Buying a Property in the Azores
Purchase a Property in the AzoresUpdated on Thursday 01st April 2021
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The Azores archipelago is located in the North Atlantic Ocean and it is an autonomous region of Portugal. From a tourism point of view, this destination is very attractive for those who want to relocate here and enjoy a better standard of living compared to other places. A foreigner can buy a property in the Azores without much difficulty, if he/she is attentive to the formalities already established. With the specialized help provided by our team of lawyers in Portugal, you can buy a house in the Azores in a relatively short time. We present some useful information on how to buy a property in this autonomous region.
What are the steps of purchasing a property in the Azores?
Buying a property in the Azores is a simple, and no time-consuming process that can be supervised by our specialists with experience in the real estate sector. Here are the important steps in buying a property in the Azores:
- First, a sale-purchase contract must be created, containing complete information about the property to be acquired.
- Verifying a contract from a legal point of view is an essential part of such a transaction. Our law firm in Portugal can offer you the necessary help in this endeavor.
- The evaluation of the property to be purchased is necessary and represents the next step in the acquisition. Thus, you can find out if the property has been evaluated correctly or not.
- Then, the legalization of the sale-purchase contract of the property, in front of the notary is completed.
In some cases, it is necessary to sign a pre-agreement for the sale and purchase of a property and pay a certain amount of money to guarantee the acquisition. One of our Portuguese lawyers can tell you more about buying a property in the Azores.
What you need to consider when buying a property in the Azores
In addition to the general rules for purchasing a property, foreigners must consider other checks. For example, a property contract must be checked with the relevant institutions, such as the Portuguese Land Registry or Inland Revenue. Here, a real estate due diligence is a common procedure for property acquisitions because it will highlight any kind of problem that a simple buyer can overlook. If there are legal problems, these will be discovered immediately, and here, a real estate lawyer in Portugal can help you in this endeavor. Do not hesitate to ask as many details about real estate due diligence.
Who can buy property in the Azores?
Both foreigners and locals can purchase a property in the Azores, without hitting restrictions or other difficulties. Legislation in Portugal does not impose restrictions on foreigners wishing to buy property in the Azores, as long as they are not state-owned. We invite you to talk to our lawyers in Portugal and find out all the information on how to buy a house in the Azores.
Choosing a property in the Azores
Villas, apartments, studios, duplexes, condominiums, triple-deckers, and high-class houses are the types of properties that can be purchased in the Azores. In most cases, it is the budget that dictates the type of property you want. Buying a home in the Azores can be done with specialized help, especially if you are a foreigner who does not know much about the real estate sector in Portugal. Thus, the services of a real estate agency prove to be essential for the acquisition of a property, as a foreigner in Portugal. Here are some statistics and figures about the real estate market in Portugal:
- The price for penthouses in Portugal increased from EUR 3,121 per square meter in December 2019 to EUR 3,411 at the end of 2020.
- Prices for apartments with terraces increased by 7.3% in 2020.
- Prices for 4-bedroom apartments fell in 2020 by nearly 0.4%.
Why choose the services of our lawyers in Portugal
Our team of lawyers in Portugal has experience in the real estate field and can offer specialized legal aid to those interested in purchasing a property in the Azores. The experience of our specialists is essential in collaborating with our clients, in order to offer quality services and legal assistance. Purchasing a house as a foreign citizen involves a number of legal issues related to legislation and other conditions. All you have to do is talk to our team to find out how we can help you legally.
We invite you to contact our law firm in Portugal for more details and personalized offers, depending on your requirements and needs.