Moving to Portugal : what you need to know about real estate

Portugal promises a paradisiacal atmosphere under the sun on the Atlantic Ocean. Many people want to live there, but realizing this dream requires real estate prices and various taxes.

"Europe's Florida

The Portuguese have dubbed their country the "Florida of Europe". Unlike other countries to the north of France, which average just 1,700 hours of sunshine a year, Portugal boasts between 2,900 and 3,300 hours of sunshine. According to statistics provided by the Portuguese Association of Real Estate Professionals, the French are the country's biggest property buyers.

They alone account for around 25.5 % of the 13,064 sales to non-Portuguese buyers. And this trend continues to grow, with purchases accelerating towards the west of the Iberian Peninsula. In fact, an Internet TV channel has been specially dedicated to all French residents there.

How to buy a property in the country

Foreigners wishing to move to Portugal will need to satisfy a number of important criteria if they are to settle in comfortably. First and foremost, they will need to obtain resident status, which requires a fairly lengthy procedure.

Only after these steps can a foreigner buy a home. The procedure for acquiring this property is similar to that in France.