Sell your property in Faro District

If you can choose the point in time when to sell your property, we know that you will consider changes in inflation, interest rates, and buyer behaviour. Whatever the changes, we can achieve the best sale price for you, due to the existing demand for living space and the desire to own a home. Seen as a place of safe retreat and stable investment, real estate is still in high demand.

Particularly in the premium segment, real estate is seen as an anchor to provide stability, and used as an attractive instrument for long-term asset protection. Clients looking to buy are still ready to invest in real estate and willing to pay the appropriate price.

There are two ways to valuate property: online and on-site. At Engel & Völkers, both services are always free and non-binding.

For a first assessment, you can use the online valuation. The most important criteria are property type, living area, macro and micro-location, and the year of construction. Learn more here about the Engel & Völkers Online Valuation. Alternatively or additionally, you can also request an on-site valuation with our experts. Contact us online and we will shortly be in touch with a proposed date.

Good to know: Take advantage of both options, as the online valuation is not a substitute for an on-site valuation. If you are intent on selling your property, contact the Engel & Völkers experts to help achieve the optimal price for your house or apartment.

Selling a house or apartment privately takes on average one to six months. The more precisely the market price of your property is determined at the beginning of the marketing phase, the faster the whole selling process will be.

Good to know: If you want to sell your property quickly, you should not set the selling price too high. The more the selling price is raised above the property evaluation, the longer it will take to sell the property.

Selling with a real estate agent significantly reduces your efforts, and in particular your time investment. However, you will need to pay an estate agent fee which is evenly split between you and the buyer.

Engel & Völkers real estate agents:

• know the market and evaluate the exact value of your property

• take the full potential of your property into account, including characteristics and details

• value the individuality and history of each property with an eye for any “hidden values”

• put together a professional exposé with meaningful property descriptions, high quality photos, 3D tours, and clear floor plans

• suggest a target-oriented marketing strategy and utilise carefully selected sales channels

• access an extensive data base with earmarked prospective buyers

• take on all correspondence with prospective buyers and act in your best interests

• confidently take on a selling position and execute price negotiations

• carry out viewings and swiftly find the right buyer

• achieve the highest possible sales price on the market

• check the notarised agreement and prepare the appointment with the notary

When selling your property, you will need the following documents:

• Land register excerpt

• Energy efficiency certificate (CEE)

• Certificate of occupancy (only in Catalonia)

• ITE certificate (if it's case)

• Non-debt certificate with the owners community

• Receipt IBI payment

Yes you do, as a resident of Portugal you will have to pay taxes if you sell for a higher price than you bought it, you will have to pay income tax on the capital gain (IRPF)

The income tax you will pay will depend on the resulting amount of the capital gain itself, and after deducting the associated costs in 2023:

• 19% income tax up to 6,000 euros

• 21% income tax between 6,000 and 50,000 euros

• 23% income tax between 50,000 and 200,000 euros

• 26% income tax on income over 200,000 euros

If you are a non-resident in Portugal, once the sale is formalized, the buyer or his representative withholds 3% of the final value of the transaction. From the date of the sale, the buyer has one month to withhold and pay this percentage. To do so, he will use Form 211. After paying the amount withheld, the buyer delivers a copy of Form 211 to the nonresident seller, so that they can deduct the amount withheld when declaring the gain obtained from the transfer. The seller calculates the capital gain and pays between 19% and 24%, depending on the country of residence.

Also, non-residents and residents in Portugal shall pay Capital gains tax to the municipality where a property is located.

When selling an apartment, you will need to provide additional documents: Teilungserklärung (en. declaration of division), the protocols of the last home owners’ meeting, Wohngeldabrechnung (en. statement of service charges) and Wirtschaftsplan (en. budget for the following year). However, the valuation or marketing process for example will not differ.

Some home owner associations require the other homeowners to agree to the sale of the apartment. A sales agreement will only become valid once the written agreement from the other homeowners is completed. For serious reasons (such as to stop the purchase of the apartment by clearly undesirable buyers), this agreement can be refused. However, a positive majority decision is normally provided by the home owner association.

Yes you can. In this case, you will have to pay off the mortgage with the sales proceeds. However, please keep in mind that prepayment penalties will be charged by most banks.

You can avoid this if you buy a new property around the time of the sale and then use this new property as a new asset for the new mortgage ("property exchange"), or if the buyer of your property takes on the mortgage as well ("debitor exchange").