.
- Preliminary agreement describing details, final cost, payment terms, party rights, and obligations.
- Preparing Deal free of defects.
Still, if you are unsure how to proceed, don’t worry. 7Sky Immigration, one of the best golden visa portugal consultants, will provide you with the best advice that is favorable for you and assist you in migrating alone or with family.
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If you want to have permanent residence in Portugal, you will need to make an investment which is a part of their “Golden Visa Program in Portugal.”
Once you get a Golden Visa, you get a five-year temporary residence permit. By just spending 35 days as a minimum requirement, you will be eligible for citizenship and can further apply to become a permanent resident.