Source: Freepik Author: Redaction The INE (National Statistics Institute) confirms an increase in the median value of the square metre in August, which reached €1,538, setting a new record compared to the increase in July . Despite the previous slowdown, the value of bank appraisals is once again accelerating. In year-on-year terms, the rate of change is 8.8 per cent, compared to 7.6 per cent in July. According to the statistical office, the most intense variation was seen in the Autonomous Region of Madeira, with 23.1 per cent, while the least significant was in the north, with 7.9 per cent. As for the monthly comparison, INE explains: all regions showed increases compared to the previous month except the Algarve (-0.6 per cent), with the most significant increase in the Autonomous Region of the Azores (5.6 per cent) . With regard to the number of bank appraisals, the figure stood at 24,600, which, according to INE, represents a decrease of 1.1 per cent compared to the previous period and a reduction of 6.3 per cent year-on-year . It can therefore be concluded that fewer people are asking for property valuations, while the value of the square metre is rising. The regions where the median value of the bank appraisal of housing is the highest are the Algarve, Área Metropolitana de Lisboa, Região Autónoma da Madeira and Alentejo: they had appraisal values 40.7 per cent, 33.6 per cent, 10.9 per cent and 5.1 per cent, respectively, higher than the countrys median. On the other hand, the lowest values were found in the North: Terras de Trás-os-Montes, Beiras e Serra da Estrela and Alto Alentejo were the regions with the lowest values in relation to the countrys median (-48.8%, -47.4% and 46.6% respectively) . Also read: Home loan portfolio has been falling for eight months , New moratorium on home loan interest: how does it work?
Source: Freepik Author: Redaction The Bank of Portugal (BdP) released data this Wednesday on the housing loan portfolio, which has been on a downward trend for eight consecutive months. The stock of home loans held by Portuguese financial institutions has already fallen by more than one billion euros since the year began , and the outlook is for this to continue over the coming months, due to the current economic climate. At the end of August, housing loans totalled 99.2 billion euros, down 137 million from the previous month and the lowest figure since June 2022. The BdP explains that this trend is due to the increase in early amortisations and the slowdown in demand for home loans , as there is less demand for loans to buy a house. In addition, according to the bank , those who already have loans end up making repayments in order to mitigate the impact of rising interest rates , which in July were the highest in more than a decade at 4.24 per cent. On the banks side, this scenario is expected to continue in the coming months , with interest rates expected to reach their peak. On the other hand, the European Central Bank (ECB), which regulates these rates, predicts a period of pause for increases in the key interest rates, after the exponential rises experienced in recent months. As for consumer loans, they stabilised at 20.9 billion euros in August , while corporate loans fell by 500 million in the same month to 73.2 billion euros. Follow other current affairs in SUPERCASA Notícias : Government promises to review criteria for access to rent support , Tourism could contribute more than 40M€ to Portugals GDP
Source: Freepik Author: Redaction IMT (Imposto Municipal sobre Transmissões Onerosas de Imóveis) is a tax that, as the name suggests, is applied to onerous property transfers , i.e. situations in which the purchase and sale of new or used property located in Portugal takes place. This tax is levied on the value of the property transaction and is paid by the buyer of the property. Who is obliged to pay IMT? Payment of IMT is compulsory whenever a property is purchased for own and permanent habitation , with a sale value of more than €97,064 in mainland Portugal and more than €121,330 in the Autonomous Regions. In addition, it is compulsory if a promissory contract of sale has been signed, in which the future buyer verifies the possibility of transferring their contractual position to another person. In the case of a property exchange, i.e. the exchange of properties between two owners, once the differences in value have been settled, it is also the owners responsibility to pay the amount of IMT that relates to the value of the two properties exchanged. Another situation where IMT must be paid relates to inheritances , and one of the tax costs associated with the benefit of this situation is applied to the excess of the share belonging to the acquirer in the immovable property in the act of division or partition. Thus, if one of the heirs receives a larger share of the inheritance, the difference in value is subject to IMT. As for rental contracts, IMT must be paid if the property becomes the property of the tenant or if the rental contract was signed more than 30 years ago. How is IMT calculated? The calculation of IMT is based on the purchase price of the property , which is also influenced by some specific characteristics of the property, such as its type, the purpose of the purchase (own permanent home, secondary home, investment or rental) and its location, depending on whether it is on the mainland or in the Autonomous Regions. IMT is calculated using a table of progressive brackets, stipulated by the Tax Authority, where the tax rate increases as the value of the property rises. You can find the rates in force in article 17 of the IMT Code, and the tax value to be multiplied, depending on the rate of the bracket you fall into, can range from 1% to 8%. The IMT brackets and rates can vary over time according to the governments tax policies. Generally, the IMT table is divided into brackets with different rates, with the first brackets usually having lower rates and the last brackets having higher rates. Its important to remember that there are situations in which IMT can be reduced or even exempted , as is the case with the purchase of property intended for own and permanent habitation, provided that the buyer fulfils certain requirements . To calculate the amount to pay in IMT, you need to take into account the value of the property, the IMT rate corresponding to the bracket in which the value falls, and any tax benefits that may apply. It is advisable to check the current IMT table and consult the tax office or a qualified professional for up-to-date and accurate information on calculating IMT, as information can vary over time. How is IMT paid? In order to pay the tax, you need to identify the buyers and sellers, the description of the property and the value of the transfer and it must be paid before the deed of sale is drawn up , upon presentation of the respective proof of payment. Once you have all these documents, you must fill in the payment slip, which corresponds to Model 1 (IMT) , at the tax office or via the Finance Portal. Are you clear? Read also: What is Stamp Duty? Find out , Buying a house: What taxes do you have to pay?
