Buying property in Nazaré, Portugal, requires a lot of effort. The Nazaré real estate for sale ranges from apartments to villas with swimming pools. The process involves obtaining a fiscal number (NIF), setting up a bank account, and fully understanding property taxes. Engaging the expertise of a local real estate agent helps maneuver through the process. This guide helps foreigners to own property in Nazaré, whether it be a tranquil house rental in Nazaré, Portugal, or a prime piece of real estate at Nazaré beach.
Properties types in Nazaré, Portugal
Nazaré is a great place to find a wide range of real estate options, from modern flats to large family homes and high-end cottages to large plots of land. This lovely seaside location, known for its real estate at Nazaré beach, has something for everyone.
The real estate market in Nazaré isn’t just for people who love nature but also for people who want a bit of luxury. Whether you want a luxurious home’s beauty or a high-end home’s grandeur, there is a wide range of Nazaré real estate for sale that will make your dreams come true.
9-Step guide for foreigners buying property in Nazaré
Buying property in Nazaré can be done by following these nine steps:
Step 1: Secure a Portuguese Tax Number (NIF)
Your journey towards owning real estate at Nazaré beach begins by acquiring a Número de Identificação Fiscal (NIF), also known as a Portuguese tax number. This can be done at the local tax office in Nazaré through email or by appointing a local representative.
Step 2: Establish a Portuguese bank account
To facilitate transactions related to buying property in Nazaré, opening a local bank account is crucial. Potential buyers often prefer renowned banks such as Millennium BCP, Novo Banco, Banco Santander Totta, Banco BPI, or Caixa Geral de Depósitos.
Step 3: Partner with a Nazaré-based real estate agent
Engaging a local real estate agent familiar with Nazaré real estate for sale can offer foreigners access to a broader selection of listings, assistance with negotiations, and support with contract reviews and regulatory compliance.
Step 4: Select a notary based in Nazaré
Notary services are necessary for the legal transfer of property ownership in Nazaré. Ensuring that the chosen notary office has the licenses and ample experience dealing with foreign clients is vital.
Step 5: Conduct due diligence on Nazaré properties
Before settling on a beachfront property in Nazaré, Portugal, it’s important to validate ownership, inspect the property thoroughly, verify regulatory compliance, and review all contracts. This process can be made more accessible by enlisting the services of reliable real estate agents or lawyers based in Nazaré.
Step 6: Sign the provisional purchase agreement and provide a down payment
After identifying your dream property in Nazaré, sign a temporary purchase agreement with the seller and make a down payment, typically 10% or more of the total cost.
Step 7: Sign the Deed of Purchase and Sale contract
Formally becoming the owner of your chosen Nazaré property comes with signing the Deed of Purchase and Sale (Escritura de Compra e Venda).
Step 8: Pay Nazaré property taxes
Once you’ve purchased your property in Nazaré, you must pay IMT tax (Imposto Municipal sobre Transmissões Onerosas de Imóveis) within a month. The type of property you buy will determine the tax rate. Budgeting for other potential taxes, such as the special wealth tax, stamp duty tax, annual property tax (IMI), and rental tax, is also essential. Familiarizing yourself with Portuguese property taxes is vital in the buying process.
Step 9: Visa application
Non-EU residents who have successfully purchased a property in Nazaré must apply for either a Golden Visa or a D7 Visa. The Golden Visa is an investment-based visa requiring a minimum investment of €250.000 ($266.900) in Portuguese real estate. Alternatively, the D7 Visa is granted to those demonstrating sufficient passive income. EU residents don’t need to apply for a visa.
Residency visa for non-EU property buyers in Nazaré, Portugal
While individuals within the EU don’t require a visa or residence permit to live in Nazaré, non-EU citizens will need one. Foreigners wanting to buy property in Nazaré have two main visa options available:
1. The Golden Visa Program
Introduced in 2012, the Golden Visa Program has become an attractive visa for international investors looking to buy real estate in Portugal, specifically in areas like Nazaré. Foreigners and their families can apply for residency in Portugal by investing a minimum of €250.000 ($266.900) in real estate. This permit entitles you to reside, work, and study in Portugal for up to five years and permits unrestricted travel within the Schengen Area.
2. D7 Visa or ‘Retirement Visa’
Foreigners can alternatively choose the D7 Visa, often called the “passive income visa” or “retirement visa”. Unlike the Golden Visa Scheme, the D7 Visa doesn’t require a property investment. This option is available for individuals with a consistent annual income of at least €9.120 ($9.735), making it an attractive choice for those contemplating retirement in Portugal.
If you’re a non-EU resident, it’s advisable to seek the assistance of a Portuguese visa agency. They can help streamline the process for applying for these visas, ensuring a smooth transition to your new life in Nazaré.
