Portugal has been a popular choice for foreign investors due to its stable economy, favorable tax policies, high-quality life, and affordable Portugal land price. The country offers diverse landscapes, from the charming countryside to the bustling main cities. Additionally, there are many programs that foreigners can enter into, such as the Golden Visa and D7 Visa, so that they can buy land in Portugal. Check out this guide if you decide whether to enter the country’s real estate market.
Land price in Portugal
Portugal land prices can vary greatly depending on the location and property type. Urban areas have higher land prices than rural areas because they are near business hubs and main tourist spots. Foreigners under the Golden Visa Program cannot purchase property in Lisbon, Porto, and Algarve for residential purposes due to the high demand in the area.
Conversely, the land prices in Portugal’s rural regions are generally lower, primarily due to the comparatively lower demand. However, these rural areas present a potential for development, making them an attractive option for investors. The average Portugal land price is €2,536 ($2,688) per square meter.
Land price in Lisbon, Portugal
As the capital, Lisbon is expected to have the highest among Portugal land prices due to the strong demand for commercial and residential spaces. The average price per square meter in Lisbon is €3,882 ($4,115) per square meter.
As a densely populated city, Lisbon faces the challenge of the limited land available for development, making it more difficult, especially for foreigners, to find suitable investment opportunities.
Land price in the Algarve, Portugal
The Algarve region in Portugal has long been a much-visited place in Portugal. As a result, many foreigners want to buy land on the Portugal coast for real estate development, especially those catering to tourist activities such as resorts and hostels.
The average land price in Algarve is much lower at €3,174 ($3,364) per square meter. It is ideal to invest in Algarve due to the competitive price even when there is an influx of tourists visiting the area. Buying land on this Portugal coast is an excellent place for investors to capitalize.
How to buy land in Portugal in 4 steps?
Understanding the land price in Portugal is just a small aspect of buying land in Portugal. You find a detailed guide on how foreigners can buy land in Portugal. We also explain how to find cheap land for sale in Portugal, including finding off-grid land prices in Portugal’s most favorite areas.
Step 1: Obtain a Portuguese Tax Number (NIF)
To initiate buying land in Portugal as a foreigner, you must first obtain a Portuguese Tax Number (NIF) which you can get at any government finance office or online.
Step 2: Find land you want to buy in Portugal
Portugal offers a wide range of options when it comes to buying land. For example, you can buy land in Portugal’s rural areas and cities, or choose off-grid land in Portugal. However, finding a piece of land in Portugal that matches all your criteria and expectations might be challenging.
There are various methods for finding land in Portugal that align with your requirements. Working with a licensed real estate agent, known as an imobiliaria in Portuguese, is advisable when buying land in Portugal. Always ensure the agency possesses a license number issued by the Portuguese Association of Real Estate Agents (Associacao de Mediadores Imobiliarios).
Step 3: Sign the contracts
Signing the real estate sales contract requires the presence of a notary witness. Typically, the buyer is responsible for covering the notary fee unless otherwise agreed upon. You would need to prepare the following documents:
- Contrato-Promessa De Compra e Venda (CPCV)
- Caderneta Predial (Land Registry)
- Imposto de Selo (Stamp Duty)
Step 4: Apply for the Golden Visa
Once the property purchase is complete, non-EU residents can apply for residency through the Golden Visa program. This program offers a pathway to become a residence for eligible investors. You can also opt for the D7 Visa, which is great for retirees and those with a significant passive income.
By following these steps, foreigners can navigate the process of buying land in Portugal as a foreigner, including off-grid land options and, if eligible, potentially accessing residency through the Golden Visa program.
Get help from a real estate agent in Portugal
Keeping updated with the Portugal land price and local regulations involving real estate purchase might be overwhelming for foreigners, especially with the language barrier. Partnering with a reputable real estate agent in Portugal simplifies buying land. They have extensive local market knowledge, including off-grid and affordable land options, and offer tailored insights based on your preferences and budget.
Talk with a real estate agent
The country’s real estate market presents a favorable opportunity for land investment, with the price of land in Portugal steadily rising yet still within a relatively affordable range. With two visa options, foreigners can enter the country’s real estate market. However, the Portuguese real estate market can be challenging for foreigners, especially with cultural and language differences. It is advisable to seek the guidance of reputable real estate agents who can provide valuable assistance.
Frequently Asked Questions (FAQs)
How much does it cost to buy land in Portugal?
The price of land in Portugal varies depending on location, size, and property type. Urban areas generally demand higher prices; the average cost is €3,000 ($3,180) per square meter.
Why is the land in Portugal cheap?
Portugal land price may be cheaper than in other European countries due to factors such as the overall cost of living and economic conditions. Additionally, Portugal offers a diverse range of land options, including rural and less developed areas, which can contribute to more affordable prices than prime urban locations.
Can you buy land in Portugal as a foreigner?
Yes, foreigners are generally allowed to buy land for sale in Portugal. The country has an open and welcoming real estate market, with regulations that permit foreign ownership of land and properties through the Golden Visa and D7 Visa programs.
Is it worth buying land in Portugal?
For foreign investors, Portugal’s real estate market is worth buying. The country’s stable economy, attractive real estate market, and desirable lifestyle make it an appealing option for many investors.
Can I get residency in Portugal if I buy land?
Yes, obtaining residency in Portugal through various programs, such as the Golden Visa, allows for residency by investment. Buying land or property in Portugal can be one of the qualifying investment options to apply for residence under these programs.
How to find land for sale in Portugal?
Working with a local real estate agent who can provide access to listings and assist with the search process is practical. Additionally, online real estate platforms and property listing websites offer Portugal a wide range of land options.