Source: SUPERCASA Author: Redaction If youre buying your first property or are thinking of moving house, youll find great finds here! SUPERCASA accompanies you in this process, showing you the great opportunities on the market, which you can see in this article. Today we bring you properties in the cities of Albufeira , Torres Vedras and Oliveira de Azeméis . Take a look at our suggestions: Albufeira 2 bedroom flat - 430.000€ House T3+1 - 695.000€ 3 bedroom detached house - 750.000€ Torres Vedras Villa T4 Duplex - 475.000€ 3 debroom duplex flat - 390.000€ House T3 - 420.000€ Oliveira de Azeméis Villa T4 - 220.000€ House T4 - 690.000€ House T3 Triplex - 680.000€ Follow this weekly feature and continue to see all the properties available for sale or rent on SUPERCASA
Source: Freepik Author: Redaction António Costas government announced three new subsidies at the Council of Ministers last Thursday, which aim to respond to the housing crisis and combat the need for Portuguese families to pay for their homes. Among these is one that had already been approved by the government, which concerns the interest subsidy on home loans. With the new support measure, the rules on interest subsidies have been simplified: It now covers a greater number of households; A new base calculation is made, on the index value above 3%; It will no longer take into account the income bracket , now covering the sixth bracket, unlike before; The annual limit, according to these updates , increases from €720 to €800. Fernando Medina, Minister of Finance, explained these updates: We have significantly lowered the threshold for access to the measure. The threshold is now a 3 per cent index. This means that, in practice, by this criterion, all contracts are now eligible, unlike the previous model. The interest rate to be subsidised has also been extended , as he stressed: when the effort rate is between 35% and 50%, we subsidise 75% of the increase [in interest]. When the effort rate is higher than 50 per cent, for families with the greatest needs, the state will subsidise 100 per cent of the difference . This support is part of the package of measures approved this Thursday , which includes a 30 per cent discount on the Euribor rate that will make it possible to reduce the value of the instalment by postponing part of the monthly payment for 24 months. The Minister emphasised: This is undoubtedly the most serious problem facing families. We want the measures to be effective, concrete and to solve a problem, helping families to overcome the rise in interest rates, which are very high. Other news that may be of interest to you: From 2018 to 2022 only 10 houses were sold for every 1 that was built , Government to hear associations on impacts on renting
Source: Freepik Author: Redaction This Thursday, the government approved a 30 per cent reduction in the Euribor rate , following a meeting of the Council of Ministers, which also reinforced support for families most constrained by rising interest rates. This interest rate relief is a kind of moratorium intended to mitigate the impact on families wallets, and well explain how it works. The instalment reduction measure will last for two years and can be accessed by all borrowers with loans to buy permanent housing until 15 March 2023, with a variable or mixed interest rate and a term of five years or more until the end of the contract . According to the government, borrowers with contracts that were signed as part of a credit transfer operation will also be able to trigger the moratorium , regardless of the date on which the contract was signed. In this case, there is no limit on the amount or any restriction on the IRS brackets. Access conditions To access this discount, and taking into account the eligibility conditions mentioned above, all you have to do is apply to the bank . This partial interest moratorium mechanism works on a voluntary basis for families , which obliges banks to offer it to those who request it, with a 15-day deadline for submitting the reformulation. In this situation, the loan conditions, such as the spread and maturity, will remain unchanged, with the only change being that part of the propertys instalment will be deferred. This moratorium includes a safeguard clause that guarantees that the amount owed can never increase during the period in which the measure is in force, which means that you will only pay interest in the worst case scenario. What is the effective reduction and what are the calculations? The Euribor rate will be reduced by 30 per cent, corresponding to around 70 euros per month for every 100,000 euros of loan, over a 30-year period. For shorter-term loans, the reduction will be proportional, i.e. smaller, and the amount is calculated based on the average 6-month Euribor rate in the month prior to the date of the application. The discount is calculated on the basis of the rate index equivalent to 70 per cent of the 6-month Euribor, but the saving cannot be more than 30 per cent compared to the amount you pay when you request the moratorium. Thus, during the 24-month period that this measure lasts, your instalment will be fixed at the calculated value and, even if the Euribor rises during this period, your instalment will remain the same. However, if the Euribor falls below the reference level used for fixing, corresponding to 70 per cent of the average 6-month Euribor, the market Euribor is applied. However, the