Buying or selling a house can be a challenge. No matter what your situation, whether you're buying a property as a long-term investment, or selling but are worried about ending up with a "bad deal", the process is not easy, especially if your're not a Portuguese native and are perhaps buying in Portugal for the first time. It often involves several bureaucratic issues which require time and knowledge of the area, but also some patience.
Based on recent trends and forecasts in Portugal, Doutor Finanças, a company specialised in personal and family finance, has compiled a list of 6 aspects to consider in 2020 if you decide to take the plunge and buy or sell a property in Portugal.
Benefit from low interest rates
The prospects are that Euribor rates will remain at very low levels in Portugal. Combined with an environment of economic stability and competition in banking, this should ensure attractive spreads for the near future. Experts state that "the timing is positive for taking out a mortgage due to lower financing costs".
Take advantage of an improving real estate market
The recovery of the housing and construction market in Portugal and the potential approval of new licenses should make the market increasingly healthy. This will create opportunities for those who want to buy homes, as there will be an increase in the supply of real estate on offer.
Consider other locations
The experts at Doutor Finanças state that, "although the environment is positive, there are some limitations, particularly when it comes to finding the house of our dreams". The last few years have been marked by a demand for property from foreigners, especially in the more central areas of Lisbon, Porto and the Algarve. This factor has pushed up the prices of houses in these locations and as the supply is scarce, it is not expected that prices will decrease in these cities in the near future.
If you really want to live in the big cities, you should look into buying a house now, according to Doutor Finanças. For those who cannot keep up with the rise in prices, the solution may be to extend your geographical possibilities, looking in more peripheral areas where licence applications have already increased, since there is still room for new construction.
Assess external risks
The national economy shows signs of growth and stability but even if the forecast is optimistic, there is always the possibility of "some clouds hanging over", namely the international situation. This includes geopolitical issues, such as the attacks between Iran and the US, or the UK's departure from the European Union, which could have repercussions for the rest of the world.
Listen to estate agents
The real estate market is always challenging for both the seller and the buyer: the seller wants to sell their property for the highest price and the buyer wants the lowest price. In these cases, it is vitally important to listen to your real estate agent, who knows about the reality of the market and can advise you on the best deal.
Saving is fundamental
At a time when banks only finance up to 90% of the purchase of the property, it is essential to have savings. You should start by assessing your monthly credit charges and consider either combining credits into one or renegotiating your mortgage credit as a way of starting to build up savings.
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