From 2026, a buyer not resident in Portugal pays a flat 7.5% IMT on residential property, plus 0.8% stamp duty. Romania has no separate transfer tax for the buyer.
Per Numbeo (October 2026): central Lisbon about €6,870 per m², central Bucharest about €3,370. Deloitte shows a similar gap.
Law 56/2023 removed real estate from Portugal's golden visa programme. Romania does not grant residence for buying property either.
About 2.5 to 3 hours to Bucharest, 5.5 to 6 hours to Lisbon. And Bucharest is in the same time zone as Israel.
Portugal: 90% for a permanent home, 80% for any other purpose. Romania: 75% in euro without income in that currency, 50% to 70% in practice for non-residents.
Romania vs Portugal property: the short answer
The difference between Romania and Portugal property starts with price: an apartment in central Lisbon costs roughly twice as much per m² as one in central Bucharest. Since 2023 Portugal no longer grants a golden visa for buying real estate, and in 2026 it introduced a flat 7.5% transfer tax for non-resident buyers. Romania is cheaper and closer to Israel, but it does not grant residence for buying property either.
For years Portugal was the automatic answer to "where do I buy in Europe". A property, a passport, sun and the ocean.
But investors who call me today find that the picture has changed. This article sorts it out: five measures, the same sources, no slogans.
Price per m²: Lisbon against Bucharest
Two sources, two methods, one conclusion.
| Source | Bucharest | Lisbon |
|---|---|---|
| Numbeo, apartment in the city centre (October 2026) | about €3,370 per m² | about €6,870 per m² |
| Numbeo, apartment outside the centre (October 2026) | about €1,970 per m² | about €3,920 per m² |
| Deloitte Property Index 2025, 2024 data | €1,757 per m² (all dwellings) | €6,593 per m² (new dwelling) |
On every measure, Lisbon is at least twice as expensive. Porto, Portugal's second city, stood at €4,376 per m² for a new dwelling according to Deloitte.
An important note: Numbeo is built on user reports, and Deloitte measures all dwellings in Bucharest, new and old. The figures suit a general comparison, not the pricing of a specific property.
Purchase taxes: IMT in Portugal, VAT in Romania
In Portugal: buying a residential property is subject to a transfer tax called IMT, plus 0.8% stamp duty. Under the "Construir Portugal" housing package, from 2026 a buyer who is not resident in Portugal pays a flat 7.5% IMT on residential property, with a refund in certain cases, for instance if the buyer becomes resident within two years. The full rates are published by the Portuguese tax authority.
In Romania: a new property carries 21% VAT since August 2025, under Law 141/2025. A resale property bought from a private individual carries no VAT. The buyer also pays the notary's fee on a sliding scale and a 0.15% registration fee. There is no separate transfer tax for the buyer. The breakdown is in our guide to property buying costs in Romania.
The practical difference: in Portugal the tax falls on the foreign buyer as a relatively high transfer tax. In Romania, on a new property, the tax is VAT on the developer's price, and on a resale property the buying costs are much lower.
Residence: what is left of the golden visa
This is the biggest change of the past decade.
Neither sells a passport. Both sell property.
- Portugal: Law 56/2023 removed real estate purchases from the golden visa programme as of October 2023. The programme continues through other routes, such as investment in funds. Anyone who wants to live in Portugal can look at other visas, for example the visa for people living on passive income, through the Portuguese Agency for Integration, Migration and Asylum (AIMA).
- Romania: there is no golden visa and no residence for buying property. A non-EU citizen needs an independent ground, such as work, business, family or study.
In other words, in both countries a property no longer buys a status. Those choosing a country for the passport should look at the routes that remain, not at the property market.
Flight time, currency and Schengen
| Measure | Romania | Portugal |
|---|---|---|
| Direct flight from Tel Aviv (approx.) | 2.5 to 3 hours | 5.5 to 6 hours |
| Time zone | Same as Israel | Two hours behind |
| Currency | Romanian leu (mortgages also in euro) | Euro |
| Schengen | Full member since 2025 | Member |
Romania is roughly twice as close. If you plan to visit the property several times a year, or manage it closely, you will feel the difference on every flight.
Mortgage access
- Portugal: the Banco de Portugal caps financing at 90% for the borrower's own permanent home and at 80% for any other purpose, including a second home.
- Romania: the National Bank of Romania (BNR) caps financing at 85% for a loan in lei and at 75% for a euro loan to a borrower without income in the loan currency. In practice, banks usually finance 50% to 70% for non-residents with foreign income.
The regulatory ceiling in Portugal is higher, but the bank still examines your income and your ability to repay. On the terms for non-residents in Romania, see our article on mortgages in Romania for non-residents.
A checklist: how to decide between the two
- What is the goal? Living there part of the year, a family property, or a status. If status, neither gives it through real estate.
- What is the budget? For the same sum you get roughly twice the floor area in Bucharest as in Lisbon, according to both sources.
- How often will you visit? A flight of about three hours against about six.
- What does entry cost? 7.5% IMT plus stamp duty in Portugal for a buyer from abroad, against VAT on a new property in Romania.
- Who will accompany you? A local lawyer acting for you, in both countries.
Buyers who choose Romania usually want a European capital with a large local market. We expanded on these reasons in "Why Bucharest, why now", and if you are also weighing Cyprus, we compared it too.
Frequently asked questions
Can I still get a Portuguese golden visa by buying real estate?
No. Law 56/2023 removed real estate purchases from the golden visa programme as of October 2023. The programme continues through other routes, such as investment in funds, that do not involve buying a home.
How much transfer tax does a foreign buyer pay in Portugal?
Under the 2026 legislation, a buyer who is not resident in Portugal pays a flat 7.5% IMT on residential property, plus 0.8% stamp duty. In some cases a refund is possible, for example if the buyer becomes resident in Portugal within two years.
And what is the tax in Romania?
A new property carries 21% VAT on the developer's price. On top of that you pay the notary's fee and a 0.15% registration fee. There is no separate transfer tax for the buyer.
Where is the price per m² lower?
In Bucharest. According to Numbeo (October 2026), an apartment in central Bucharest costs about €3,370 per m², against about €6,870 in central Lisbon. Deloitte's figures also show Lisbon as far more expensive.
Do banks in Portugal and Romania lend to buyers from abroad?
Yes, under conditions. In Portugal the financing cap for a second home is 80%. In Romania the cap is 75% in euro for a borrower without income in the loan currency, and in practice non-residents usually get 50% to 70%.
The bottom line
Portugal used to be a package: property plus status. Today it is mainly an expensive property market, with a high transfer tax for buyers from abroad and a long flight. Romania is a different package: a lower price per m², a short flight, and a market in which most buyers are local.
Neither sells a passport. Both sell property. So the question is which property, at what price, and how far from home.
If Romania is on your list, book a 30-minute call with me. We will go through the numbers and the path from the preliminary contract to the final contract and registration in your name. Worth knowing: signing before a Romanian notary cannot be done remotely, but a power of attorney is possible.
Moti Azulay, Compass Group Romania
Sources and data: Numbeo, apartment prices per m² (October 2026) · Deloitte Property Index 2025 (2024 data) · Portuguese tax authority · AIMA, Portugal · Banco de Portugal · Law 141/2025, Romanian legislation portal · National Bank of Romania (BNR)
This article is for general information only and is not legal, tax or financial advice. Figures are correct as of October 2026 and may change. Before any transaction, consult local professionals in each country.
Now you know more.
This article is general information, not legal, tax or financial advice. Consult local professionals before any transaction.
