All Forum Posts by: Juan Correia

Quote from @Kate Van de Goor:

Quote from @Juan Correia:

Quote from @Kate Van de Goor:

Quote from @Juan Correia:

Originally posted by @Kate Van de Goor:

Hi everyone, 

This thread seems to be exactly what I was hoping to find! I'm new to the forums but I've been listening to the podcasts and webinars for a while. I'm hoping you are willing to help me with recommendations or advice.

Background: I'm scouting in Portugal in October. I want to purchase property(ies) over time and work towards a D7 visa using passive rental income as part of the financial requirement. I won't be able to move for a couple of years.

I'd like to view available properties when I visit - if that's possible. I'm looking at Coimbra, Porto, Ponta Delgada, Evora and a couple cities in the Algarve. What are your thoughts on rental properties in Portugal? Originally I wanted to purchase small multi-family but I haven't seen that in the listings I've searched. So now I'm thinking flats or small houses in towns that would be attractive to multiple markets (potentially expats, tourists, students, locals).

1. Can anyone recommend good real estate agents and property managers in the cities above?

2. What do you find to be the best avenue for rentals in Portugal?  Do people have reservations about long-term rentals - are short-term rentals better?

3. What missteps should I be wary of?

4. Are some banks better for mortgages than others (in terms of down payment, interest rate, length of mortgage etc.)?

5. Anything else you think is useful to know?

Thanks in advance for your time and for any information, I truly appreciate it.

Kind regards,
Kate

 Hi Kate, first things first, wellcome to Portugal :) I hope everything goes well.

Answering the questions:

1- In the Algarve I recommend Golden Algarve. However, you should explore REMAX, KW and ERA, which are really strong here.

2- Depends on the location. I would say that Porto, Lisbon and Algarve will work better for STR and Vacation rentals, Coimbra for student rentals and Ponta Delgada I don't know.

3- You should be careful about location. Like everywhere else, one street makes a huge difference on the price. Also, get a good attorney and a good CPA, given that the laws and taxes are heavy.

4- It depends. I would say that for real state loans, Bankinter, Santander and Caixa Geral de Depositos are the best. Caixa de Credito is good, but it depends on the branch.

5- I think you should get to know the market before investing. I mean, get to know Lisbon before you go to Porto, because they are very different markets. Actually, I would start maybe with smaller markets like Algarve, or Coimbra, but that's me...

Best of luck!!

Hi Juan, 

Do you know if there is a site that has statistics that show what properties in a given area have sold for in Portugal?

Thanks for any info and have a good day.

Kind regards,

Kate

Hi Kate, yes:

www.idealista.pt

www.pordata.pt

www.imovirtual.pt

 Thank you very much. Do you know if any of these show what the properties would be appraised at (by the bank)?  

Idealista in the lower part should have some information.
Appraisals in Portugal depend a lot on the person doing it. But, normally, if the price per square meter is the market's avarage, the appraisal should come more or less on the asking price.

Quote from @Kate Van de Goor:

Quote from @Juan Correia:

Originally posted by @Kate Van de Goor:

Hi everyone, 

This thread seems to be exactly what I was hoping to find! I'm new to the forums but I've been listening to the podcasts and webinars for a while. I'm hoping you are willing to help me with recommendations or advice.

Background: I'm scouting in Portugal in October. I want to purchase property(ies) over time and work towards a D7 visa using passive rental income as part of the financial requirement. I won't be able to move for a couple of years.

I'd like to view available properties when I visit - if that's possible. I'm looking at Coimbra, Porto, Ponta Delgada, Evora and a couple cities in the Algarve. What are your thoughts on rental properties in Portugal? Originally I wanted to purchase small multi-family but I haven't seen that in the listings I've searched. So now I'm thinking flats or small houses in towns that would be attractive to multiple markets (potentially expats, tourists, students, locals).

1. Can anyone recommend good real estate agents and property managers in the cities above?

2. What do you find to be the best avenue for rentals in Portugal?  Do people have reservations about long-term rentals - are short-term rentals better?

3. What missteps should I be wary of?

4. Are some banks better for mortgages than others (in terms of down payment, interest rate, length of mortgage etc.)?

5. Anything else you think is useful to know?

Thanks in advance for your time and for any information, I truly appreciate it.

Kind regards,
Kate

 Hi Kate, first things first, wellcome to Portugal :) I hope everything goes well.

Answering the questions:

1- In the Algarve I recommend Golden Algarve. However, you should explore REMAX, KW and ERA, which are really strong here.

2- Depends on the location. I would say that Porto, Lisbon and Algarve will work better for STR and Vacation rentals, Coimbra for student rentals and Ponta Delgada I don't know.

