Portugal is one of the premier first world countries today and it has seen magnificent progress since its inclusion into the European Union. In the country of Portugal the real estate market is emerging strongly and despite the stringent laws and firm terms and conditions, property transactions, especially through mortgaging are the prominent means practiced. In case of mortgaging, it is necessary to remember that here immovable properties i.e. buildings and houses are the ones which are being discussed here. In case of any form of investment or mortgaging in a property first and foremost it is advisable to have a legal expert to aid the legal transactions and explain it to the clients. Also beneficial in these cases are the estate agents in Portugal who are licensed by the government and their sole purpose is to aid the individuals in their endeavor to buy a property. Certain factors have to be kept in mind during these transactions.

In case of purchasing a property in Portugal, several taxes and levies have to be paid before acquiring total ownership of the property. One such important payment to be made is in the form of the Council Tax. Known in Portugal locally as the Imposto Municipal sobre Imóveis, the Portuguese Council Tax or IMI is planned by judging the value of a property according to the current prevalent market rates. While it is true that these rates differ from one property to another, the buyer may have to pay on an average, around 0.4% to 0.8% for an already accessible urban property while the rate would be around 0.2% to 0.5% for a new property in the urban areas. For houses and cottages, the figures would be around 0.8%. For those who are to pay via offshore accounts, the value would increase to about 1%.