Renting
Most newspapers publish advertisements for renting property (‘alugam-se’ [for rent]). There are also advertisements for accommodation in English, such as in the 'Anglo-Portuguese News'. Always look for adverts stating
‘Mediador Autorizado’ [government licensed].
Rents vary according to location, quality and the number of rooms, e.g. 1-2 rooms, EUR 350 to EUR 1 100 per month, 4 rooms, between EUR 750 and EUR 2 000 per month. The minimum duration of a rental contract is six months.
Buying
Estate agents and newspapers are a good way to find high-quality accommodation. If you use a Portuguese estate agent, make sure that he is government licensed.
Mortgages are provided by banks.
The purchase price of a four-bedroom house in Lisbon and the outskirts varies between EUR 150 000 and EUR 600 000.
If you are planning to stay for a long period it may be cheaper and easier to buy rather than rent accommodation, which is more expensive and less common.
A mortgage can be obtained from banks, whose conditions vary according to the financial terms of the mortgage, the location of the property and the bank itself.
The purchase of accommodation is subject to a tax of almost 10% of the purchase price (before you can purchase the property you need a Portuguese taxpayer’s number and a Taxpayer’s Card - which you must already have if you pay tax.
A notary deals with the entire property purchasing transaction. A contrato promessa de compra e venda [preliminary contract] is generally signed before the final contract (escritura [deed of sale]). The purchase of accommodation is subject to the payment of IMT (Imposto Municipal Sobre as Transmissões Onerosas de Imóveis [Municipal Tax on the Transfer of Property for Consideration]), based on the value of the property, its location and local services. The rate of this tax varies from 0.7% to 1.3%.
Text last edited on: 08/2009
Source: European Union © European Communities, 1995-2009 Reproduction is authorised.