3- You should be careful about location. Like everywhere else, one street makes a huge difference on the price. Also, get a good attorney and a good CPA, given that the laws and taxes are heavy.

4- It depends. I would say that for real state loans, Bankinter, Santander and Caixa Geral de Depositos are the best. Caixa de Credito is good, but it depends on the branch.

5- I think you should get to know the market before investing. I mean, get to know Lisbon before you go to Porto, because they are very different markets. Actually, I would start maybe with smaller markets like Algarve, or Coimbra, but that's me...

Best of luck!!

Hi Juan, 

Do you know if there is a site that has statistics that show what properties in a given area have sold for in Portugal?

Thanks for any info and have a good day.

Kind regards,

Kate

Hi Kate, yes:

www.idealista.pt

www.pordata.pt

www.imovirtual.pt

Originally posted by @Kate Van de Goor:

Hi everyone, 

This thread seems to be exactly what I was hoping to find! I'm new to the forums but I've been listening to the podcasts and webinars for a while. I'm hoping you are willing to help me with recommendations or advice.

Background: I'm scouting in Portugal in October. I want to purchase property(ies) over time and work towards a D7 visa using passive rental income as part of the financial requirement. I won't be able to move for a couple of years.

I'd like to view available properties when I visit - if that's possible. I'm looking at Coimbra, Porto, Ponta Delgada, Evora and a couple cities in the Algarve. What are your thoughts on rental properties in Portugal? Originally I wanted to purchase small multi-family but I haven't seen that in the listings I've searched. So now I'm thinking flats or small houses in towns that would be attractive to multiple markets (potentially expats, tourists, students, locals).

1. Can anyone recommend good real estate agents and property managers in the cities above?

2. What do you find to be the best avenue for rentals in Portugal?  Do people have reservations about long-term rentals - are short-term rentals better?

3. What missteps should I be wary of?

4. Are some banks better for mortgages than others (in terms of down payment, interest rate, length of mortgage etc.)?

5. Anything else you think is useful to know?

Thanks in advance for your time and for any information, I truly appreciate it.

Kind regards,
Kate

 Hi Kate, first things first, wellcome to Portugal :) I hope everything goes well.

Answering the questions:

1- In the Algarve I recommend Golden Algarve. However, you should explore REMAX, KW and ERA, which are really strong here.

2- Depends on the location. I would say that Porto, Lisbon and Algarve will work better for STR and Vacation rentals, Coimbra for student rentals and Ponta Delgada I don't know.

3- You should be careful about location. Like everywhere else, one street makes a huge difference on the price. Also, get a good attorney and a good CPA, given that the laws and taxes are heavy.

4- It depends. I would say that for real state loans, Bankinter, Santander and Caixa Geral de Depositos are the best. Caixa de Credito is good, but it depends on the branch.

5- I think you should get to know the market before investing. I mean, get to know Lisbon before you go to Porto, because they are very different markets. Actually, I would start maybe with smaller markets like Algarve, or Coimbra, but that's me...

Best of luck!!

Originally posted by @Mike Leng:

Juan, the real estate market is very hot in US now, but the US price (as a ratio to income) was quite low comparing to most other countries, so even with the spike in prices lately, we are probably still a little below average. 

By the way, I have always wanted to own a vacation home in the Azores. How familiar are you with that region? Is there an established STR eco system to allow a remote foreign investor to successfully own and rent out a property, i.e. multiple competitive Property Management companies, abundant labor supply and services, friendly government policies and tax schemes?

Im very familiar with the capital island São Miguel. Yes there's a vacation and STR ecosystem, you may visit AirBNB and check it out. Portugal is very foreign investor friendly and you even have Golden Visa programs, but as an investment, its easy to purchase and rent a property. You may use a private person or a rent management company, you will find a few locally. I would recomend that you ask the realtor that sells you the houses for recommendations on that part. Also, labor and services depend on the island. If that's a concern, then I would absolutely recommend São Miguel. Regarding taxes, I recommend you have a company, in Portugal the taxes are hugely more advantegous to companies than for privates.

@John Underwood EURO arrived :) Yes, of course they are. The issue is GROWTH

Originally posted by @Guillermo Serrano:

Hello,

I'm new to the market in Portugal, currently "scouting" Ericeira. Anyone in the area would be keen on meeting up for having a coffee + pastel de nata :-) ?

 Hi Guillermo, I'm not in the area but let me know if I can help

Hi everyone, I'm trying to get some people to understand the dynamics of small countries, as is the case of Portugal.

Ok, sure, we are part of Europe, but the honest truth is that a lot of things are just endemic to the reality of the local country and, inside the country, to the reality of the region.

To begin, we have to understand that Portugal is about 1000 miles x 300 miles in terms of territory what makes it easy to get around but, first problem, in small countries, eveything seems "far away".

