Living near the sea in an apartment, duplex, penthouse, villa, farm... Buying a house in the Algarve is not a cost, but an investment, because you are investing in one of the best regions of Portugal, visited by thousands of national and foreign tourists every year, due to the exceptional climate, the wonderful beaches and many other natural beauties.
But the Algarve also has a vast historical and cultural heritage, delicious cuisine, good infrastructure, commerce and services, excellent levels of security... and all for a cost of living well below the European average! So you have every reason to decide to buy a house in the Algarve... and none to put off reading this article!
The Algarve is an excellent area to live and spend vacations and, therefore, a very sought after region by Portuguese and foreign families, namely retirees and citizens who wish to invest under incentive programs, such as the Golden Visa.
From apartments with sea view to villas with swimming pool by the mountains, you will find the house of your dreams without difficulty, if you follow our step by step guide to buy a house in the Algarve! From decision to handing over the keys... in less than 10 steps!
Step One | Set a Budget
You can find both affordable apartments and luxury villas, so the first step to buying a house in the Algarve is to really set a realistic and feasible budget.
Just to give you an idea, in March 2022, average house prices in the Algarve were at 2,685 €/m2.
Step Two | Choose the area you want to live in
The whole Algarve region is famous for its beaches, warm climate and quality of life, but you still need to understand whether you prefer to live in a more cosmopolitan city or in a more peaceful rural area. And after making a decision, you should still analyze some variables to consider when choosing the best area to live in the Algarve, such as traffic and road access, public transport, parking space, schools, services and commercial areas, surroundings and safety.
Step Three | Define the type of house you want to buy
Step Four | Search... or find a partner who will do the research for you!
Now, with the area and type of house you want in mind, it's time to start your research. It is not difficult! Just click here and go directly to Engel & Völkers Portimão website, to get to know the best offer of apartments and houses in Portimão, Silves, Alvor, Ferragudo and Monchique. However, if you want to receive expert support during this process and find your dream property in record time, just contact our agency and one of our consultants will assist you through the whole process!
Step Five | Visit, visit, visit
With so many houses for sale in the Algarve, it is natural to feel indecisive and need to schedule several visits to better understand all the options. Take the opportunity to evaluate some items that can help you get to the ideal property for your needs:
If you have the support of an Engel & Völkers Portimão consultant during this process, you will not have to worry about any of the points above! In addition to not wasting time visiting properties that do not align with your expectations, you will always have the appropriate advice, which will make the visiting process smoother, focused and efficient.
Step Six | Making an offer on your dream home
Have you found the perfect home for your family? Great, now just make an offer and wait for the owner's response! As explained previously, with the support of one of our consultants, you will always make the right offer and have a better chance of success!
Step Seven | Gather all documentation
Going ahead with your house purchase in the Algarve? Congratulations! The next step is to gather or ask your intermediary to gather all the documents of the property: legal description, utilisation license, house blueprint, the housing technical sheet, energy certificate...
Step Eight | Signing the preliminary agreement
The preliminary agreement is a document in which the two parties involved (seller and buyer) confirm the intention to buy/sell the property until the moment of the deed. To prepare the preliminary agreement you must present your Citizen Card or passport, proof of NIF or Portuguese tax number and pay a deposit, agreed previously. Therefore, if you need a housing loan to buy a house in the Algarve, it is advisable to deal with the bank before the preliminary agreement, because the bank will require the presentation of other documents, such as location and fraction plan, usage permit, land registry, income declaration, etc.
Step Nine | Getting the house deeded
Today is the day! The day the sale is formalized with the completion of the deed and full payment of the property. It is, after all, the moment when you officially become the owner of a house in the Algarve. But before that, don't forget to pay the Municipal Tax on Transactions (IMT) and the Stamp Tax (IS) for the property! And a few days later, don't forget to collect the deed from the respective notary's office!
Are you ready to have your own place in the Algarve? Then visit the Engel & Völkers Portimão website and discover our portfolio, where you can find beachfront villas, luxury apartments, pool houses, rural farms and excellent real estate investment opportunities!