Last Updated on July 4, 2022 by Laila Oliveira
Living in this city is immensely gratifying, but were you aware that buying a house in Cascais also turns highly profitable? Most people are only starting to realize the value of this region. A city with utmost sophistication and luxury, unlike any other city in Portugal.
Lisbon’s cool neighbor, as they like to call it, is everything you dream of. A short distance from the country’s main business hub, secluded privacy, and excellent infrastructure. The city of Cascais attracts many foreigners, especially small families and affluent businessmen.
By the end of this article, you’ll realize why expats are investing their wealth into this city, and what they’re getting in return. Trust us; you’ll want to start searching for a deal by the time you reach the end. The charm of Cascais is fit for a few; let’s find out if it interests you too!
Why should I think about buying a house in Cascais?
Typically, real estate investors purchase properties in budding regions and wait for their value to increase. Cascais is one of those hidden gems many people still haven’t entirely discovered. Even though Portugal is increasingly popular, some regions are well-kept secrets.
We can list a bunch of reasons why you should be thinking about investing in Portugal’s real estate, but we don’t want to take up too much of your time. Before diving into the details, you should know Cascais isn’t just a city of real estate investments; it’s an excellent place to raise a family too!
Let’s look at some of the main reasons why buying a house in Cascais is a great deal:
Real estate value for archaeological wonders is high
While there are many apartments available for small families and individuals, real estate properties consist of many archaeological wonders. And we all know how valuable historical architecture is! The city has long been a place of luxury and home to the affluent.
Cascais is a 30-minute drive from the capital of Portugal, Lisbon; hence the real estate values soar higher because of this connection too. The beautiful archaeological wonders attract hundreds of tourists fond of old castles and other monuments.
In 2018, a centuries-old archaeological phenomenon was found right beneath Cascais’ shores! It was a shipwreck believed to have sailed between 1575 and 1625 from India to Lisbon. The coasts have decades of rich history surrounding them, and so the real estate will always only become more valuable.
Perfect for golf enthusiasts and beach lovers
Despite the 45-minute to 1-hour journey to and from Lisbon during traffic hours, people are content with their decision to live in Cascais and work in Lisbon. They get to come back home and experience complete serenity.
When residents are willing to give up two hours of their day to commute, five days a week, you can tell the city they’re living in is wonderful! Cascais is home to many excellent golf courses; some are the best in Europe and an attraction for many retirees.
Here are some of the best golf courses in Cascais:
Apart from that, the city is full of movement! It’s home to many companies, thriving solopreneurs, and digital nomads. Thanks to the D2 Business Visa, digital nomads and expat families can enjoy the beaches in Cascais while having their income streams sorted thoroughly.
Cascais is truly the complete package. Pleasant weather, great educational institutes, work opportunities, and the best leisure options. You and your family are bound to love it!
How can I buy a house in Cascais?
Buying a house in Cascais is possible for both nationals and expats. Almost 77.3% of Portuguese own some property within the country, mostly the same home they’re living in. This percentage is higher than the average homeownership rate in most countries.
So, purchasing real estate is very possible, it’s actually encouraged!
You’ll have to follow six steps in order to buy a house in Cascais:
- Research your options;
- Prepare the paperwork;
- Visit the property;
- Get documentation done in Portugal;
- Transfer the payment;
- Sign the contract.
Can a foreigner buy a house in Portugal?
Of course! Portugal’s real estate is no secret, and why would it be? The country welcomes foreigners with open arms and celebrates the diversity of cultures.
Let’s dive into more detail with regard to the summarized list of steps mentioned above.
Research and choose your investment
Researching your future investment is vital, whether real estate, crypto, or stocks. You need to understand the risks associated with each and how much you could possibly make with it in the future.
Likewise, knowing what kind of real estate would fit your needs makes the entire process easier. It allows you to shortlist properties, specify neighborhoods, and perhaps make your budget a bit more flexible.
Before choosing what you want to invest in, here are some questions to consider:
Would I like a house closer to Lisbon, making commuting easier?
Is a beach house my ideal investment? How many bedrooms should it have?
What neighborhood suits my budget the most?
Remember, no question is an unnecessary question. We also have an article on the Top Real Estate Websites in Portugal; they’re reliable, easy to use, and have excellent options. Researching will also allow you to make better-informed decisions about your investment.
Prepare the paperwork
The next step is to prepare your paperwork. As with all documents, this step plays a significant role in determining the success of your purchase.
You will need the following:
- Valid Passport (or residence card of any country in the European Union);
- Your NIF Number (Número de Identificação Fiscal) – A Tax Identification Number that you can get from the Finanças office;
- Proof of income in your home country.
If you’re unaware of what the Número de Identificação Fiscal is, don’t worry. Read our article on the NIF Number to understand why it’s so important and how you can obtain it. You won’t be able to buy a house in Cascais without a NIF Number, whether you’re a resident or a foreigner.
Visit the property in Cascais
There’s something assuring about visiting your next purchase yourself. Of course, our team of professionals can assist you throughout and recommend trusted websites. However, there are a few benefits of visiting Cascais yourself.