Also, because we are small, the notion of "country" is different, in the perspective of those living and investing here. People are more concerned with their own small region that with the logic of a nation, in terms of nation wide needs.

Real state is not strange to this reality, and the prof is that we have incredibly different markets, even inside the cities.

The Algarve region (the south end of the country) is a great example. We have locations, whitin a few miles, that very from 1000€ (around 1.2K USD) per square meter in terms of costs, and 3, 4 and even 5 times that.

Also, in terms of rents, things are very distint even inside the same city. I know that this is no different, depending on the disctricts or the class of the neighbourhoods, however, when the total population of a region with around 300x100 miles is around 440K people, its hard to understand these variations.

Also, because the place is small, we have investors and buyers coming from everywhere to buy everywhere, but with the huge differences in income between the people living in the big cities (Lisbon, Porto) and the rest of the population, its EXTREMELY hard to find deals.

Also, i think this happened worldwide, construction prices spiked and, being small and not having that much competition, it makes it very hard to get competitive quotes... so even being small, there's a shortage of homes...

Home owning is very encouraged here in Portugal, rentals are not that popular. Normally, those who rent are either single people with temporary jobs (nurse, professor, etc.) or tourists (mostly STR), but I'm trying to invest in LTR... However, with the low wages is not easy to have good returns. The avarage here is a 0.5% rule, or to be more precise, you get around 600-700 euros for a 120K-150k apartment...

So, please, let me know how things are going on your country or region. Those who are looking to invest here, should look at flips or STR, otherwise... maybe commercial.

let me know your thoughts

Hi everyone, I'm trying to get some people to understand the dynamics of small countries, as is the case of Portugal. 

Ok, sure, we are part of Europe, but the honest truth is that a lot of things are just endemic to the reality of the local country and, inside the country, to the reality of the region.

To begin, we have to understand that Portugal is about 1000 miles x 300 miles in terms of territory what makes it easy to get around but, first problem, in small countries, eveything seems "far away".

Also, because we are small, the notion of "country" is different, in the perspective of those living and investing here. People are more concerned with their own small region that with the logic of a nation, in terms of nation wide needs. 

Real state is not strange to this reality, and the prof is that we have incredibly different markets, even inside the cities.

The Algarve region (the south end of the country) is a great example. We have locations, whitin a few miles, that very from 1000€ (around 1.2K USD) per square meter in terms of costs, and 3, 4 and even 5 times that.

Also, in terms of rents, things are very distint even inside the same city. I know that this is no different, depending on the disctricts or the class of the neighbourhoods, however, when the total population of a region with around 300x100 miles is around 440K people, its hard to understand these variations.

Also, because the place is small, we have investors and buyers coming from everywhere to buy everywhere, but with the huge differences in income between the people living in the big cities (Lisbon, Porto) and the rest of the population, its EXTREMELY hard to find deals.

Also, i think this happened worldwide, construction prices spiked and, being small and not having that much competition, it makes it very hard to get competitive quotes... so even being small, there's a shortage of homes...

Home owning is very encouraged here in Portugal, rentals are not that popular. Normally, those who rent are either single people with temporary jobs (nurse, professor, etc.) or tourists (mostly STR), but I'm trying to invest in LTR... However, with the low wages is not easy to have good returns. The avarage here is a 0.5% rule, or to be more precise, you get around 600-700 euros for a 120K-150k apartment...

So, please, let me know how things are going on your country or region. Those who are looking to invest here, should look at flips or STR, otherwise... maybe commercial.

let me know your thoughts

Honestly, I've just rented my condo for a week and It's been a nightmare.

First, they want special treatment in terms of payment (this is VR so we ask for 50% with the reservation and the rest 1 week before entry). They want to pay after the stay, what is a BAD IDEIA.

Second, they demand all the services (this is an apartment not an hotel). Even when I tried to manage the expectations and explain the differences, meaning, cleaning is once every 4 days, there's a LIMITED amount of towels, etc... but they are calling CONSTANTLY asking for favors...

And in the end they argue about EVERY DETAIL (water not hot enough, room not dark enough, bed not confortable enough). 

Needless to say, lesson learned...

Originally posted by @Joshua Beneventi:

Hey folks. I am an American-born Portuguese descendent who has recently relocated to Portugal in January of this year. I have applied for my citizenship and am researching the real estate industry here. I am in the process of a career-shift and am considering going into the business here. As a newbie both to real estate and Portugal, I would be really interested in meeting up with/chatting with anyone that is willing to share their experience and provide some direction. Many thanks! (Tambem falo portugues!). 

 Hi Joshua, Im in Lisbon and the Algarve. PM me so we can meet and talk

How do you feel that the market will be impacted with the expected post covid-19 buying frenzie?