How much does it really cost to buy and run an apartment in Portugal?
This series examines the costs involved in buying and owning a typical property abroad in our most favoured locations. Following a villa in Cyprus, and an apartment in Spain, we take a look at a property on the Algarve.
The property
This large recently built two-bedroom, two-bath apartment is located in one of the most privileged areas of Olhão, the vibrant fishing town on the eastern Algarve next to the Ria Formosa. Fully furnished and fully equipped with air conditioning and balcony and parking space, it’s ready to move into.
How much are buying costs in Portugal?
| Cost | Amount |
|---|---|
|
Asking price
|
€450,000
|
|
Legal fees (approx 1% plus VAT at 23%)
|
€5,535
|
|
Title deed transfer to Land registry, Notary
|
€1,500
|
|
Purchase tax (IMT)
|
€22,237
|
|
Stamp Duty (0.8%)
|
€3,600
|
|
Total fees
|
€32,872
|
|
Total acquisition cost
|
€482,872 (£417k)
|
And how much will this property cost to run?
| Cost | Amount |
|---|---|
|
Council tax including rubbish collection
|
€600
|
|
Water
|
€216
|
|
Electricity (depending on usage)
|
€960
|
|
Condominium fees
|
€600
|
|
Internet
|
€120
|
|
Total per year
|
€2496 (£2,194)
|
Information provided by LUXIMOS Christie’s International Real Estate
view the propertyThinking about buying in Portugal?
Whether you’re looking for a lock-up-and-leave apartment or a frontline beach property, understanding the ongoing costs is just as important as the purchase price.
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