Buy a new apartment in Lisbon?
Buying an apartment in Lisbon under construction can be 25% cheaper
When imagining the property of your dreams, probably you see it as a spacious apartment full of light. Admiring the view you get from the balcony, one imagines creating a life in the neighborhood and begining to plan the decor of your future home. What if we told you that there are great advantages of buying a not yet constructed property as a project?
Buying a property under construction can be a good option for those who want to pay less being in no hurry to move. The great advantage of purchasing an apartment in Lisbon, for example, under these conditions is the price. The acquisition of a residential property under construciton is up to 25% cheaper than buying already built property. It also ensures that you will be the first owner of the house or apartment.
However, you need to take some precautions before purchasing a not built property in such conditions, for instance:
Check the history of the company: Check the enterprise registration, asking what the registry office where the property is registered and, more importantly, should check if the company has a history of selling real estate under construction.
Check the contract and be attentive to details: as a property that is a project is something abstract, it is important to check some details to avoid problems. The contract must observe property specifications and the price.
Regarding the property price, make sure that it is finalised or if there is a forecast of further price changes. You should also check if there is prediction of extra costs and and the dates of property construction end or if there are penalties for the contractor in the event of late delivery.
Stages of the buying process:
Property reservation: the buyer pays a reservation fee to reserve the property.
Contract signing: another sign must be paid (usually corresponds to 10% of the total purchase amount), you should count the clauses: defining work schedule to completion and setting payment deadlines.
Upon completion of construction stages, another payment will take place . When a property is purchased under construction, the payment is made in stages, according to the advancement and development of the work involved.
Construction works give signs of recovery in Portugal
In Portugal 4.2 thousand buildings were licensed in the second quarter of 2016, corresponding to 12% more than in the same period of the last year, and 2,500 buildings were completed, which corresponds to 10.7% less than in the same period 2015 . The construction industry, which was one of the most affected by the financial crisis that struck the country, shows signs of recovery.
More than 50% of homes in Lisbon are sold in less than six months
About 55% of housing on offer in the Metropolitan Area of Lisbon took on average less than six months to get sold, according to data from the Confidential Property, which relate to transactions that occurred between the second quarter of 2015 and the first quarter of year 2016.
Foreigners account for 23% of real estate transactions
Brazilians surpassed the Chinese in the total number of properties acquired in Portugal in the second quarter of 2016, according to figures released by the Association of Professionals and Real Estate Companies in Portugal (APEMIP). The Brazilian-born citizens already represent the third nationality that invests most in Portuguese property, which corresponds to 10% of total foreign investment, an increase of 2% over the previous quarter.
- Popular Recent