scenario of a decrease is not likely, according to the current evolution of interest rates. How and when will the instalment reduction be paid? Although it may seem like youll be paying less, the truth is that you wont, since this moratorium only offers a margin of slack in the family budget, with the discount only being in force for two years. So youll end up paying it back later, by diluting the entire amount youve saved over the life of the credit agreement. At the end of the two years, you will return to paying the instalment according to the original index of the contract , although you wont start making up for what you havent paid straight away, since the interest from the moratorium period is added to the capitalisation. So you wont actually start paying until four years have passed, which means you have two years of moratorium and four years of grace on the interest that has been deducted. What can you do if interest rates fall? In this scenario, you are completely free to request an end to the moratorium if the interest rate on your loan turns out to be lower than the interest rate you agreed to when you took out the discount (70 per cent within six months). However, if after cancelling the moratorium you return to the original conditions of your loan and interest rates rise again during the initial two-year period, you can activate it again. According to the governments statements, applications to join the moratorium can begin between 2 November and the first quarter of 2024 , although Fernando Medina added that families will be able to go to the banks to present proposals for a constant instalment for two years, lower than the one they will be paying under the discount , as the banks will have to present a solution within 15 days of the period. Follow these and other topics in SUPERCASA Notícias
Source: SUPERCASA Author: Redaction If youre buying your first property or thinking of moving house, know that youll find great finds here. SUPERCASA will accompany you in this process, showing you the great opportunities on the market, which you can see highlighted in this article. Today were bringing you properties from the districts of Vila do Conde, Faro and Santarém. Take a look at our suggestions: Vila do Conde district 3 bedroom flat - 385.000€ 3 bedroom flat - 360.000€ House 4 Bedrooms - 1.240.000€ Faro District Vila T4 Duplex - 850.000€ Detached House 5 Bedrooms - 2.752.000€ Detached House 3 Bedrroms Duplex - 575.000€ District of Santarém Villa T6 Triplex - 398.000€ House 3 Bedrooms - 295.000€ House T3+1 - 485.000€ Did you like our suggestions? Follow these and other great investment opportunities on SUPERCASA
Source: Freepik Author: Redaction Stamp Duty is a tax levied on various transactions and legal acts in Portugal, including the acquisition of property, and is applied when contracts are signed , as is the case with property purchase and sale contracts. However, it can also be levied on documents, acts, papers, titles or other situations duly itemised in the General Stamp Duty Table , where you can consult all the applicable situations and the percentages payable. In the context of buying a property, Stamp Duty is due when the deed of sale is signed and is calculated based on the value of the property or the value stated in the contract, whichever is greater. Stamp Duty is applied at a rate that can vary depending on the characteristics of the transaction and the legislation in force. In other contexts, stamp duty is levied on entities that authorise credit, gambling contracts, entities that award bingo prizes, raffles or other draws or competitions, notaries and registrars. On the other hand, the State, Social Security, private social solidarity institutions and public utility organisations are exempt from it. What amounts are charged for Stamp Duty? The Stamp Duty rate for property purchases usually varies between 0.8% and 0.6% of the purchase price , while rentals and sub-rentals are charged at 10%. However, it is important to note that Stamp Duty rates can be updated by the government and can vary according to the tax policies in force. Settlement of Stamp Duty is generally the responsibility of the property buyer, which means that the buyer is responsible for calculating the amount of tax due based on the value of the transaction and settling it correctly with the tax office. Once the deed of sale has been signed, the buyer has a deadline to pay the Stamp Duty and submit the corresponding declaration. Non-payment or late payment of Stamp Duty can result in interest and penalties. It is always recommended to consult the most up-to-date information provided by the Tax Office or qualified professionals for precise details on Stamp Duty and the assessment process, as information can vary over time and depending on the governments tax policies. Other articles you should check out: Map of Credit Responsibilities: what is it? , Home Loans: what is it and how does the Spread work? or Real Estate Funds: what they are and how to invest
