Should you be selling your property in Portugal right now? A number of British expats have been selling their Portuguese properties as a reaction to Brexit. There are many expats who are worried about their prospects in Europe after the UK is no longer a part of the European Union.
But fortunately, there are a number of foreign investors from other countries such as China, Russia, Ireland, Germany and from Scandinavia who are filling up the gap left behind by British investors. Germans and Scandinavians, in fact, have been buying properties like crazy across Europe and elsewhere in the overseas property market.
You can certainly get a good price for your overseas property in Portugal provided you sell it to the right people at the right time and hire the right overseas property specialist to handle the process.
A UK estate agent who understands the overseas property market can get you the best possible price for your overseas property in Portugal because of their wide-ranging contacts in China, Russia, Ireland, Germany and Scandinavia.
Also, you can trust their expertise at online marketing and other promotional activities such as pitching your property to interested investors in international property shows.
Hiring a UK estate agent specializing in the overseas property market makes much more sense than hiring a local Portuguese agent called an Agente Imobiliaríos who may ask for a commission of up to 10% of the sale price.
Meanwhile, read this guide to selling property in Portugal to see how this is done…
To begin with, make sure that all taxes related to the property are paid on time and in full. Never default on any of your obligations as that could mess up the property sale process. Also make sure that all utility bills are paid in full, whether it is your electricity, gas or water connection.
Determine the price for which the property is to be sold. You shouldn’t set an asking price that is too high as you don’t want to give the impression that your property is overpriced. Property prices in Portugal are determined by many factors such as the Útil (the size of the house), the Distrito (the district), Concelho (the neighbourhood) or Freguesia (the parish) and the facilities that the house has access to.
You will also need to hire an Avaliador (evaluation agent) and a Vistoriador (surveyor) to carry out the property evaluation or Avaliação Imóveis. This part is very important in the sales process.
You will need the following legal documents for the sales process: Caderneta Predial (Tax Registration Document), Certidão de Teor (Land Registry Document), Licença de Habitabilidade (Habitation License), Escritura (Deed), Ficha Técnica de Habitação (The Property’s Technical Report), Planos de Propriedade (Property Plans), Número de Identificação Fiscal (Tax Identification Number) and a Certificação Energética Avaliação (Energy Rating Certificate).
You will do well to hire a property solicitor or an Advogado Propriedade to make sure that all paperwork is in order. If you are staying outside Portugal, you can draw up a Procuração Publica (power of attorney) which will authorise the advocate to carry out the negotiations on your behalf. Contact us to know more about the process related to the selling of your property in Portugal.