Buying property in Sagres is a dream for many foreigners. There are many types of property for sale in Sagres for reasonable prices. Non-EU citizens and European citizens can buy property in Sagres, making the place popular amongst foreign property buyers. This guide helps foreigners purchase property in Sagres, whether a house for sale in the town center or a nice piece of real estate at Sagres Beach.
Different property types in Sagres, Portugal
Sagres offers diverse real estate options, from cozy apartments to spacious family homes, upscale villas, and expansive land parcels. This charming coastal town, renowned for its Sagres beach, caters to various tastes and preferences.
The Sagres property for sale isn’t limited to those who appreciate nature but extends to those who seek luxury. Whether it’s the luxury house or a high-end property you’re looking for, the vast array of places for sale in Sagres, Portugal, will fulfill your wishes. Don’t forget to consult the Sagres map to find your dream home’s perfect location.
9-Step guide for foreigners buying property in Sagres
Buying property in Sagres can be achieved by following these nine steps:
Step 1: Obtain a Portuguese tax number (NIF)
The process of owning real estate for sale in Sagres, Portugal, starts with obtaining NIF (Número de Identificação Fiscal), a Portuguese tax number. This number can be applied for at the local tax office in Sagres, via email, or through a local representative.
Step 2: Open a Portuguese bank account
Opening a local bank account to perform transactions related to the purchase is crucial. Many foreigners choose well-established Portuguese banks like Millennium BCP, Novo Banco, Banco Santander Totta, Banco BPI, or Caixa Geral de Depósitos.
Step 3: Collaborate with a Sagres-based real estate agent
Engaging with a real estate agent based in Sagres can provide foreigners access to a broader range of Sagres property for sale. This makes it easier to find property for sale in Portugal. The agents can as well help with negotiations, reviewing contracts, and regulatory compliance.
Step 4: Appoint a Sagres-based notary
The legal transfer of property ownership in Sagres necessitates notary services. Ensuring that the selected notary office holds the necessary licenses and has substantial experience working with foreign clients is crucial.
Step 5: Perform due diligence on Sagres properties
Before purchasing any property in Sagres, Algarve, it’s critical to confirm ownership, inspect the property, verify its regulatory compliance, and carefully review all contracts. These tasks can be eased with the assistance of reliable Sagres-based real estate agents or lawyers.
Step 6: Sign the provisional purchase agreement and make a down payment
Once you’ve chosen your desired property in Sagres, sign an initial purchase agreement with the seller and provide a down payment, usually 10% or more of the total property price.
Step 7: Sign the final Deed of Purchase and Sale contract
The official ownership of your selected property in Sagres is established when you sign the Deed of Purchase and Sale (Escritura de Compra e Venda).
Step 8: Fulfil Sagres’s property tax obligations
Upon purchasing your Sagres property, you must pay the IMT tax (Imposto Municipal sobre Transmissões Onerosas de Imóveis) within a month. The property type will determine the tax rate. It’s also crucial to consider other potential taxes such as special wealth tax, stamp duty tax, annual property tax (IMI), and rental tax. A solid understanding of Portuguese property taxes is essential in property buying.
Step 9: Apply for a visa (for non-EU citizens)
Non-EU citizens who have purchased property in Sagres should apply for either a Golden Visa or a D7 Visa. The Golden Visa, which requires a minimum investment of €250.000 ($266.900) in Portuguese real estate, is based on investment. The D7 Visa, on the other hand, is awarded to those demonstrating sufficient passive income. EU residents are exempted from applying for a visa.
Residency visa options for non-EU property buyers in Sagres
EU citizens can freely buy the property and reside within Sagres. Still, the same can’t be said for non-EU citizens, such as Americans en UK citizens, who will require a visa or residence permit. There are two primary visas available for non-EU citizens interested in Sagres property for sale:
1. The Golden Visa Program
Launched in 2012, the Golden Visa Program is a visa for international investors planning to purchase real estate in Portugal in places such as Sagres, located in the Algarve region. With a minimum real estate investment of €250.000 ($266.900), foreigners and their families can secure residency rights in Portugal. This visa allows you to live, work, and study in Portugal for five years and offers the freedom to travel within the Schengen Area.
2. D7 Visa or ‘Passive Income Visa’
An alternative for foreigners is the D7 Visa, commonly called the “passive income visa” or “retirement visa”. This visa option does not necessitate a property investment. It’s designed for individuals with a stable yearly income of a minimum of €9.120 ($9.735), making it a particularly appealing option for those planning retirement in Portugal.
For non-EU residents buying property in Sagres, it’s recommended to engage the services of a Portuguese visa agency. Such agencies can help streamline your visa application process, ensuring a smooth transition to your new life in Sagres. Whether it’s a home for sale in Sagres, Portugal, or a particular spot on the Sagres map that caught your eye, this process makes it easier to secure your dream property.
