Can foreign nationals take out mortgage loans in Lagos?

Yes, non-residents can be issued a mortgage loan to buy property in Lagos. 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 Lagos?

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 Lagos?

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.

7 Houses for Sale with Pool in Lagos from 890,000 €

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5-room villa 632 m² in Lagos

Lagos, Faro, Portugal

890,000 €

Total area 632 m² · Land area: 632 m² · 3 bathrooms

3-room villa 679 m² in Lagos

Lagos, Faro, Portugal

1,485,000 €

Total area 679 m² · Land area: 679 m² · 3 bathrooms

2-room villa 519 m² in Lagos

Lagos, Faro, Portugal

915,000 €

Total area 519 m² · Land area: 519 m² · 3 bathrooms

3-room villa 578 m² in Lagos

Lagos, Faro, Portugal

1,094,000 €

Total area 578 m² · Land area: 578 m² · 4 bathrooms

2-room villa 593 m² in Lagos

Lagos, Faro, Portugal

940,000 €

Total area 593 m² · Land area: 593 m² · 3 bathrooms

3-room villa 658 m² in Lagos

Lagos, Faro, Portugal

1,210,000 €

Total area 658 m² · Land area: 658 m² · 4 bathrooms

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4-room villa 11,600 m² in Lagos

Lagos, Faro, Portugal

1,995,000 €

Total area 11,600 m² · Land area: 11,600 m² · 5 bathrooms

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

Faro City, Faro, Portugal

4,500,000 €

Total area 486 m² · 4 bedrooms · 4 bathrooms

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4-room villa 218 m² in Loule

Loule, Faro, Portugal

925,000 €

Total area 218 m² · Land area: 7,062 m² · 4 bathrooms

2 months ago

5-room villa 334 m² in Faro City

Faro City, Faro, Portugal

931,000 €

Total area 334 m² · Land area: 2,480 m² · 4 bathrooms

4-room villa 372 m² in Loule

Loule, Faro, Portugal

2,250,000 €

Total area 372 m² · Land area: 68,892 m² · 3 bathrooms

3 months ago

2-room villa 106 m² in Loule

Loule, Faro, Portugal

699,000 €

Total area 106 m² · Land area: 1,507 m² · 2 bathrooms

5-room villa 298 m² in Loule

Loule, Faro, Portugal

1,400,000 €

Total area 298 m² · Land area: 2,777 m² · 5 bathrooms

4-room villa 277 m² in Loule

Loule, Faro, Portugal

650,000 €

Total area 277 m² · Land area: 754 m² · 3 bathrooms

5-room villa 535 m² in Vilamoura

Vilamoura, Faro, Portugal

1,950,000 €

Total area 535 m² · Land area: 710 m² · 5 bathrooms

3 months ago

4-room villa 270 m² in Boliqueime

Boliqueime, Faro, Portugal

875,000 €

Total area 270 m² · Land area: 933 m² · 3 bathrooms

Houses for sale with pool in Lagos