Public liability cover has always been included in the building section of a home insurance, often referred to as public liability for family (responsabilidade civil familiar) but this does not cover anyone renting the property.
As per article 13-A of law 62/2018 from August 22nd, revised by article 347 of law 71/2018 from December 31st, all operators of short-term rental properties (titulares da exploração) are obliged to obtain a public liability insurance for their property with a minimum coverage of 75,000€ per liability case. Continue reading
Both bank valuations and prices of properties have been increasing continuously in previous years.
Since 2017 the average bank valuation per square metre has increased for 28 consecutive months and reached a new peak in July (1,283€). According to Statistics Portugal (INE) bank valuations carried out in July of this year increased by 0.9% in comparison to the previous month and 8.1% in comparison to July 2018. Continue reading
Last month, during the Virtuoso Travel Week, which took place in Las Vegas, Portugal was named Hottest Destination of 2018 at the Virtuoso Awards.
Virtuoso is a network of luxury travel agencies with more than 15,000 advisors worldwide, of which 9,000 are from the USA. Continue reading
On July 17th, as a result of the increasing number of privately owned short-term rental properties in Portugal, especially in the areas of Lisbon and Porto and the consequent impact on the quality of lifes of residents, the government has taken action and voted on alterations to the existing Alojamento Local legislation, which will become effective 60 days after promulgation. Continue reading
Since interest rates are low, financing the purchase of a property through a national bank loan could be an interesting option, especially because since 2010, Portuguese banks have not been lending as much as they are now. During the first four months of this year, almost 3 billion euros were lent for the acquisition of property. Continue reading
Some weeks ago, the intermunicipal community of the Algarve (AMAL – Comunidade Intermunicipal do Algarve) agreed on the introduction of a region-wide tourist tax, although details have not yet been decided.
As it seems, out of the 16 councils, only Silves voted against the introduction of a tourist tax in the Algarve. Continue reading
Everyone who recently visited Portugal must have felt it’s new vibe. It’s almost as if it awoke from a long rejuvenating sleep, presenting itself to the world in a more attractive shape since the end of the recession in 2013.
Hidden behind the big neighbour Spain for decades, Portugal suddenly overcame its unpopularity and became a hotspot for both visitors and investors. For its inhabitants this certainly did not come as a surprise as we have been asking ourselves for a long time why its varied natural beauty, superb gastronomy, welcoming people and rich cultural heritage have not been enough to convince many people to explore this country. Continue reading
It is now official: 2017 was the best year ever in terms of property sales, at least since 2009 when this sort of data was collected and registered for the first time.
It certainly does not come as a surprise that the Portuguese property market has seen a massive recovery since 2014, after a heavy 5 year recession period but probably hardly anyone anticipated such a fast recovery. A recovery which has become a new boom. Continue reading
With the State Budget 2018, changes may be introduced to the current Non Habitual Residency (NHR) status.
With this tax regime, created in 2009, pensions from foreigners, who change their residence to Portugal, become exempt from tax during a period of 10 years. Continue reading