The most important benefit is getting to know the previous owner and negotiating a better deal, something you’re unlikely to do online. Alternatively, you may send someone to do it for you, but you should typically approve the final decision.
The reason why we suggest this is because you, or your family, are the best judges of whether a particular house works for you or not. No one else can make a better decision; considering the neighborhood, nearby community, and other facilities. This way, you can also validate the existence and condition of the building.
Get your documents settled in Portugal
You’re more than halfway there! What’s left is to get your documents legalized and ready-to-go for the payment transfer.
The following documents are non-negotiable:
- Certificate of Land Registry (Certidão do Registo Predial): Confirming the content of the property, legitimacy of the purchaser, and former proprietor;
- Housing Technical File (Ficha Técnica de Habitação): Containing the technical description of the house;
- License of Use (Licença de Utilização): You may request this from the Parish council of the respective house. It shows the purpose of the property you intend to purchase;
- Building Book (Caderneta Predial): Proving the tax regularity of the particular property; go to the nearest Finanças office to obtain it.
The bureaucracy in Portugal can get confusing at times. That’s why many people, including residents, opt for Viv Europe’s professional assistance to make it a smooth sailing journey. Having a trusted team of experts supervising your investment ensures that there’re fewer hurdles throughout.
Transfer the payment and sign the deed
Are you ready for the very last step? Finalizing the deal!
Using a bank isn’t mandatory to send your money to Portugal. There are three reliable and safe options that we usually recommend to transfer your money outside the Euro Area:
- World Remit;
- Xoom (A PayPal Service);
- Wise (Previously known as TransferWise).
Once the seller receives the payment, the ownership of the property is ready to be under your name.
You should be mindful of two things; sending the amount only after the contract has been signed and being aware of the best time to convert your payment to Euros.
How much does it cost to buy property in Cascais?
Property prices in Cascais are much higher than in other regions. The area itself is very historical, and the quality of life is superior to the mainland areas.
This doesn’t mean that only affluent families reside here; as we discussed earlier, Cascais is home to entrepreneurs and digital nomads.
This table should help you estimate the difference in prices amongst various parishes:
|São Domingos de Rana||€2,793|
|Carcavelos e Parede||€3,644|
|Cascais e Estoril||€4,923|
All prices are taken from Idealista, as of July 2022.
How much can you make renting out a property in Cascais?
You can choose to purchase a property and rent it out entirely while you live in another area within or outside of Cascais. Alternatively, people also rent out rooms during peak tourist season, like June to August to make some money on the side.
If you list it on Airbnb, the average rental price can go from $80 a night to $150 and above. The charges are generally much higher during summer break, so you can make nearly $2,500 if you rent out your property for a month.
As you can tell, buying a house in Cascais gives an excellent ROI (return on investment) and is a go-to for many foreigners. Usually, houses are much larger than 86m2 because the region attracts those who live lavishly. The area of properties in Cascais goes above 200m2, excluding luxury penthouses.
Check out the average monthly rent prices for a one-bedroom apartment (approximately 86m2):
|Carcavelos e Parede||€1,126|
|Cascais e Estoril||€1,333|
|São Domingos de Rana||€980|
Rent estimates are from Idealista, as of July 2022.
Can I apply for a Portugal Golden Visa to invest in a property in Cascais?
The answer is yes, but only for commercial use! Since January 2022, buying a house (residential use) in major areas like Lisbon, Porto, and the Algarve is no longer an option.
Thus, investing in a commercial property in Cascais is an excellent way to apply for the Portuguese Golden Visa! These investments help the country develop like no other, which is one reason why Portugal has become so popular lately.
Is making a real estate investment in Cascais worth it?
Ultimately, it is your call. It’s certainly a lot of money to invest in some property, and only you can decide whether it’s worth it from your perspective. Some fail to find a better deal elsewhere, while others prefer to opt for other regions.
However, we can tell you that statistics prove Portugal’s real estate has been steady and profitable. Looking at property prices from the last two years, you can see a growth of 11.5% from 2021 to 2022 and a growth of 17% from 2020 to 2022.
Whether you want to relocate to Portugal after your purchase or be a Non-Habitual Resident, the investment is an excellent deal either way. The real estate market is constantly steady and soaring periodically.
- Non-Habitual Residents benefit from 10 years of tax incentives! Read all about the Non-Habitual Resident Tax Regime and learn how you can make the most of your passive income.
When are you coming to Cascais?
We told you you’d want to start searching for a deal by the time you reach the end! You ought to start planning soon if you want some excellent property options. As discussed in the article, buying a house in Cascais is a very rewarding experience.
Whether you’re looking for a place for your family or just for investment purposes, returns are soaring higher every passing month.
Want to connect with people who might’ve made the same decision as you? Join our Facebook Group – All About Portugal For Expats and get in touch with hundreds of people residing there. Feel free to ask as many questions, clear up your doubts, and learn from others’ experiences.
After all, we just want to see you live your dream life in Portugal. Contact Us whenever you’re ready to visit Cascais for your new home; we’d love to help!