Property calculator · Short-term rental

€3.736/m²m²

Assumptions

Property
sets the taxes, the fees and the licensing rules
seeds seasonality, rates, occupancy, long-term rent and appreciation, calibrated 2026-08
picks the Ericeira rates and rent for this kind of property
a primary residence pays IMT on the lower table; a second home or a let pays the higher one
a buyer not tax-resident in Portugal on the day of the deed pays a flat 7,5% IMT on the whole price, with no brackets and no IMT Jovem (Decreto-Lei 97/2026, from 25 May 2026); the difference to the resident table is refunded on request to one who becomes tax-resident within two years, or lets the home within six months at up to 2.300 EUR a month for 36 months
€3.736/m², 11% below the €4.200/m² Ericeira asks: about €730.800 for 174 m²
gross floor area; drives the utilities
sets the cleaning cost per stay
none for a turnkey house; a tired one runs €300 to €800 per square metre
everything a guest touches, seeded at €5.000 plus €3.000 a bedroom; zero if sold furnished
the AL registration: no state fee online, and a council fee for the inspection and the door plate from nothing in Cascais to about 440 EUR in Mafra and 490 in Lagos; the safety kit about 100 EUR and the complaints book 20; the energy certificate 150 to 400; listing photography 150 to 400
pool, garden, terraces, fencing; none for a turnkey house
IMT Jovem: no IMT and no stamp duty up to 330.539 EUR, and only the excess taxed up to 660.982 EUR, for a buyer aged 35 or under at the deed buying a first own permanent home, not a dependant for IRS, with no home owned in the previous three years
adds the pump, the water and the servicing to the running costs
due diligence, contracts, representation at the deed
deed and land-registry entry at the Casa Pronta rate
Income
nights you stay yourself; takes the property off the market at this season's rate and occupancy
For a second rentable unit on the property: an annex, an apartment, a cabin, a room let separately.
Operating expenses
guests, cleaning and the calendar handled for a share of revenue
what a full-service agency keeps of the revenue for the listing and its pricing, guest messages and check-in, scheduling cleaners and repairs, and the guest reporting; 15 to 25% in Portugal. Cleaning is usually billed on top, per stay, below
€50 a turnover plus €15 for each of 3 bedrooms, laundry included, fitted to 2026 price lists from LipClean, Clinnco and SqueakyClean. Your cost, before the cleaning fee you charge guests, which usually covers most of it
with the booked nights this sets the number of turnovers a year. Four nights is a working default for a whole house, not a measured figure: INE puts the national AL average at 2,4 nights (2024), pulled down by city flats. Set it from your own bookings
€1.087 for 174 m² plus €490 for the pool at the 2026 regulated tariff from ERSE, the energy regulator; the pump and the air conditioning drive it
€620 for 174 m² plus €150 for the pool at your council's tariff, as published by ERSAR, the water regulator
€495 for 174 m² at the 2025-26 regulated gas tariff; hot water and cooking
a fibre and TV bundle: MEO, NOS and Vodafone charge about 45 EUR a month on a 24-month contract; low-cost brands such as Digi about 22 EUR with fewer channels
a weekly visit with the chemicals included, from about 110 EUR a month in the Algarve (algarvepool.com) and 70 to 150 around Lisbon (portipools.pt; Fixando, 2026), so about 1.800 EUR a year. A guest pool needs it year-round; the pump's electricity is in the electricity line
a gardener every fortnight and the irrigation water, about 100 EUR a month for a typical garden. A guess for this property, not a cost-book figure: zero for a flat, more for a large plot or automatic irrigation
0,05% of the €650.000 price, from ASF's 2024 average of 0,076% on the rebuild value: multi-risk cover on building and contents with Fidelidade, Ageas, Allianz or Tranquilidade, about 200 EUR for a flat and 320 to 950 for a large house. The bank requires it as a condition of the loan, and the AL use must be declared on the policy or a claim can be refused
the civil-liability policy the AL law requires, covering guests' injuries and damage for at least 75.000 EUR; let the policy lapse and the AL registration is cancelled. About 80 EUR a year at Ageas's list price, 50 to 150 through brokers, and free for one unit with ALEP membership through Zurich. Not something the bank asks for
laundry, consumables, cleaning products
