Portuguese Real Estate Market 2021

In today's video Ana Caramujo goes through how the Portuguese renting market operates, what to expect from contracts, cost, taxes, legal pointers and more! She gives us some glimpse on her personal experience plus some tips and advice on how to navigate it better ;) 🔻Scroll all the way down for more written information on this topic.

🕑TIMESTAMPS
0:00 Intro
01:14 Buying Process (Personal experience)
10:23 Real Estate Agencies and Agents in Portugal (Personal experience)
17:06 Question and Answer (from our live audience)

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🔻When it comes to renting in Portugal, the prices can vary quite a lot depending on the city.
In the main cities, Porto and Lisbon, the prices can be quite high because there is a lot more interest in these two areas. The demand is very high which makes the rental market very fast paced. This means that a property that is listed for rent in one day will actually be out of the market in a couple of days and sometimes even less. One advice we normally give to our Savvy Cat clients is that if you’re looking to rent in these cities, try looking no more than one month before moving. If the properties for rent are listed for a long period of time that normally indicates that there’s something wrong with it. The conditions are not the best or the landlord demands unsuitable requirements for the lease agreement, for example, too many months in advance for the first payment. Most landlords in Portugal don’t use agencies because in most cases they don’t actually need it, they can list the properties themselves and they will have more than enough requests for visits. This means that if you’re trying to look for a rental through an agency, the amount of properties they will give you is very limited and a small portion of what’s available in the market. There is some regulation when it comes to what a landlord can or can’t do. For instance, if they want to visit the property when you’re already living there, they have to inform you in advance; if the appliances aren’t working they may have to repair it or replace it, etc. The prices of the rental can also vary according to the type of contract, if it’s a short term or long term contract.
If the property is registered as a local accommodation there are some rules to apply, like for example the expenses of electricity and water must be included in the rent. So it’s very important to review the lease agreement very well before committing to avoid these kinds of situations that can be quite tricky to resolve. In smaller cities around the country the prices are much more affordable and not so much inflated because the demand is not that high as in the big cities. As for the landlord's perspective, people normally want to know what kind of returns they can get from their investment. If you’re thinking about buying to invest and get a return with rentals there are some important factors you may need to consider. One of them is the duration of the contracts you’re going for. The short term accommodation can generate more income and can be more profitable but also demanding in terms of the management of the property, and it’s harder to maintain since the market is less stable considering the different times of the year.
On the other hand the long term rental is a very stable option which can generate a more durable and passive income. There are some risks also, like the tenants not paying the rent, or the place being damaged so it’s very important to have a good screening with the tenants.
But overall the rental system works really well and both landlords and tenants are very well protected in case things go wrong.

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Видео Portuguese Real Estate Market 2021 канала Savvy Cat Realty