How Does
It Work?

Many of us dream of owning a property in The Algarve but when it comes down to it, just how feasible is it to realise that dream?

The Algarve region in Portugal has been for many years a popular destination to purchase property. So what does this far south western corner of Europe have to offer?

Well, lets go right in at the deep end and suggest that 300 days of sunshine, some of Europe’s finest, cleanest beaches, a collection of superb golf courses, wonderful scenery, wildlife, tranquil settings, fantastic food and wine and friendly warm people might just have something to do with it!

It’s only just over 2 hours away on a plane from the UK and Ireland and flights are very regular. So just how many hoops do we have to jump through to achieve that dream of owning our own home in this gorgeous part of the world? Not as many as you’d think! Can you feel it getting closer?!

Portugal has very straight-forward rules in the property industry, fair to both buyers and sellers but it pays to seek advice from knowledgeable people before you make big strides into the unknown.

At the bottom of this article you will find a list of recommended professionals who will guide you through the entire process of buying or selling in Portugal with the minimum amount of worry and stress.

Let MyClubPromotion help you get so close, your dream becomes 100% real...

Firstly, let’s state the obvious. We recommend that if you have not been to the Algarve before and are considering it as a place to buy, please take the time to come and see the place and what it has to offer. Then decide where you would like to be in the Algarve and visit our recommended real estate agent for that area. Our recommended agents all have the necessary government license (mediador autorizado). They will give you all the assistance you require in finding your perfect property.

You may need to obtain finances to proceed with your purchase. This can be achieved through one of our recommended mortgage lenders.

Once you have found your new home and you have agreed a price through the agent you will need a lawyer. The lawyers on our recommended list are all fully qualified (advogados or solicitadores). Never use a lawyer who is also acting for the other party. Your lawyer will take all the necessary steps to ensure that the documentation relating to the property is in order and that there are no charges on the property. The promissory contract (contrato promessa de compra e venda) is then drawn up. At this stage the buyer will need to pay the seller a 10% deposit which is non refundable. However, from this point if the seller defaults, double the deposit is due to the buyer. Once this is signed it’s just a matter of time, usually agreed at this point, before the final contract is completed.

There are taxes to consider. A transfer tax (IMT). This is calculated on a sliding scale related to the purchase price of the property. There is also a stamp duty (honorarios de notario) which is currently set at 0.8%.

So, there you are. A relatively simple procedure to achieve your dream. Made even more pain-free through our recommended network of professionals below!

Now all there is to do is enjoy ... Oh, and don’t forget to use your MyClubPromotion Algarve Discount Card and prepaid currency exchange MasterCard with the countless participating business members throughout the Algarve!

We work with the following property related companies in the Algarve who Myclubpromotion are pleased to recommend. 

Real Estate Agents

Lawyers

Currency Exchange