Stroll through the winding medieval streets of the capital into the ancient Moorish neighbourhood of Alfama and explore the Castelo São Jorge before enjoying a coffee and Lisbon’s famous ‘pastéis de nata’ (custard tarts) in one of the many open air cafés; hop on Tram 28 to take a trip through some of the city’s prettiest and most historic streets and then soak up some culture with a visit to the Museu Gulbenkian home to one of Europe’s largest collections of art and historic artefacts - priceless Hellenic vases, ancient Chinese porcelain and masterpieces by Rembrandt and Monet; take the train to the golden beaches of Cascais and enjoy a day of lazy sunbathing, swimming in the blue Mediterranean Sea and a delicious lunch of chilled white wine and local freshly caught seafood; party the night away in Bairro Alto – lots of small bars, stylish restaurants and jazz clubs to choose from! One of the oldest European capitals, and enjoying a glorious Mediterranean climate which makes it one of the mildest cities in Europe, there is an excellent range of Lisbon property for sale offering investors the opportunity to be part of Lisbon’s property and cultural revival and enjoy its warm welcome and relaxed easy way of life.
Lisbon has a long and rich history; the Phoenicians, Greeks and Carthaginians all fought for power and supremacy but it was the Romans in who reigned supreme for two centuries from 205 BC. The Moors invaded in 714 BC but were finally defeated one century later putting Lisbon back into Portuguese hands. The 15th century was the golden age of wealth, discovery and travel with Vasco da Gama's famous discovery of the sea route to India one of the highlights and Lisbon became the world’s most prosperous trading centre. An earthquake in 1755 nearly destroyed the city which was rebuilt by the Marquês de Pombal and in the following centuries the city spread to the North. Today the city has thriving technology and financial services sectors as well as being a major tourist attraction.
Lisbon’s major programme of property redevelopment and regeneration is proving to be a mecca for savvy property investors and Lisbon property for sale is becoming an increasingly attractive investment. Key areas of interest in the centre are Chiado, Bairro Alto, Principe Real, Avenida Liberdade and Baixia – all of which have stable property values whilst long term rental yields have been increasing yearly. The market for short term holiday lets has also increased dramatically over the past five years with the most popular property types being renovated historical buildings within walking distance of the city’s attractions.
Lisbon property for sale comes in all shapes and sizes including modern penthouses, renovated 18th and 19th century apartments and grand town houses. For example Terraços das Olarias is a new condominium located in Mouraria, one of the oldest, most typical and authentic districts in the centre of the city; the nineteenth century building has been fully restored with a contemporary architectural design to provide 20 one to four bedroom apartments with terraces, gardens, pool and parking. With fabulous views of both the city and the Castelo de São Jorge, prices range from €225,000 - €715,000. Another development is at Avenida Libertade 12 where an 18th century property is being converted into 27 apartments with underground parking, gardens and terraces – a three bedroom apartment will sell for €1.8m. This area is the major designer shopping area in the city and proving to be highly desirable - a penthouse apartment with balcony and roof top pool would cost in the region of €3.5m. The embassy district of Lapa is also witnessing a surge in Lisbon property for sale; apartments with view of the rivers Tagus, parking and gardens range from €350,000 for a one bedroom apartment up to €985,000 for one with three bedrooms. Ajuda is a quiet residential neighbourhood with good amenities and also has a good range of Lisbon property for sale. A top floor 2 bedroom apartment with wonderful views of the city would cost €700,000 and a duplex 4 bedroom apartment within a beautifully restored 18th century palace €1.25m.
Period homes that had been abandoned and were crumbling away as wealthy Portuguese moved into modern houses with better facilities in suburbs, such as Estoril and Cascais, are now among the most sought after in the capital. For example a 900m2 house with 6 bedrooms in the elegant Chiado district with a huge south facing terrace, views of the old city and the river Tagus, a swimming pool, private parking and garden would cost in the region of €5.5m. Something slightly smaller such as a three bedroom duplex with traditional hand painted azulejo tiles would be in the region of €1.6m.
Whether you decide to buy a beautifully renovated house in the historic quarter, a luxurious penthouse with rooftop terrace and panoramic city views or a modern apartment right in the city centre, the wide range and standard of Lisbon property for sale provides investors with the perfect opportunity to buy property in one of the most charming, relaxed and vibrant cities in Europe. The Lisbon property market is starting to enjoy a revival and yields remain extremely competitive with rental yields of 5 - 7% on short-term lets and 3 - 4 % on longer-term lets. With its balmy Mediterranean climate, generous hospitality, vibrant nightlife, stylish restaurants and chic shops, Lisbon is the perfect holiday and property investment destination.
Guide to the Portugese Buying Process
1. Signing a Letter of Intent
On finding a property you wish to purchase, your agent will draw up a 'Letter of Intent, this will be signed by both parties, vendor and buyer. Copies of this will be given to the legal representatives of both parties and will be used in preparing the Promissory Contract. Included in this letter will be the price, what is included in the sale, furnishings etc. and any conditions of the sale plus the dates for both exchange and completion.
2. Exchange of Promissary Contract (Contrato Promessa de Compra e Venda)
The buyers lawyers are responsible for drawing up the promissory contract (Contrato Promessa de Compra e Venda) and as part of the process they will have carried out the legal searches and made sure that there are no charges, e.g. utilities, property tax etc. against the property. The contract will contain details of both parties and include clear title of ownership, when payments are due to be made, the completion date and an inventory, if required. The Promissory Contract is legally binding and will generally be signed by both parties and witnessed by a notary/lawyer. The contract will include penalty clauses in case either party does not fulfill the terms of the contract. A 10%, non-refundable deposit is required at this point, this will be paid to the vendor, through the lawyer's client account. Once the contract has been signed, if the vendor pulls out of the contract, they will be obliged to pay back double the deposit to the purchaser. If the purchaser pulls out, they will lose their deposit.
3. On Completion
The amount of time between signing the Promissary Contract and Completion will vary and will have been agreed in the contract. Before Completion your lawyer will need to arrange with a fiscal representative for you to obtain a Portuguese Fiscal Number. The official Deed of Transfer of ownership (the Escritura) will be signed by you (or someone representing you with your Power of Attorney), this is signed at the Notary and they will retain the document. The Deed will be read aloud by the Notary before all participants sign it. Your lawyer will need to check to ensure that you understand what is being said if you do not understand Portugese. The Escritura, once it has been signed, will officially give you ownership of the property, but will still need to be registered in your name on the Land Registry (Registo Predial) by your lawyer. Your lawyer should obtain a copy of this for your records. Once you have completed, the new utility contracts can be transferred into your name by your lawyer.
IMPORTANT - Disclaimer :
All information provided is believed to be current and provided free of charge. No liability can be accepted for the reliability of the information and statements made as this is obtained from 3rd parties. We always recommend you take legal advice from a fully qualified Lawyer or Notary before buying a property overseas.
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