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What are the hidden property purchase costs in Portugal?

Posted: Sat Oct 23, 2021 8:34pm
3 replies72 views2 members subscribed
Jazz

Posts: 139

14 helpful points

Location: Lagos

Joined: 29 Sep 2020

How naive could I have been to not realise that embarking on this project of buying a property to live in in Portugal would have a "sting in its tail"!

For me it's a serious dis-incentive and de-motivator!

https://www.portugalpropertyhub.com/en/purchase-costs


aspidistra

Posted: Wed Oct 27, 2021 1:43pm

Posts: 84

15 helpful points

Location: Silves

Joined: 8 Aug 2021

Posted: Wed Oct 27, 2021 1:43pm

As said on another forum where you posted this too, these costs really aren’t hidden and are not much different to buying in any other country, For anyone thinking costs are hidden, just Google for costs of buying property in Portugal and there are plenty of sites with this info.

Jazz

Posted: Wed Oct 27, 2021 7:52pm

Jazz

Original Poster

Posts: 139

14 helpful points

Location: Lagos

Joined: 29 Sep 2020

Posted: Wed Oct 27, 2021 7:52pm

aspidistra wrote on Wed Oct 27, 2021 1:43pm:

As said on another forum where you posted this too, these costs really aren’t hidden and are not much different to buying in any other country, For anyone thinking costs are hidden, just Google for costs of buying property in Portugal and there are plenty of sites with this info.

Very true - and thank you for this reply. I suppose what I'm saying is that, somewhat glosseyed, one could see so many attractive ads from auctioneers, complete with blue skies, glossy pictures and accompaning videos and music. But, "under the surface", are the negatives; the "stings-in-the-tail" all of which reduce the attractiveness of the particular property for the prospective buyer e.g. the Auctioneers gets 5% from the Seller (built into the asking price); and the Buyer should have between 8% - 10% of the purchase price to meet the plethora of expenses, taxes, charges etc.

Two questions I can't get answers to are (i) if the prospective Buyer already has a fiscal number is he/she still liable for this 8% - 10% and (ii) regarding secondaty/permanent residency, I understand this includes only spouses, children up to 18 years of age and grandparents. Would this be correct please?

Thanks again.

Jazz

aspidistra

Posted: Wed Oct 27, 2021 10:42pm

Posts: 84

15 helpful points

Location: Silves

Joined: 8 Aug 2021

Posted: Wed Oct 27, 2021 10:42pm

You can’t actually buy a property in Portugal if you are foreign, unless you have a NIF number so it is irrelevant to the costs.

I don’t know the answer to the second question.

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Antnio  Carla Ponte - KW FLASH Algarve Real Estate Consultants
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