General Information on Portugal
When buying we strongly recommend you to instruct a local lawyer to ensure that all is in order. If dealing with a new development it must be checked that the plot / land is suitable for building purposes, i.e. zoning restrictions, building regulations, access to an official road, availability of water and electricity supply, telephone lines.
In the case of purchase of an apartment or house the lawyer needs to check building planning and other permits, the history, reputation and reliability of a developer and the title to the property. Portugal continues to align its laws with those of the other EU countries and adjustments continue to be made.
For this reason it is absolutely essential that you deal only through a competent Portuguese lawyer or agent.
Lawyer
In Portugal they are called Advogados and many established on the Algarve speak excellent English. It is always advisable to get an independent recommendation from someone who has used their services. We will be happy to provide a list of reputable and recommended local lawyers.
The Notary Public
Unlike the UK, the Portuguese legal system depends heavily on the Notário, whose job it is to ensure that all parties are in agreement and the documentation is correct. Since January 2005 there are both Public and Private Notarios.
The Buying Process
First, establish your budget remembering that on top of the purchase price an average of around 10% will be required to cover the various taxes and expenses. The cost of the Notary is less than 1%, registration is normally less than € 500 and lawyers on average charge 1% plus the equi val ent of VAT. Also factor in an allowance for any renovations, decoration, furniture and if appropriate, the cost of moving house. If you are in a position to finance your purchase the conveyancing process can be initiated. Should you require any assistance regarding finance we shall be pleased to help.
Economy
Portugal has been a member of the European Union since 1986, however the country continues to be one of the least developed in Western Europe. Mining and manufacturing continue to be country's two main industries, accounting for around 31% of the workforce. Forestry is also an important business and Portugal remains the world's largest producer of Cork. Certainly around the holiday resort areas, many people are employed in the tourism and construction industries.
Currency
Portugal was one of the first countries to adopt the Euro in 1999. |
New Developments
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