COVID-19: Buying, selling or renting property in Portugal

Freepik

7 April 2020, 11:40

Along with the rest of Europe and many countries worldwide, Portugal is currently experiencing exceptional circumstances during the period of confinement due to the coronavirus outbreak in the country. The crisis caused by the COVID-19 pandemic has not just been affecting health, but also has been paralysing real estate activity around the world.

However, this period of forced quarantine can have positive aspects and is a time where you can make the most of the tools available. As you may have a bit more time on your hands, this may be the perfect time to begin your search for a new home and start preparing the buying process, all of which can done remotely. We have prepared a guide to help those thinking of buying, selling or renting a property in Portugal. We'll also look at the latest economic developments, tips for those looking for a mortgage, and advice for teleworking and keeping your workspace and house organised, all without having to leave the comfort of your own home.

Buying and selling property

A global pandemic perhaps doesn’t seem like the best time to buy or sell a property in Portugal, but thanks to technology the process is becoming much more straightforward. At idealista we are here to help and make your property search as stress-free as possible, including new features on the idealista website where you can take advantage of virtual tours and view properties, all without having to leave your sofa.

Renting property

If you currently rent a property in Portugal or are a landlord and rent out a property, then the state of emergency can also produce difficulties and challenging circumstances for you, especially for those who may have lost income or their jobs due to the crisis. However, the Portuguese government has introduced measures for those most affected by the coronavirus crisis in the country and is in the process of introducing various aid packages for the most vulnerable tenants and landlords alike.

Mortgages

Despite the fact that the banks are considered an essential service in Portugal, not all branches are open and the authorities recommend not going out into the street unless absolutely necessary. However, those who are thinking of taking out a mortgage in Portugal need not worry and should keep in mind that the Internet is a great resource and can be taken advantage of more than ever in the current climate. The government in Portugal has also introduced the moratorium of mortgage payments for those who are most affected by the coronavirus crisis and meet a selection of criteria stated by the government.

The economy and real estate market

Portugal is undoubtedly facing one of its most challenging moments due to the COVID-19 outbreak in the country, not only regarding the health crisis, but also the consequential economic effects. The full economic consequences and the effects of the pandemic on the real estate market in Portugal and beyond will not be known until the months following the crisis. However, it is thought that the crisis and the measures the government has had to take will hit the economy hard with direct consequences for activity, employment, debt and deficit in Portugal.

Life at home

Last but not least, it’s just as important to look after the wellbeing of you and your family at home during this time of forced quarantine and we are here to help with some useful tips and advice. National lockdown is due to continue in the coming weeks, therefore, it’s especially important at this time to be as organised as possible at home, to live in a secure and clean space and in particular if you’re working from home, be able to make the most of your time and space.