What to Buy Now to Get a Portuguese Residence Permit On Time

Olga M Gorskikh

Managing Partner at PORTUGALITY

More than 7 years of successful engagement in the sales of real estate in Portugal.
A co-founded of her own company since 2015.

Problem. "I want to live in Portugal permanently, but still work from home".
Solution. New buildings: apartments or townhouses on the warm coast.

A person who plans to move permanently to Portugal is usually looking for a high-quality property. It means that the buyer is looking for one real estate object. Then the buget cannot be less than €500,000. It is enough to get a property by the ocean.

I really do suggest to look for an option in the south of the country. Maybe someone will disagree with me, but, in my opinion, if you live in Portugal permanently and don't plan to start a business, it is better to choose a place with the best climate. And it is not Lisbon nor Porto. Portugal is associated with the ocean, but you can find warm ocean only in the south.

Consider interesting offers in the Algarve. Not necessarily near the water. On the contrary, I would move away from the shore, not too far, a kilometer and a half. Since the population density in the south is low, at this distance you can find privacy and will not be disturbed by countless tourists. The humidity here is smaller, which is also important.

If you choose between new buildings and secondary realty, I definitely recommend a new building for your own living. Especially since real estate built four or five years ago is about as new.

3 Bedroom Townhouse, 174 sq.m 

• Bedrooms with bathrooms and access to the terrace, the living room is combined with a fully equipped kitchen.
• The house is located in a quiet area of Ferragudo in the Algarve. The Plaza is 2 km away, and the Marina of Portumao is 1 km away.
• From €505,000

Elite Condominium 

• Modern two-storey cottages near the center of Vilamoura.
• Nearby the necessary infrastructure, beach, golf courses, tennis school and marina. 
• The cost of a cottage with three bedrooms, a living room combined with a kitchen and access to a private terrace starts from €640,000.

Problem. "I plan to move to Portugal and start a business (not in real estate)".
Solution. Apartments in Lisbon.

In my experience, the vast majority of people who have received a "golden visa" and live in Portugal, are not interested in building a business in the country. Usually, investors live between countries, while their families stay in Portugal. 

But if you want to organize and run a business in Portugal, of course, Lisbon is the most convenient place for you. Business activity is concentrated in large cities.

The minimum "classic" investment in Lisbon is about €500,000. With such an amount it is quite possible to buy a high-quality apartment. In addition, customers who choose an object for themselves are usually willing to spend more than the minimum amount.

So, go for Lisbon.

Apartment With a View, 100 sq.m

• A new building on the Marchesa de Pombal in Lisbon.
• Access to all infrastructure and attractions.
• €590,000

2 Bedroom Apartment, 121 sq.m

• A prestigious area of Lisbon.
• 15 minutes from the Amoreiras shopping center, the Campo de Ourique market with numerous restaurants, the Basilica de Strella, the Jardin de Strella Park.
• €575,000

Problem." I don't want to live in Portugal, but when I visit it I'd like to stay in my own apartment. Also, I want to make money on real estate".
Solution.  2-3 flats on the ocean or in Lisbon for long-term or short-term lease.

If you want to invest and make a profit, I advise you to buy at least two properties. For example, apartments for €250,000-300,000. And if you do not want to live in a hotel, you can rent one apartment for a long-term lease, and the second for a short-term lease - and use it while visiting Portugal. In a good case, you can earn up to 6% per year.

It is easy to understand why I recommend Lisbon: the capital city is always in demand. Although the amount of €500,000 for two really profitable apartments here is barely enough. It is better to buy apartments with two or three bedrooms, the first ones are the most popular for renting purposes.

2 Bedroom Apartment on Avenida Almirante Reis, 126 sq.m

• Near the metro, bus stop, shops, restaurants and cafes.
• Ideal for investment in the form of rental to tourists or classic rental with an income of 3% per year.
• €370,000

2 Bedroom Apartment in Olivais Norte, 65 sq.m

• The apartment is fully furnished.
• Parking near the house.
• €185,000

For short-term rentals, I offer Albufeira (both the city itself and its surroundings), which is the most visited resort in Portugal. First of all, there is a special microclimate here, it can rain all around, but not here. Secondly, there are lot of big parties in a center of youth tourism. 60 thousand people live in Albufeira during winter, and in summer it can reach up to 300 thousand. Third, the most popular and cleanest beach in Portugal (awarded with the blue flag) Falesia with a length of 7 km is located just between Albufeira and Vilamoura. 

Furnished 2 Bedroom Apartment in a Residential Complex,  115 sq.m

• 700 meters from the beach.
• Within walking distance of all the necessary infrastructure and the center of Olush de Agua.
• €299,000

Apartments in a Luxury Complex in the Center of Albufeira

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• 3-storey buildings with an ocean views.
• A rooftop pool, solarium, gym and garden. This apartment features spacious terraces and private parking in the garage.
• From €340,000

By the way, you can also choose an apartment for rent in Vilamoura, with more solid and wealthy vacationers. Yachtsmen also live here: the city has the largest marina in Portugal. However, due to the "bohemian" nature, real estate is more expensive here, but the rental price is about the same. 

Сottage Complex in Vilamoura

• Two-and three-bedroom cottages with private grounds.
• Located a few minutes from the beaches and all necessary infrastructure.
• On the territory of the residential complex there is a garden with walking paths and recreation areas, a restaurant, a cafe, a bar, boutiques, beauty salons, a swimming pool, underground and outdoor parking, laundry and dry cleaning.
• From €384,000

There is another smaller marina in Lagos. But the city itself is located to the southwest, and it is more windy here. Although you can find an option here for short-term rental.

