Your dream lifestyle with profitable investment and a gorgeous view comes with buying property in Aveiro, Portugal, with long-term value.
Aveiro is known for its beauty, real estate, economy-boosting education system, and potential investment options.
Furthermore, Portugal was ranked 34th in CEO World Magazine’s 2024 survey of top-performing education systems, ahead of Italy, Spain, and Malta, which means that buying Property in Aveiro, Portugal, is a groundbreaking deal.
Moreover, buying property in Aveiro, Portugal, is not difficult at all, and it comes with security to help expats invest easily.
This has led to an increased investment rate and a growing expat community in the city, resulting in higher rental demands and entering a promising market with potential returns and growth.
This blog will walk you through buying property in Aveiro, Portugal, and provide an overview of the real estate market.
Aveiro Real Estate Market
Aveiro, located on Portugal’s west coast, is known for its scenic views and beauty. For this reason, it is usually called the “Venice of Portugal,” but with peace and silence. Aveiro has a population of 86,037, of which 9,821 are foreigners, making up approximately 11.4%.
The vibrant Aveiro property market offers diverse options catering to various preferences and budgets. Aveiro’s excellent combination of canals and historical architecture makes it appealing to potential home buyers and investors.
Buying property in Aveiro, Portugal, is appealing due to its affordability compared to other European cities. According to Idealista, the average selling asking price was €2557 per m2, which positions Aveiro as an economically viable choice. Moreover, the average rental asking price of the property in Aveiro City is about 11.30 €.
Property rentals in Aveiro, Portugal, are doing well due to the influx of the city’s growing population and its prominent tourist destination. The current demand makes Aveiro an excellent choice for real estate investors, particularly those wishing to enter the residential tourism market. Living in Aveiro means living in a quality environment, and the advantage is that it allows you to save more on the cost of living.
Overview of Living in Aveiro
Aveiro is similar to Venice because of the canals, which have beautiful colors that can be full of life. With a rich history balanced by modern convenience, this city can be an alluring location for those considering buying Property in Aveiro, Portugal.
The welcoming and safe lifestyle of the city is a major appealing feature for families, students, and professionals, and it plays a significant role when someone is considering buying a property in Aveiro, Portugal.
According to the 2024 Global Peace Index (GPI), Portugal is ranked the seventh safest country globally, after Iceland, Ireland, Austria, New Zealand, Singapore, and Switzerland.
Moreover, what adds to the appeal is the city’s efficient transport system, like rail links connecting it to other Portuguese cities like Porto and Coimbra, thus making it generally attractive for daily commuters and those interested in visiting the region.
Most of the economy of Aveiro is supported by educational institutions and established tech companies, making it one of the main factors considered when buying property in Aveiro, Portugal.
Aveiro City is full of beautiful and scenic places like beaches, museums, and theatres for some art-loving individuals. These make the city enticing to investors and buyers and bring much attention from expats. These facilities balance lifestyle and incentivize people to invest in property in Aveiro.
Nevertheless, the cost of living is a bit higher than in other places in the country, and driving and parking are sometimes a hassle, especially in the city centre.
Visa & Immigration Option for Living in Aveiro
For foreigners interested in buying property and living in Aveiro, Portugal offers a variety of visa options for your ease.
- D7 Visa (Ideal for retirees or individuals with a steady passive income)
- Digital Nomad Visa (For remote workers and freelancers)
- D2 Visa (Entrepreneurs focused)
- Golden Visa (For significant investors)
For more information on Portugal’s visa options you can read about Guide about Best Ways to Obtain Portuguese Residency.
Why Buying a House in Aveiro
Historical Richness and Cultural Charm
Venice of Portugal, Aveiro, is known for its beautiful canal and rich architectural history, highlighted by the Cathedral of Aveiro, established in 1423.
With this charm of history, Aveiro gives its residents and visitors a glimpse at Portugal’s past through perfectly preserved buildings and cultural festivals, which animate the streets full-time throughout the year. It becomes a magnet to those who appreciate a city’s character.
Thriving Real Estate Market
The Aveiro real estate market is growing, with a 19.1% increase in property purchases since January 2022. Yet it remains one of the cheapest markets in Portugal.
This makes it a desirable market for investors looking for value for money or homebuyers seeking bargains. There is something for everyone in every budget.
Quality of Life
Living in Aveiro offers a quality of life equivalent to that of significant cities but without congestion and at a lower cost.
For example, what would cost €2,500 in Aveiro would be nearly €5,867 in London. Cost-effectiveness, stunning coastal scenery, and warm people create a stress-free and fulfilling lifestyle.
Academic and Research Excellence
The University of Aveiro is one of Portugal’s leading educational and research institutions, ranking within the top six at the country level. It also contributes much to innovation, scientific research, and the development of the intellectual environment in the city.
This makes Aveiro the source of attraction for students and researchers worldwide, thereby making the campus a community that will promote a lively way of pushing boundaries toward technological and scientific progress.
Expanding Expat Community
High-quality living at low costs is the new reason foreigners want to make Aveiro their home. The immigration option promotes a multicultural environment, thus diversifying the scenic beauty by bringing diverse perspectives and experiences that people carry along from other cultures.
