Can foreign nationals take out mortgage loans in Faro (city)?

Yes, non-residents can be issued a mortgage loan to buy property in Faro (city). Special terms of mortgage lending for non-residents — the loan term up to 75 years of age for the eldest borrower and a down payment of 40–50%. The mortgage rate is a floating one, of 3% for residential properties and 5% for the commercial ones.

How does the purchasing process take place when buying a house in Faro (city)?

Before the purchase, it is necessary to hire a lawyer who would help you get the paperwork done. Having chosen the property, you need to open a local bank account and receive a tax identification number. First, a preliminary sales agreement is signed, a deposit equalling to 10–30% of the property value is placed, and the municipal taxes are paid. The deposit is non-refundable if the buyer decides not to purchase. All agreements ought to be notarised. Between signing the preliminary and main sales agreements, the lawyer completes the property Due Diligence and checks the availability of all the documents for the property. When signing the main agreement, the remaining transaction amount is paid, after which the property can be registered with the land registry office and a title deed can be obtained.

What property taxes are there in Portugal?

Property buyers pay a stamp duty (Imposto do Selo, IS) — 0,8% and a title deed transfer tax (Imposto Municipal sobre Transmissões, IMT) — 6,0 – 6,5%. After the purchase, an annual real estate tax (Imposto Municipal sobre os Imóveis, IMI) ranging from 0.3 to 0.8% across property types and municipalities, has to be paid. These three taxes — are everything that is paid by property owners. When selling real estate, non-resident owners pay the capital gain tax, chargeable from the difference between the purchase price and the sales price at a rate of 28%. The inheritance and gift taxes are not levied from spouses, children, parents and grandchildren, the other categories pay them at a rate of 10% (which is considered low).

How expensive are the utilities in Faro (city)?

The utility costs vary across locations. For example, an average bill for an 50–60 m² house totals about € 100-130 per month.

How can a house buyer obtain Portuguese citizenship?

It is possible to apply for permanent residency after five years of residence in the country. After six years of residence it is possible to apply for citizenship. But these procedures are not interrelated. Holding a temporary residence or permanent residence permit does not lead to obtaining citizenship. Only following the rules of stay in the country (over 183 days per year for six years) can give hope for obtaining Portuguese citizenship.

Can foreign nationals lease houses in Portugal?

Yes, of course. The owner's right to administer their property is not limited in any way.

What types of Portuguese property are better to invest in for rental purposes?

The most suitable for rental purposes are the houses located in the resort areas, such as the Algarve, Faro, Lagos, on the entire southern coast and the capital of the country, Lisbon.

Why do I need to own a house in Portugal?

The Portuguese property market is one of the European real estate markets that have been growing most actively over the past few years. Therefore, real estate investments are very profitable in the country.

6 Houses for Sale in Faro (city), Buy Villa from 295,000€

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Elite villa with a pool with a 5% yield, Algarve, Portugal for 4,500,000 €

Elite villa with a pool with a 5% yield, Algarve, Portugal

4,500,000 €

£3,847,000

Total area 486 m²4 bedrooms4 bathrooms

3 Bed Villa, large plot in quiet area for 295,000 €

3 Bed Villa, large plot in quiet area

295,000 €

£252,000

Total area 111 m²Land area: 4,480 m²1 bathroom

3 weeks ago

90 m long swimming pool!

The Community — investment apartments by Aqua Properties with 9,5% yield per annum in the center of the developing area of Motor City, Dubai

From 131,000 €

Completion in: 2025 Yield: 9.0% Apartments in total: 450

Residential complex

Villa – Monchique, Faro, Portugal for 1,200,000 €

Villa – Monchique, Faro, Portugal

1,200,000 €

£1,026,000

Total area 1,332 m²Land area: 1,332 m²6 bathrooms

Agricultural – Faro (city), Faro, Portugal for 2,300,000 €

Agricultural – Faro (city), Faro, Portugal

2,300,000 €

£1,966,000

Land area: 216,617 m²3 bathrooms

Villa – Faro (city), Faro, Portugal for 600,000 €

Villa – Faro (city), Faro, Portugal

600,000 €

£513,000

Total area 436 m²Land area: 436 m²3 bathrooms

Villa – Faro (city), Faro, Portugal for 650,000 €

Villa – Faro (city), Faro, Portugal

650,000 €

£556,000

Total area 365 m²Land area: 365 m²3 bathrooms

Discounted homes upon request

Send us an enquiry, we will find advantageous offers for you

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Ksenia Kolesnikova,

Client manager

We find off-market properties
We organise viewings
We assist in obtaining a mortgage