Best neighborhoods for buying property in Sagres
The lovely beach town has several good places for buying property in Sagres. Here are three well-known neighborhoods:
- Central Sagres: The heart of Sagres is one of the best places to buy a house because it is close to shops, restaurants, and bars. There are flats and cottages here, many just a short walk from the beautiful beaches.
- Martinhal: This expensive area is known for its high-end villas and homes, which often have fantastic views of Martinhal Beach and the Atlantic Ocean. The Martinhal Sagres Beach Resort is also in this area, which makes it even more desirable. Many foreigners are looking for property for sale in Martinhal, Sagres.
- Baleeira: Many homes in Baleeira have beautiful views of the sea and the charming Sagres Bay. It’s a quiet area close to the town center, so it’s a good choice for people who want to live there or buy a vacation home.
Sagres has something to offer everyone. Remember that the best areas in Sagres rely significantly on your wants, lifestyle, and personal tastes. Always research different areas when buying property in Sagres.
Real estate prices in Sagres, Portugal
The average price for apartments in Sagres is €3.969/m² ($4.245/m²), with a +2% variation over the last 12 months. The average house price in Sagres is €4.890/m² ($5.230/m²), with a +4% variation in the previous 12 months.
The average price of an apartment for sale in Sagres is €224.000 ($239.598). Regarding houses for sale in Sagres, the average cost is €600.000 ($641.780). The actual price 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.
Why buy property in Sagres, Portugal?
Sagres is an excellent place for people who want to buy property in Portugal because of these four reasons:
- Tourist attractions: Sagres is a famous place for tourists to visit in Portugal because of its beautiful beaches, historic sites, and great surfing conditions. Popular spots include Cabo de São Vicente, Fortaleza de Sagres, and the Church of Nossa Senhora da Graça. Because of the steady flow of tourists, having property in Sagres could be beneficial, especially if you rent it out as a vacation house.
- Growing real estate market: Sagres’s real estate market has grown steadily over the years, making it a good place to spend in the long run. Property in Sagres tends to keep its value well and may increase over time because it is so popular with locals and people from other countries.
- High quality of life: Not only is Sagres a good place to spend, but it’s also a great place to live. The town has a laid-back way of life, beautiful natural scenery, a pleasant climate, and a strong sense of community. All of these things add up to a good quality of life.
- Sagres is the gateway to the Algarve: Sagres is in the Algarve area, known for its beautiful beaches, great golf courses, and lively culture. If you own a home in Sagres, you can easily get to everything the Algarve offers while still enjoying the quiet of a smaller town. From Faro to Sagres takes less than two hours.
Sagres is a secret gem in the Algarve with more to offer than just beautiful scenery. Buying property in Sagres is great because it has many tourist attractions, a growing real estate market, a high quality of life, and is the gateway to the Algarve.
Managing property in Sagres
Buying property in Sagres means seeking a reputable property manager to ensure your property is maintained. It’s advisable to select a Sagres-based company that has a solid understanding of local laws and the functioning of the local real estate market. Ascertain if the company has experience handling properties similar to yours by inquiring about their current clientele, the extent of their operations, and their tenure in the property management business.
The perfect company should provide excellent service to both you and your tenants, so evaluate their customer service quality based on their responsiveness and efficacy in meeting your needs as a property owner.
Real estate agents in Sagres
Using the services of a Sagres real estate agent significantly simplifies the process of buying property in Sagres. If you’re looking to buy a house for sale in Sagres, Portugal, or wish to enhance its value over time, it’s crucial to consider factors such as rental income, maintenance costs, and trends in the Sagres housing market. Before purchasing any Sagres property for sale, consulting individuals with a comprehensive understanding of the local real estate market is important.
Frequently Asked Questions (FAQs)
Is Sagres a nice place to live?
Sagres is a nice place to live and call home. Located in Portugal’s Algarve region, Sagres boasts an exceptional quality of life with stunning beaches, rich cultural heritage, a friendly community, and a warm, pleasant climate. Residents enjoy a relaxed lifestyle amidst natural beauty, making Sagres a fantastic choice for both families and individuals.
Why is Sagres called the end of the world?
Sagres is often called ‘the end of the world’ because of its geographical location, being the southwesternmost point in mainland Europe. Ancient mariners and explorers viewed Sagres as the edge of the known world. Today, this nickname adds a touch of romantic mystery and historical significance to this charming Portuguese town.
Can foreigners buy property in Sagres, Portugal?
Yes, foreigners can buy property in Sagres, Portugal. No legal restrictions are preventing non-Portuguese nationals from buying real estate here. However, non-EU residents looking to live in Portugal may need to apply for a residency visa, like the Golden Visa or the D7 Visa, which can be facilitated by purchasing property there.