Expats further push the local economy in all fields, from Aveiro property to retail and services, turning Aveiro into a cosmopolis within Portugal.
Property for Sale in Aveiro, Portugal: Property Prices
Property prices in Aveiro vary widely based on location, type, and amenities. As per data from Idealista, as of September 2024, Aveiro City commands the highest prices, with properties averaging €2,557 per square metre.
You can find more affordable options in surrounding areas like Mealhada and Vale de Cambra, where prices dip to around €923 and €724 per square metre, respectively.
Moreover, mid-range prices are seen in places like Ílhavo and Ovar, showing the diversity in property values across the district. This range offers opportunities for high-end and budget-conscious buyers looking to invest in Aveiro.
Aveiro Real Estate: Rental Yields
When buying property in Aveiro, Portugal, investors can expect varied rental yields depending on the area. According to Idealista, the district offers an attractive average yield of 6.5%. In Aveiro City, the yield is slightly lower at 5.3%, reflecting the higher property and rental prices.
Ílhavo offers better yields at 5.7% due to its balance of purchase and rental costs. Lastly, Santa Maria da Feira presents yields of about 5.4%, making it a moderate choice for investors looking at buying property in Aveiro, Portugal.
Where to Buy Property in Aveiro
Glória and Vera Cruz
Known for its historical charm, Glória and Vera Cruz is filled with museums, cafes, and cultural landmarks that showcase Aveiro’s heritage.
Glória and Vera Cruz are known for their historic appeal; you walk along the canals and visit museums, cafes, and all the cultural landmarks that reflect the heritage of Aveiro.
Daily life is bliss in Aveiro, where residents can easily access public transport, shopping centres, schools, and healthcare facilities.
This is the most energetic parish in Portugal, densely populated, which is perfect for somebody who prefers to stay in a lively atmosphere. Buying property in Aveiro, Portugal, might be the perfect choice for all those who wish to have the urban buzz around them.
Esgueira
With an area of 17.15 km², Esgueira will offer enough space for various housing, from apartments to bigger family homes. It will also be just a short drive from Central Aveiro.
Esgueira is family-friendly and open to its community due to its many parks, schools, and community centres.
Esgueira is a growing locality offering amenities; therefore, investing in this location and properties here will provide substantial benefits, especially for buying property in Aveiro, Portugal.
São Bernardo
It’s a town of about 5,000 people, making it a good spot for expats and retirees seeking small, friendly neighbourhoods. It is in the middle of the city, so transport to any other corner is easy and convenient.
This area also has tourist and expatriate appeal. Aveiro property holds a significant rental value. This makes buying property in Aveiro, Portugal, ideal for those interested in investment use.
Santa Joana
Santa Joana is known for its architectural and religious landmarks. It offers a rich cultural experience and many historical sites for leisure.
This community has a population of about 10,000. Santa Joana is warm and community-oriented, balancing the lifestyles of both old and new residents.
It offers many cafes, local markets, and recreational areas. Hence, it is a perfect location for buying property in Aveiro, Portugal, especially for buyers looking for a neighbourhood that blends culture with convenience benefits.
Financing Your Aveiro Property
Understanding your financing options is crucial when considering buying property in Aveiro, Portugal. Here’s how you can do it.
Set Your Budget
Before buying property in Aveiro, Portugal, you must know how much you can spend. From your source, review it very carefully and come to an amount that you might have saved and even how much you are willing to pay.
When saving money, there is a general rule of thumb: do not make your mortgage payments more than 35-40% of your net monthly income so that you will not strain your finances.
One-off Payment
Buying property in Aveiro, Portugal, outright with a single payment is an appealing option for those who can afford it. This pagamento a pronto means paying the entire property price in one lump sum, usually via a bank check, when signing the deed.
Mortgage Loans
Most buyers will require a mortgage to fund the property. The banks in Portugal grant mortgages to potential property buyers in Aveiro, Portugal, and they can use them as a guarantee. Many people prefer this option because it is spread over several years and becomes financially workable.
Mortgage Subrogation
If you are buying a property in Aveiro, Portugal, that already has a mortgage, you can take over the mortgage by simply changing the name of the debtor to that of yours.
Though the conditions and terms have not been changed in this case, taking over the mortgage can be free from the added cost of a new mortgage initiation, whether you’re buying property in Aveiro, Portugal, or another location.
All financing options for buying property in Aveiro, Portugal, must be explored, whether full payment or mortgage financing. Depending on your financial situation, each method has its benefits.
Even the pre-approval of a mortgage will give you a better idea of what you can afford to spend, making your property search in Aveiro much more focused and efficient.
Step-by-Step Guide to Buy Property in Aveiro, Portugal
Step 1: Gather Required Documents
When buying property in Aveiro, Portugal, you’ll need:
- A Portuguese tax number (NIF)
- A Portuguese bank account
- A sales contract with the seller
- An Energy Performance Certificate
- A land register document
Having these documents prepared in advance will ensure a smoother transaction.
Step 2: Schedule a Notary Appointment
The second step is to set an appointment for a meeting with the notary who will oversee your transaction process while you are buying property in Aveiro, Portugal. The buyer and seller must be present at the meeting to legally confirm the sale.
