Over the last 10 years, I have found that most foreigners who wish to organize a real estate activity in Portugal are faced with what I call “The Wally Syndrome”.
What’s that?!? Well, to put in a nutshell, real estate touches all aspects of one’s life, the community, cultures and is made up of wide spectrum of technical aspects that must be considered. But aove all this, lies the language. Ah, yes! The mumbo jumbo that aparently hides and complicates the simple things of buying, selling, leasing or even borrowing a property in any country.
The industry I have known for over 25 years has come all the way round, from being a free for all market, to a highly regulated one and back: Portugal, through its regulating institute (InCI, IP) managed to develop a well-oiled system that made licensed realtors stand out and rated among the top 5 worldwide. Alas, in 2011, Portugal adopted a EU directive which lowered standards and made us go back in time.
Having said this, I want to share with you the good practises that still prevail in real estate in this country learn how to operate in the Portuguese real estate industry in a way in which you will understand the language, different jargons used and the technicalities that apply it.
