Why Sell Property Portugal?
If you’re looking to sell property Portugal, you should be rightfully enthused by the news that the Portuguese property market is picking up. Residential prices in Portugal have increased this 2015, as the economy recovers from the 2008 recession, and as unemployment rate falls faster.
It is still very much a buyer’s market though, so if you’re looking to sell overseas property in Portugal in a real hurry, then it is important to time the sale really well and to price the property as perfectly as you can.
The improved employment scenario has seen new buyer demand for property in the country, and buyer enquiries at most real estate agencies have seen an increase. The sales volumes have also strengthened and things are very much looking to be on the up.
What has really driven the increase in the investment activity in Portuguese real estate is the interest from rich and sophisticated investors from non-EU nations such as China and Russia. This is driven largely by the interest in Portugal’s Golden Visa policy.
Essentially, the Golden Visa policy means that overseas investors in Portuguese property will be given residency permits in Portugal and travel permits across the European Union nations subject to the Schengen Agreement. This applies to the families of the investors as well.
So, there is a great demand from rich foreign investors, especially from China for Portuguese property. If you’re looking to sell overseas property Portugal, then this is something to be taken into consideration.
However, it is important to be patient, because, if you’re familiar with the culture of Portugal, it is a country where nothing happens too fast. You have to wait for the right time to sell. You can begin by selecting the best overseas property agents, such as the WorldWide Group, who have been involved in thousands of overseas property sales in Portugal, helping UK buyers and sellers of property.
Then there are a couple of other things you should look at, the first being the capital gains tax in Portugal. This can be quite steep if you are not a tax resident. Non-tax residents can be charged a capital gains tax of up to 25% on the profits made the sale of a property. If you are a tax resident of Portugal, you can save up to 50% on the capital gains tax, which is huge.
The other thing to keep in mind is the exchange rate. The current value of the Sterling is very good and on the rise in comparison to the Euro. So, when you sell property Portugal to move back to the UK, you will probably lose out on some of the money when you transfer it to the UK because of the strength of the Sterling. That is why you should consider hiring the services of a currency exchange broker, who will lock in a transfer rate that works best for you.
Next, it is important to work on your property in Portugal, make it attractive enough to create a great first impression when an overseas investor comes visiting. You should get extensive renovations of the kitchen and the bathroom done, hire plumbers, electricians, gardeners and building contractors to give the property a brand new look. And yes, you shouldn’t stretch your home renovation budget as you do it. But the tiniest improvement will help fetch a much better price for the property.
For more on how to get the best price as you look to sell property Portugal, get in touch with us at WorldWide Group. We help you sell property abroad in the shortest time possible.[FM1]