Similar facilities nearby

New villa with a pool and sea views in Lagos, Faro, Portugal

2,300,000 €

Land area: 731 m²5 bedrooms6 bathrooms

New villa with a swimming pool near golf courses and beaches, Almancil, Portugal

1,250,000 €

Total area 521 m²3 bedrooms4 bathrooms

Luxury villa with a swimming pool, a garden and lounge areas, Galé, Portugal

3,500,000 €

Land area: 8,860 m²4 bedrooms5 bathrooms

Contemporary 3 Bed. Villa Turnkey

1,475,000 €

Total area 380 m²Land area: 1,114 m²4 bathrooms

2 + 2 Bedroom Villas, sea views, beautiful setting

1,395,000 €

Total area 375 m²Land area: 3,759 m²4 bathrooms

Fabulous Quinta for sale in large plot with Annex, Boliqueime

1,100,000 €

Total area 334 m²Land area: 8,000 m²5 bathrooms

Sea & Countryside Views/ 4 Bed. Villa

610,000 €

Total area 160 m²Land area: 5,100 m²3 bathrooms

4 Bed. Renovated Farmhouse

750,000 €

Total area 161 m²Land area: 1,351 m²4 bathrooms

2 Bed. Villa under Renovation

178,000 €

Total area 75 m²Land area: 2,430 m²2 bathrooms

Building: 3+1 Bed Villa, 2 Commercial Spaces — Loulé/ EN125

1,100,000 €

Total area 310 m²Land area: 2,200 m²6 bathrooms

2 Bed. Traditional House & Land

585,000 €

Total area 204 m²Land area: 292 m²1 bathroom

5 Bed. Renovated Villa

730,000 €

Total area 220 m²Land area: 242 m²3 bathrooms

3 + 1 Bedroom beautifully renovated villa

750,000 €

Total area 117 m²Land area: 2,852 m²2 bathrooms

Renovated villa with pool in quiet location

599,000 €

Total area 118 m²Land area: 1,420 m²2 bathrooms

Traditional 2+1 Bed Villa

298,000 €

Total area 72 m²Land area: 152 m²1 bathroom

3 bedroom country house, annexes and workshop

1,100,000 €

Total area 250 m²Land area: 15,715 m²3 bathrooms

Villa with 2 annexes

595,000 €

Total area 249 m²Land area: 2,420 m²4 bathrooms

Classic 4 Bedroom Villa

570,000 €

Total area 431 m²Land area: 500 m²2 bathrooms

3+1 Bed. Traditional Villa

275,000 €

Total area 166 m²Land area: 110 m²2 bathrooms

Villa – Vila do Bispo, Faro, Portugal

800,000 €

Total area 138 m²Land area: 257 m²3 bedrooms2 bathrooms

Villa – Vila do Bispo, Faro, Portugal

550,000 €

Total area 115 m²Land area: 181 m²2 bedrooms2 bathrooms

Villa – Vila do Bispo, Faro, Portugal

600,000 €

Total area 128 m²Land area: 194 m²2 bedrooms2 bathrooms

Elite villa with a pool and ocean views, 500 meters from the beach, Praia da Luz, Faro, Portugal

2,350,000 €

Total area 350 m²Land area: 1,013 m²

Villa – Vila do Bispo, Faro, Portugal

595,000 €

Total area 108 m²Land area: 123 m²2 bedrooms2 bathrooms

Villa – Vila do Bispo, Faro, Portugal

575,000 €

Total area 108 m²Land area: 123 m²2 bedrooms2 bathrooms

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Coldwell Banker
It is with much enthusiasm that I personally recommend Tranio for a professional business collaboration in the ﬁeld of real estate, marketing, acquisition, and ﬁnance. The fundamentals of our business relationship with Tranio were set in 2016. Mundial AG has received the company’s great reputation throughout a number of international business pai’tners and stockholders. Tranio has helped our company to expand its horizons to the global market and has established benchmarks that would extend Mundial AG’s networks. The company has exceptional connections to potential investors and has a proﬁcient team that is capable of forming compound ﬁnancial models that attract ﬁnanciers. The cooperation with Tranio is based on professionalism, effectiveness, and Hypovﬂemsbank scrupulousness. Our experiences with Tranio are encouraging and progressive, which makes them one of our preeminent business paitners.
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Z. Farkas, Mundial AG
We are glad to have a partnership with Tranio! It offers a vast online property base and the best services.

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Villas & houses for sale in Faro (city)