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Despite expectations of falling house prices due to the COVID-19 pandemic, the average cost of buying a home in Portugal rose by 8.6% in the last 12 months, compared to the European average of 5.7%. In the meantime, rental prices have dropped by nearly 10%.
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Britons with second homes in Portugal will have to appoint a tax representative within the next 90 days or risk a fine of up to €7,500, says the Portuguese Tax Authority.
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One of the most appealing tax incentives for foreigners moving to Portugal, the Non-Habitual Resident tax regime saw fewer applications in 2020, amidst the COVID-19 pandemic.
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The coastal area of Portugal has the biggest offering of properties for sale and rent, making it the easiest area to buy a home, says a recent report.
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Following the news that the Golden Visa regime was pushed to 2022, real estate experts are predicting a “very significant increase” in property purchases in the coming months for eligibility to the residence scheme.
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