Source: Freepik Author: Redaction There have been many voices commenting on and calling for answers to the current housing crisis , even after various government measures and strategies to tackle the problem. This time its the Order of Architects and the Order of Engineers who are defending the countrys needs , joining forces to call for new strategies , which they describe as urgent . They say that the countrys housing needs need to be resolved with determination and must be mitigated through the States own promotion mechanisms, without prejudice to the freedom of private initiative (...) In other words, in this context, the State should be the main driver of projects that respond to the housing needs faced by the Portuguese . They therefore emphasise the importance of a swift response , while also showing their willingness to implement and promote what may be the necessary decisions . The subject of housing will continue to be discussed over the next few days as the new parliamentary year gets underway, with a re-examination of the Mais Habitação law already scheduled for 21 September, following the Presidents veto. And this Thursday, at the end of the Council of Ministers meeting, Mariana Vieira, Minister of Housing, also confirmed the approval of a new law that will extend the support scheme for credit subsidies , which did not have the demand and access envisaged by the Executive, as well as clarifying the criteria for access to rent support. The Architects and Engineers emphasise: the professionals we [represent] have the appropriate training and technical skills to safely conceive, design, project and implement the decisions necessary for Portugal to overcome the serious housing shortages that exist. It is with engineers and architects registered with their respective professional organisations that we will be able to overcome what is truly a national challenge. SUPERCASA Notícias suggests: Housing Credit: what is it and how does the Spread work? , Opinion: The problem of access to housing exists and will get worse
Source: Freepik Author: Redaction Spread is a common term used in finance, especially in the context of mortgages and other types of loans. It refers to the difference between the interest rate that a lender (usually a bank or financial institution) charges the borrower (the person taking out the loan) and the reference interest rate, such as Euribor (in the case of mortgage loans in the eurozone). The spread is therefore a form of remuneration for the lender , in addition to the reference rate, and represents the cost of the loan for the borrower. The higher the spread, the more expensive the loan will be for the borrower. Calculating the spread is relatively simple: if you have a reference interest rate (for example, Euribor) of 1%, and a spread of 2%, the total interest rate you would pay on the loan would be 1% (reference rate) + 2% (spread) = 3%. The spread is influenced by various factors, including the borrowers credit risk, the lenders lending policies, economic conditions and reference interest rates. In general, borrowers with lower credit risk and better financial histories tend to negotiate lower spreads, while those with higher risk may face higher spreads. It is important to understand both the reference interest rate and the spread when taking out a loan, as all these components combined will determine the total interest rate to be paid over the loan period . Practical example of the spread applied to a home loan: Lets consider an example of a mortgage loan scenario for buying a house, assuming that you are trying to get a home loan with a bank and they offer a loan indexed to the 12-month Euribor rate plus a spread of 1.5%. Reference rate: the reference rate used in this example is the 12-month Euribor. Lets assume that the 12-month Euribor is currently 0.5%. Spread: The bank offers a spread of 1.5%. The total interest rate payable in this scenario would be the sum of the reference rate (Euribor) and the spread. Therefore, the total interest rate would be: Reference Rate (12-month Euribor): 0.5% Spread: 1.5% Total interest rate: 0.5% + 1.5% = 2% In this example, the total interest rate on the mortgage would be 2% Its important to realise that Euribor is a reference rate that can fluctuate over time and is generally updated every period (for example, every 1, 3, 6 or 12 months). Therefore, the total interest rate a borrower pays can also vary based on changes in Euribor. The spread, on the other hand, is a fixed part of the interest rate and does not change over the course of the loan period, unless negotiations are made or changes agreed between the borrower and the bank. Remember that the figures in this example are hypothetical and actual interest rates, spreads and conditions may vary based on the bank, the economic situation in the country where you live and other factors. Before taking out a loan, it is advisable to discuss all the conditions in detail with the bank or financial institution. To get the best conditions for you when taking out a mortgage, read: Are you buying a house? Negotiate the best credit conditions
