- Buying a house in Faro
- Why buy a house in Faro
- What to pay attention to with Faro real estate
- How long does it take to buy property in Faro?
- Things to do in Faro
Buying a house in Faro
Now is a very good time to invest in Portugal. There is an increasing demand for housing, particularly in Faro. Regardless of whether you buying as a pure investment, a second home to live in during the summer months, or to live permanently, Faro offers many different housing options for every need. You will no doubt be able to find property for sale in Faro, Portugal to cater for you, whether you are looking to retire, move with family, or work as a digital nomad.
The average asking property price in 2020 for an apartment was €2,042/m2 and, for a villa was €2,288/m2. If you are looking for luxury properties, the price will be higher. The more amenities that you have, such as a private gym, pool, or security, will also ramp up the price.
Why buy a house in Faro
Faro is an ideal place in Portugal to invest in the property market. The city has pretty much everything. From natural parks, preserved lagoons, varied attractions, and entertainment opportunities, there is much to keep you occupied all year long.
When it comes to properties for sale in faro, Portugal, you will find everything from villas to apartments. Whatever type of property you are looking for, you will probably find it in Faro. For example, if you would like a terrace, garden, private gym, private pool, or other facilities, you should be able to find something that suits you. What’s more, many properties in Faro have private security, another benefit of buying here to add to your list.
With more than 300 days of sunshine per year, a simplified tax system, and excellent investment opportunities, Faro attracts many international investors and expats. In this part of our Faro coast real estate guide, we’ll provide you with some further reasons as to why buying a house in Faro is a good investment.
For avid travelers, the Faro airport connects you to national and international cities and is only a ten-minute drive from the center of the city. Alongside this, you have very good train and bus routes to get around to other parts of the Algarve, Lisbon, Porto, and Seville in Spain.
Quality of life
Faro is a thriving city with good entertainment and sports facilities, such as tennis courts, golf courses, horseback riding, and various water sports activities. There are many stunning beaches close at hand, where you can relax and enjoy the turquoise water for most of the year. Indeed, even in the winter months, the sun shines and you can almost always spend your time outside.
Route to residency and citizenship
The Portugal Golden Visa is one of the most popular residency-by-investment programs in the world. If you are looking to buy commercial property in Faro then you may be eligible for the Portugal Golden Visa. With this you can secure residency in the country and, after five years, you may be eligible for citizenship.
What to pay attention to when buying property in Faro
If you are looking to purchase property in Faro, in this part of our Faro coast real estate guide, we’ll provide you with some of the things that you should consider before making an offer on the house.
Your happiness and quality of life are much improved if you have a strong circle of friends. While Faro has a high number of expats living in or close to the city, it is important to give this some thought if you are going to live in the property for most of the year. There are many meetup groups, sports activities, and other things to enjoy – such as cooking or yoga classes- where you will be able to meet new people.
Are the bars, cafes, and restaurants open throughout the winter months? Try to seek advice from local people in regards to their daily activities as this will help ease the relocation process.
Purpose of purchase
If you want to own property and then rent it out, then look for property that can meet both your current and long-term goals. Faro is known not just for its fantastic beaches and sublime climate but is also one of the biggest educational centers in the country, with the University of Faro and technical schools attracting students from across Portugal. This can be a great opportunity for rental income.
Know your resources
If you are contemplating investing in property abroad, then having the right professionals on your side is important to minimize stress and maximize your budget. This includes having a trusted real estate expert who is able to help with the property purchase and a currency specialist who will have expertise in investments.
One further suggestion, if you are looking to invest in property in Faro, ensure that you are working with professionals who have an AMI license. This means that they can practice real estate brokerage in Portugal.
How long does it take to buy property in Faro?
It takes around three to five months, on average, to purchase property in Portugal. This will evidently also be dependent on your situation, mortgage requirements, missing paperwork, and so on.
Notary services in Faro
When you purchase real estate in Portugal, you will need to have a notary confirm your signature on the contact and the payment of the land registry. There are many options for you in Faro. You will be able to find a notary office on Rua Cidade de Bolama, Rua Dr. Coelho de Carvalho, or R. do Pe da Cruz.
Things to do in Faro
There are many things to do in Faro. It’s one of the main attractions of choosing to live in this part of the Algarve. In this part of our Faro coast real estate guide, we’ll provide you with some of the best things to do if you are in Faro.
- Stroll around the old town of Faro
- Experience Faro’s exciting nightlife
- Visit the magnificent Aco da Vila
- Witness the 13th-century of the Sé Cathedral
- Discover Faro’s rich history by visiting the Museu Municipal
These are just a few of the main attractions in the region. If you move to Faro, you will find that there is always something exciting going on and many things to keep busy with.
Faro has much to offer investors and property buyers, particularly if you are interested in culture and want to live in a fascinating part of the country. What’s more, Faro Portugal real estate is a lucrative investment as housing is in demand from tourists, expats, retirees, and students.
How we can help
Global Citizen Solutions is a boutique residency and citizenship by investment company, focused on finding the right investment, citizenship, or residency program for individuals across the world. We work solely on behalf of our clients throughout the process for an easy and hassle-free journey to your desired route.
With offices worldwide and an experienced, hands-on team, get in touch today to see how we can understand your objectives and help you move towards becoming a global citizen.
The following articles may be useful to you:
- Golden Visa Portugal step by step guide
- Buying property in Portugal
- Buying property in Lisbon
- Buying property in Porto
Our Faro coast real estate guide is just a brief introduction to the region. If you are looking to purchase a house in Faro, you can get in touch with one of our team at Goldcrest, our real estate division, who will be able to discuss your options for buying property in this beautiful neighborhood of Lisbon.
Last year Goldcrest launched their new e-book on how to buy property in Portugal which will be useful to you if you are looking into Faro real estate or properties in any other part of the country. You can order your copy here. The book provides an easy guide to buying property in Portugal, including navigating taxes, bureaucracy, finding a mortgage, amongst other important information.
Frequently asked questions about Faro real estate:
Is buying property in Portugal a good investment?
Buying property in Portugal is a very good investment at the moment as the real estate market is thriving. In Faro, investors in real estate should find high demand for both short and longer-term rentals, with students, expats, and tourists moving to the city. Yields stood at 5.89% in 2020.
Can a foreigner buy property in Portugal?
Yes, foreigners should have no problems purchasing property in Portugal.
How long can you stay in Portugal if you own a property?
If you are an EU, EEA, Swiss, US, or UK citizen and wish to stay in Portugal for longer than 90 days (out of every 180 days) then you should look into getting a residence visa. Other countries will vary, but you will need a residence permit to live in Portugal for a longer time period.
Note that if you are looking to buy a property simply to rent out the property, then you may not need to become a resident of Portugal – if you are not going to be in the country for more than 90 days at a time (out of 180 days). It is best to speak with an expert in the field to see whether you will need to secure residency in Portugal.
Is property cheaper in Spain or Portugal?
Property is cheaper in Portugal than in Spain. What’s more, you will find very attractive rental yields in Lisbon and the Algarve. Faro, for example, is a popular choice for investors.
You can see a comparison of Spain and Portugal Golden Visa programs here.