Webinar Replay: Buying Property in Portugal with Scott Kirk from BuyProperty.com

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Last updated on August 3, 2024 | Est. Reading Time: 3 minutes

Are you considering buying property in Portugal? Whether you’re looking for a dream home, a holiday retreat, or an investment opportunity, the Portuguese property market offers diverse options. However, navigating this market can be complex, especially for foreign buyers.

To shed light on this topic, Portugalist recently hosted a webinar with Scott Kirk from BuyProperty.com. Here are the key points covered in the webinar:

Key Takeaways from the Webinar

  • Introduction to Scott Kirk: Scott Kirk, the founder of BuyProperty.com, has a unique background combining technology and property investment. His platform aims to provide comprehensive data and insights to help buyers make informed decisions in the Portuguese property market.
  • The Birth of BuyProperty.com: Recognizing the lack of transparency in the Portuguese property market, Scott created BuyProperty.com to bridge this gap. The platform offers detailed information on property prices, rental income potential, and occupancy rates, similar to Zillow in the U.S.
  • Challenges in the Portuguese Market: Unlike some countries, Portugal has strict privacy laws that prevent the release of detailed transaction data. This makes it challenging for buyers to assess property values and market trends, but BuyProperty.com addresses this by collecting and analyzing data from various sources.
  • Prevalence of Illegal Properties: Scott highlighted the issue of illegal properties with unauthorized modifications. These can pose significant risks for buyers, making thorough due diligence, including legal checks and property surveys, essential to avoid potential pitfalls.
  • Importance of a Buyer’s Agent Service: BuyProperty.com offers a buyer’s agent service that assists clients throughout the buying process. This includes finding properties, negotiating prices, and ensuring all legal aspects are covered, providing peace of mind for buyers.
  • Current Market Trends: Despite global economic uncertainties, property prices in popular areas like the Algarve, Lisbon, and Porto remain high due to strong demand and limited supply. Motivated sellers, however, present opportunities for negotiating better deals.
  • Advantages of New Build Properties: New builds offer modern amenities and customization options, but they also come with risks, such as dealing with unreliable builders. Scott advises thorough research on builders’ reputations and clear purchase agreements.
  • Investment and Rental Market Insights: The short-term rental market has been impacted by new regulations, but alternative strategies like medium-term rentals are viable. These cater to digital nomads and long-term visitors, often offering better returns than traditional long-term leases.

Conclusion

Buying property in Portugal can be a rewarding investment, but it requires careful planning and due diligence. With the right resources and expert guidance, you can navigate the complexities of the market and find the perfect property. We hope these key takeaways have provided you with valuable insights and encourage you to watch the full webinar for more detailed information.

For more information, visit BuyProperty.com and take advantage of their extensive database and buyer’s agent services. Happy house hunting!