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Buying real estate

Every real estate transaction is unique, and the process may vary slightly depending on the specific circumstances and regional regulations. 

Buying property in Portugal involves several steps. Here is the general procedure to follow:

1. Market Research: Study the property market in Portugal, determine your preferences and budget. Consider different areas, property types and their value.

2. Hiring a real estate agent: It's a good idea to contact a licensed real estate agent to help you through the search and acquisition process. The agent will help you find the right options, arrange views and organize the entire process.

3. View properties: Visit properties that meet your requirements. Carefully assess the condition of the property, amenities, location and compliance with your needs.

4. Preparation of legal documentation: When buying a property in Portugal, it is recommended to contact a lawyer specializing in real estate. It will help you check the legal purity of the property, prepare and check all the necessary documents and contracts.

5. Conclusion of preliminary agreement and payment of deposit: After selection of real estate and agreement of terms with the seller, preliminary agreement (Contrato de Promessa de Compra e Venda) is concluded. This agreement specifies the terms of purchase, price, timing, and other material terms. You will also need to pay a deposit (Arras), which is usually about 10% of the value of the property.

6. Verification of legal documentation: Next, the process of checking the legal purity of real estate is carried out. This includes checking title, having encumbrances, no tax and utility bills outstanding, and checking property-related documents. Your attorney will review all legal aspects, including ownership, encumbrances, permits, and other important factors. This ensures you get the property without legal problems.

7. Transfer of property: Once the inspection is complete and all conditions are settled, documents should be prepared for transfer of property. This includes signing a final purchase agreement and paying the remaining purchase amount.

8. Payments and taxes: You should note that when buying a property in Portugal, various payments and taxes arise. For example, you may need to pay Property Transfer Tax (IMT), Value Added Tax (IVA), or Property Tax (IMI). Contact your attorney or tax advisor for specific taxes and mandatory payments.

9. Registration of property: Once the transaction is complete and the property is transferred, you should register your ownership with the Real Estate Registration Service (Conservatória do Registro Predial). This guarantees your legal protection and ensures you own the property.

10. After the acquisition of the property, you may need a variety of after-sales services, such as utilities, internet and cable connections, security settings, etc. It may be helpful for you to seek help from specialists or agents to simplify this process.

It is important to keep in mind that the process of buying a property can vary depending on the specific circumstances, the type of property and the region. It is recommended that experienced professionals such as solicitors, real estate agents and tax advisers be approached to provide themselves with proper support and protection in the Portuguese property acquisition process.

Property prices in Portugal can vary considerably depending on the region, the type of property, the condition of the property and other factors. Here is an overview of property prices in different areas of Portugal:

1. Lisbon and surrounding area: Lisbon is the capital of Portugal and one of the most popular regions for property acquisition. House prices are usually higher here, especially in the historic centre of Lisbon and coastal areas such as Cascais and Estoril. In these areas, the cost per square meter can be significantly higher compared to other regions of Portugal.

2. Porto and surrounding area: Porto, Portugal's second largest city, is also popular with foreign property buyers. Property prices in and around Porto are usually slightly lower than in Lisbon, but can still be quite high in central and picturesque areas.

3. Algarve: The Algarve region, located in southern Portugal, is known for its beautiful beaches and tourist resorts. Property prices in the Algarve can vary considerably depending on location. In resort towns such as Faro and Vilamoura, prices are usually higher, and smaller towns and villages in the interior of the Algarve can find more affordable housing.

4. Northern Portugal: In northern Portugal, including the cities of Braga, Aveiro and Guimaraes, property prices are usually lower compared to Lisbon and Porto. Here you can find more affordable housing, especially in rural areas.

5. Madeira Islands and Azores: Property prices on Madeira Islands and Azores may also vary. Basically, real estate on these islands is more expensive than on the Portuguese mainland, especially in popular tourist areas such as Funchal in Madeira or Ponta Delgada in the Azores. However, in more remote and less well-known areas, prices may be more affordable.

Note that the listed property prices are general and may vary depending on a variety of factors such as the size and type of property, the condition of the property, the distance from the urban centre, proximity to the sea, the popularity of the area, and the overall real estate market situation.

When buying a property in Portugal, it is recommended that you contact professional estate agents or solicitors to get more accurate information about property prices in specific areas and help you with finding and acquiring the desired property.

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