But I do not recommend Faro. Yes, this is the capital city of the south, but there is no ocean within, and you will have to go to the beaches. Faro is a city of residential areas, it does not attract tourists who want to relax on the sea. This place I would not recommend for your own accommodation. I don't know why, but to me Faro seems too big city for a peaceful living, and yet too small for an active lifestyle.  

Problem. "I want to buy to invest and earn regularly and as much as possible".
Solution. An oceanfront villa or multiple apartments for lease. 

For long-term rentals, it is better to prefer two or three apartments for €150,000-200,000. Perhaps, €150,000 for a one-bedroom apartment is the minimum.

Such properties have the highest profitability: an apartment for €300,000 can make up to €1,500 a month, but an apartment for €200,000 can bring almost the same amount. Due to the lower selling price, the profitability will be higher.

For short-term rentals, I would recommend large villas either with ocean views or in close proximity to it, not more than a kilometer on foot. The view and proximity to the beach is a guarantee of success. The most cost-effective options are those with five bedrooms or more. The more bedrooms, the better. Here you can settle 10-15 people, for whom the fee of €500-600 per day will not be great. Such a villa at a price of €500,000-700,000 can bring up to €60,000 per season.

Oceanfront Villa in Albufeira, 187 sq.m

• On-site private swimming pool, garden, barbecue area, dining area and play area.
• The city beach is 500 metres away, while the famous English Street and the old town of Baixa are 700 metres away.
• Season rental - €1,100 per week

 Villa in Walking Distance From the Beach, 200 sq.m

• Walking distance from the beach and the famous English Street in Albufeira.
• Seven furnished bedrooms, four bathrooms, a living room with a fireplace. The rooms have air conditioning with climate control, Internet, TV, board games.
• An oceanfront terrace, a salt water pool, sun loungers, a cozy seating area with barbecue.
• Low season rental - €1,398 per week

Of course, apartments with ocean views are also in demand. But the competition in this segment is higher, and such apartments cost at least €250,000. The final yield is small.

Also note that after the crisis of the 2010s, the demand for real estate increased, and there was a shortage of new construction. Houses in Portugal have increased in price by 50% over the past 5 years. Our clients, who purchased profitable properties on the "golden visa" three or four years ago, are now selling their property and buying housing for themselves.

Problem. "I want to buy property, but afraid to be late to December".
Solution. Real estate in a rehabilitation zone, for example in the Sagres area.

The choice is small, but hope is not dead. Not all coastal areas are excluded from the program at the beginning of next year. You can pay attention to Sagres. It is easy to find on the map: it is the south-westernmost point of Europe.

The area is sparsely populated, and prices here are lower than in large cities or resorts. Among the disadvantages: it is very windy here. Even at +25, you have to wrap yourself in a blanket or jacket. But if you enjoy surfing, you cannot find a better place.

Furnished apartments in the 5 star complex Martinhal Beach Resort, 55 sq.m

• A guaranteed yield of 4%.
• The complex is located on the ocean, 100 m from Martinal Beach in the Sagres National Park area, Algarve.
• €240,000

Problem. "I want to get into the program now and spend as little as possible".
Solution. Rehabilitation – purchase of real estate for renovation in a large city.

It is a natural desire to get a "golden visa" with spending a minimum amount of mone, especially if you do not plan to live in Portugal. In this case, you should pay attention to the capital cities and coastal areas, where real estate is newer. If you search carefully, you can find something, but you will not meet the required €350,000. Land with ruins will cost more than €200,000, and €150,000 will not be enough for construction.

So, look in Lisbon or Porto.

By the way, the interest in Porto among those who want to get a residence permit has grown thanks to the renovation program. The city is actively restoring old buildings, and the state is very supportive.

It is important to understand three things. First, the process of buying and registering such real estate is more complicated than obtaining a "golden visa" for €500,000. Clearly, it is desirable to participate in the restoration, and if the applicant is not in Portugal, there will be difficulties.

Secondly, the already restored facilities in Porto and Lisbon are likely to be overpriced. This is understandable: companies restore real estate and sell it "for a residence permit" for €350,000, that is, they raise prices for a "golden visa". Restored objects in the same buildings, but not issued under the "golden visa", can cost €100,000 cheaper.

Third, if rental income is important to you, evaluate its prospects in advance. There are many offers on the market from companies that sell renovated housing and immediately offer their services for delivery. Some even stipulate that you can buy an object only after five years of renting.

Usually such companies pay 3%, which is very little. After paying taxes, the client will receive only 1.5%. All the fuss is simply over the inflated price…

Problem. "I consider only Lisbon, but I don't want to rush until the end of 2021".
Solution. Hotels or commercial properties (offices, shops) in Lisbon or Porto.

Do not forget: commercial facilities, including those in Lisbon and Porto, will not be excluded from the program even after 2021. The choice here is large, but if you are not an expert in the field of real estate, pay attention to apartment hotels. They sell separate apartments. Another option is to find a store or office with an anchor tenant and a valid lease for at least five years.

In our experience, up to 30% of applicants choose this option. The profitability can reach 5-6% for a person who does not plan to live in Portugal, whish is a great option.

Guaranteed income apartment in a luxury hotel complex in the Algarve, 190 sq.m

• Tennis courts, restaurants, bars, a mini market, boutiques, a business center, a beauty salon, a spa center and a gym.
• Near the sandy beach of Falesia.
• A special program for investors with a guaranteed income of 5% per annum for five years. The owner has the right to use the property 183 days a year.
• €1,295,000

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