Source: Freepik Author: Redação Families with home loans have found themselves in serious financial straits , as rising interest rates and galloping inflation have led to higher instalments for those with variable rate contracts . However, although this is a reality that could ease at any moment, there are many other socio-economic factors causing discomfort in family budgets . Every day there is new news about increases in fuel prices, increases in food baskets, fluctuations that make the monthly budgets of those who take on financial responsibilities, such as house payments and energy bills, go round and round. So, to help you cope with the rises and prepare for the increases, SUPERCASA Notícias has prepared three tips for you to apply when managing your family budget. Contact your bank The interest rate subsidy on home loans is in force for loans taken out until 15 March 2023, with an initial value of up to 250,000 euros. This consists of monthly support , the allocation of which is based on the difference between the interest on the loan instalment and the interest on the house instalment at the time the contract was signed, plus a 3% effort rate. Although this measure is temporary, it could mean monthly relief for you and your finances . So contact your financial institution and ask for this support. If you are not eligible for support, contacting your bank is still valid and important advice , as it may be able to propose a renegotiation of the loan . Its extremely important that, if you cant pay the instalment, you speak to a credit officer and explain your situation, as solutions will be presented, depending on the rates, spread, amortisation of the capital in the last instalment or the life and multi-risk insurances you have associated with your credit, which could make all the difference in the final accounts. Be aware of all your usual and extraordinary expenses In order to consciously manage your budget , especially in a tight situation, it is essential that you know where your money is going. Know exactly where it is spent, in the case of money that belongs to a couple, and realise which expenses can be avoided throughout the month in order to save your money in favour of the higher bills of the period you are in. Set a spending limit and write down what youve spent so that you can monitor your bills on a monthly basis. In addition, adopt savings practices by putting aside even a small amount of money each month. This will make all the difference, especially in the long term, as you will have more money set aside in case of emergencies, preparing you for any fluctuations in your instalment or unforeseen events that may arise. Amortise credit to reduce interest In the event that you have some money set aside, the best thing to do is to consider amortising the loan so that you pay less interest, which can help to reduce the burden of the instalment on your budget and pay it off more quickly too. However, talk to your bank, assess your possibilities and manage your budget, confirming all your possibilities before implementing them. SUPERCASA Notícias brings you all the essential tips for dealing with the current socio-economic context. So if youre looking for more advice, read on: Home loans: what you should propose in a renegotiation
Source: SUPERCASA Author: Redaction Castelo Branco is a historic city in the centre of Portugal that is often sought after as a holiday destination . As well as having so much to offer, the quality of life is extremely attractive and its landscapes are beautiful, rich in nature and historical monuments. So if youre looking to move to a quiet place, with little hassle and a healthy environment, the municipality of Castelo Branco is perfect for you. Its perfectly preserved architecture and the structures that mark its history can still be visited, offering you a wealth of knowledge about the history of the district capital, which was granted by the Crown in the mid-16th century. Its a peaceful city with an affordable cost of living, where you can stroll in the fresh air, enjoy cultural events and get to know its many traditions. If youre looking for a property to live in, take a look at our suggestions below! 3 bedroom flat in Covilhã and Canhoso This flat is an excellent opportunity to settle in the region, as it is just five minutes from Covilhã, close to all kinds of shops, schools and transport. Set in a very well maintained building with a lift, it has generous areas, a furnished and semi-equipped kitchen, a pantry, a living room with a dining area and a great balcony with views of the Serra da Estrela and Covilhã. To keep you warm on wintry nights, theres a pellet stove to complement the room. One of the bedrooms has a private bathroom and there is a garage space to store your car. See the full advert here , the video of the property, the virtual tour and all the photos. 4 bedroom flat in Covilhã and Canhoso Completely refurbished, this excellent flat is located in the downtown area of Covilhã, close to shops, services and schools. Its areas are generous and it enjoys incredible sun exposure, with unobstructed views across Cova da Beira. The windows are PVC, with double glazing, and it comprises a fully furnished and equipped kitchen with access to a large balcony and a sunroom with a pantry. Dont miss out on this opportunity and check out the full advert here to see the video, photos and virtual tour of the property. 3 bedroom chalet in Cortes do Meio This highly profitable tourist investment could be your next business, or even a holiday home, if you so wish. Located in the heart of the Serra da Estrela Natural Park, in Penhas da Saúde, youll find all kinds of shops, restaurants, services, a hospital and main access to the Beira Interior motorway. The chalet is made of Nordic pine wood, with two fully utilised floors and an open-plan kitchen and living room. It is an excellent investment as it is fully furnished, has a pallet fireplace and a magnificent balcony where you can enjoy the unobstructed view. Watch the video below and, in the full advert here , see the virtual tour and all the photos!
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