Best Nazaré neighborhoods to buy real estate
Nazaré is a town in Portugal with different neighborhoods to buy property. Here are three popular areas for living and buying property in Nazaré:
- Praia (Beach) District: This is Nazaré’s most famous area, with beautiful views of the beach and a lively vibe. It’s where most of the town’s shops, bars, and tourist spots are. Most of the homes here are flats, many of which have fantastic ocean views.
- Stio District: This district is on top of a rock overlooking the town. It is a quieter place to live, with great views of the ocean and the Praia district. It’s an easy place to live because a lift goes to the beach.
- Pederneira District: This is another place where people live in Nazaré that has become popular with tourists. It’s a quieter neighborhood with a mix of flats and houses, and it provides a more local living experience while still being within easy reach of the town center.
Nazaré has something to offer everyone, but remember that the “best” areas in Nazaré rely significantly on your wants, lifestyle, and personal tastes.
Nazaré real estate prices
The average price for apartments in Nazaré is €3.233/m² ($3.460/m²), with a +6% variation over the last 12 months. The average house price in Nazaré is €2.492/m² ($2.667/m²), with a +25% variation in the previous 12 months. The table below gives an overview of the real estate prices in Nazaré.
|Property type||Average price|
|Apartment studio||€248.283 ($265.675)|
|2-Room apartment||€268.323 ($287.119)|
|3-Room apartment||€275.167 ($294.442)|
|4-Room apartment||€302.333 ($323.511)|
|House with 4 rooms||€397.667 ($425.524)|
|House with 5 rooms||€338.253 ($361.948)|
|House with 6 rooms||€435.000 ($465.472)|
Actual prices can differ depending on various factors like property size, location, age of the property, renovation status, and additional facilities like a pool, gym, parking, or garden.
4 Reasons to buy real estate in Nazaré, Portugal
Are you thinking about buying a home in Portugal? With its peaceful atmosphere, variety of cultures, and beautiful natural scenery, Nazaré is an excellent place for people who want to buy property in Portugal or change pace.
- Authentic, beautiful, and rich in history: Nazaré is known for its real estate on Nazaré beach and is associated with peaceful seaside life, beautiful beaches, historical charm, and a rich cultural past. Buying a house here will give you a typical Portuguese way of life, with plenty of opportunities to relax and learn about the culture.
- Growing real estate market: The real estate market in Nazaré is growing steadily, and homes keep their value and show signs that they could go up in value in the future. Nazaré is a good place to buy property if you want to make a smart investment.
- Tourism potential: Nazaré gets a lot of tourists every year because it has beautiful nature views, many cultural experiences, and popular surfing places. If you want to rent a house in Nazaré, Portugal, you could earn a steady income from the booming tourism industry.
- Excellent quality of life: Nazaré has a great quality of life, with a laid-back way of life, friendly people, delicious regional food, and a cool climate with lots of sunshine. Buying a seaside home in Nazaré, Portugal, can be a good idea for people who want a better mix between work and life or an ideal retirement place.
Nazaré is a secret gem with more to offer than just beautiful scenery. Buying property in Nazaré is great because it has a strong real estate market, a variety of fun things to do, and the possibility to make money from tourists.
Property management in Nazaré
To ensure your investment is well taken care of, you must be careful when looking for a good property manager in Nazaré. Make sure to choose a company based in Nazaré that knows the local laws and how the real estate market works there. Check if the company has managed properties like yours before by asking about their current clients, the size of their operations, and how long they have been in the property management business.
The best company should give you and your renters top-notch service, so check the quality of their customer service by how quickly and well they meet your needs as a property owner.
Real estate agents in Nazaré
Hiring a Nazaré real estate agent makes buying property in Nazaré much easier. If you want to invest in a home or increase its value over time, it’s important to consider things like renter income, care costs, and how the housing market in Nazaré is changing. Before buying property in Nazaré, talking to people who know about the local real estate market is important.
Frequently Asked Questions (FAQs)
Is Nazaré a good place to live?
Absolutely, Nazaré, Portugal, is an excellent place to live. Known for its natural beauty, friendly community, and rich cultural heritage, it provides a high-quality life. It’s a safe and welcoming town perfect for those who enjoy coastal living and outdoor activities.
Is buying property in Nazaré a good investment?
Yes, buying property in Nazaré can indeed be a worthwhile investment. The region’s real estate market has seen steady growth, and its high appeal to tourists makes it an attractive locale for vacation rentals. It’s an ideal spot for those seeking investment property, a second home, or a retirement residence.
Does Nazaré qualify for the Golden Visa?
The Portuguese Golden Visa program applies to investments made anywhere in Portugal, including Nazaré. However, the Portuguese government was planning changes to the scheme, which could limit it to interior regions and the Azores and Madeira. Therefore, checking the most recent regulations to ascertain whether Nazaré qualifies for the Golden Visa program is advisable.