Step 3: Sign the Deed of Purchase and Sale
Now, what will happen at the meeting with the notary? You must sign Escritura Publica de Compra e Venda or Deed of Purchase and Sale, which will seal the deal and finalize the transfer of Aveiro property.
It is recommended to have a lawyer on your side during the deal to ensure all the terms are legally correct, and you shall be able to safeguard your newly bought property.
Step 4: Make the Final Payment
Once the deed is signed, pay the remaining purchase price balance. This step is necessary to complete the property purchase in Aveiro, Portugal, and make it yours.
Step 5: Register the Property
After payment, register the Aveiro property in your name at the Land Registry Office or Conservatória do Registo Predial. This registration is the final step to legally owning and buying property in Aveiro, Portugal.
Tax and Fees of Buying Property in Aveiro, Portugal
When planning to buy property in Aveiro, Portugal, it is crucial to understand the country’s taxing system and the associated taxes and fees.
Down Payment
The foremost important thing is to be aware of the downpayment on the property, which is at least 10% of the actual property price.
Transfer Taxes
A significant tax when buying property in Aveiro, Portugal, is the Municipal Property Transfer Tax (IMT). The rate depends on whether the property is your primary residence or an investment and its overall value.
Stamp Duty
Stamp Duty is also due when buying property in Aveiro, Portugal. This tax applies to the legal documents involved in the purchase, including deeds and mortgages.
Bank Fees
Banks charge various fees for mortgage arrangements, property valuation, and other administrative tasks. These can differ between banks but should be considered when budgeting for buying property in Aveiro, Portugal.
Notary and Registration Fees
Lastly, registering the deed and paying notary fees must be considered. These costs are typically fixed and essential for buying property in Aveiro, Portugal.
Property for Sale in Aveiro Portugal: Investment Tips
Here are some investment tips for those interested in buying property in Aveiro:
- Research the current real estate trends in Aveiro to identify the best timing and areas for investment. Central locations or proximity to the university may offer higher rental demand.
- Calculate your expected return on investment by considering the potential rental income and the initial and ongoing costs of buying property in Aveiro, Portugal.
- Investigate mortgage rates and terms from local banks to find the most favourable financing options available for foreigners buying property in Aveiro, Portugal.
- Familiarise yourself with Portuguese property laws, including tax implications and the legal steps required for property purchase, which are essential when buying property in Aveiro, Portugal.
- Utilize the expertise of local real estate agents who can provide valuable insights into the market, help navigate the buying process, and negotiate the best deals for those interested in buying property in Aveiro, Portugal.
Let Portugal Residency Advisors Help You Relocate!
Moving to Aveiro but unsure where to start? Your reliable guide on this road will be the team of relocation and legal experts at Portugal Residency Advisors.
We help you create a seamless move catered to your particular requirement, helping you find and buy the most suitable property in Aveiro. From negotiating the local legal procedures to pleasantly settling in your new surroundings, we are here to make your relocation as smooth as possible.
Thrilled to begin your new Aveiro life? Get in touch right now to help us to bring about this!
Frequently Asked Questions About Buying Property in Aveiro
Is Aveiro an excellent place to retire to?
Buying property in Aveiro, Portugal, is ideal for retirees. It offers a relaxed lifestyle, excellent healthcare, and plenty of activities, making it an attractive choice for a peaceful retirement.
Is Aveiro a nice place to live?
Aveiro property appeals to residents for its cultural richness, scenic canals, and friendly locals. It offers a balanced, charming lifestyle with easy access to Portugal’s unique heritage.
Is it worth going to Aveiro, Portugal?
While Aveiro property attracts buyers for its calm environment, visiting the city depends on one’s travel plans. Nearby Coimbra and other destinations offer complementary experiences.
Is Aveiro, Portugal, walkable?
Aveiro property benefits from the city’s walkable layout. Its famous canals and colourful boats create a scenic, pedestrian-friendly environment for residents and visitors.
Why is Aveiro famous?
Aveiro is well-known for its vivid Art Nouveau architecture, historic salt pans, and lovely canals dotted with colourful Moliceiro boats. It is also sometimes known as the “Venice of Portugal.”
Is Aveiro an expensive city?
Aveiro offers a lower cost of living than cities like Lisbon and Porto. It is reasonably priced, given that it maintains a good quality of living. For both locals and foreigners, housing and everyday expenses are usually less, which helps to maintain a budget.
What types of properties are available in Aveiro?
Aveiro offers a variety of properties, from modern apartments in the city center to traditional townhouses and larger homes in suburban or rural areas. Renovation opportunities are also common.
What is the process for foreigners buying property in Aveiro?
Foreigners can purchase property in Aveiro without restrictions. The process involves obtaining a Portuguese tax identification number (NIF), opening a local bank account, signing a promissory contract, and completing the deed with a notary.
What are the additional costs when buying property in Aveiro?
In addition to the purchase price, expect to pay property transfer tax (IMT), stamp duty, notary and registration fees, and legal fees. These costs usually range from 6-10% of the property’s value.