a contabilista certificado to open the activity with the tax office, file the quarterly VAT return at 6% on stays, handle the reverse charge on Airbnb and Booking commissions, the social security declarations, the annual IRS return under the simplified regime, and the invoices to guests. 50 to 100 EUR a month for a sole trader; a company needs organised accounts at 150 to 300
what recurs once the AL is registered: a channel manager to sync the calendars and prices across Airbnb and Booking, 180 to 350 EUR a year at Lodgify, Guesty Lite or Smoobu, and the yearly extinguisher check, about 40 EUR. The registration itself no longer renews since November 2024, and reporting guests to AIMA and INE, the tourist-tax portal and the electronic complaints book are free. Getting registered is a one-off, counted under Setup and paperwork: no state fee online, and a council fee for the inspection and the door plate from nothing in Cascais to about 440 EUR in Mafra and 490 in Lagos
employer cost including social charges
Airbnb about 15% host-only, Booking.com 15 to 18%, direct bookings about 3% for card processing; 12% assumes a good share of direct guests, 15% if the platforms bring everyone
share of gross spent on your own marketing
share of gross set aside for repairs and replacements
Financing
Deposit €195.000, 30% of the property price; loan €455.000. The bank lends against the price only: the taxes, the fees and the works come out of your cash on top.
all-in, fixed or variable plus spread; the default is the 12-month Euribor, 2,95% in August 2026, plus a 1% bank spread
years to pay the loan back; longer means a smaller payment each year and more interest overall. Portuguese banks lend for up to 40 years, ending by age 75
the valuation the bank orders and its arrangement fee; about 800 EUR at the large banks, some waive it for a salary account
Tax
income tax on a coefficient of net revenue
6% for hotel-type stays, 23% standard; contested for a private AL
your IRS bracket, applied to 35% of net revenue
a neighbourhood where the council has stopped issuing new AL licences because there are too many, such as central Lisbon and Porto. Inside one, income tax is charged on 50% of the revenue instead of 35%: on 40.000 EUR of revenue, 20.000 is taxed rather than 14.000
tick if you already pay contributions as an employee, or are a pensioner. Otherwise the self-employed contribution applies from the second year: 21,4% on a fifth of the revenue, about 4,3% of it
Imposto Municipal sobre Imóveis, the yearly council tax on property. Mafra council's 2026 rate is 0,43%. It is charged on the tax office's valuation (VPT), not the property price: assumed at 60% of the price here, €390.000, so €1.677 a year. The real VPT is on the caderneta predial and is revalued when you buy; older homes in sought-after places sit at 30 to 40% of the price, new builds near 100%
Valor Patrimonial Tributário, the tax office's valuation the IMI is charged on: €390.000 here, 60% of the €650.000 price. The caderneta predial shows the real figure, and it is revalued when you buy; older homes in sought-after places sit at 30 to 40% of the price, new builds near 100%
Investment
the horizon for the return: years until you sell, or until you take stock if you keep it
keeping counts the house at its value then, less the loan still owed; no selling costs and no tax on the gain
per year; long-run Portuguese house prices have beaten inflation, but assume little
per year, applied to revenue and running costs alike; the loan payment is fixed
agent commission and closing costs, share of the sale price
per year before tax; a global index fund has returned about 7% over the long run
Property costs€716.167What buying costs, all in, before the first guest.
Property price
IMTImposto Municipal sobre Transmissões, the transfer tax paid at the deed on progressive brackets; a primary residence pays the lower table · 5,9% of the property price
€38.237
Imposto do selostamp duty on the deed, paid together with the IMT · 0,8% of the property price
€5.200
Lawyerindependent, not the agency's
Notary and registration
Imposto do selo on the loan0,6% of the loan, for a term of five years or more
€2.730
Bank feesthe valuation and the arrangement fee
€800
Renovation and repairsnone for a turnkey house; a tired one runs €300 to €800 per square metre
Furniture and fit-outeverything a guest touches, seeded at €5.000 plus €3.000 a bedroom; zero if sold furnished
Setup and paperworkAL registration and inspection, the energy certificate, the safety kit, photography
Outdoor workspool, garden, terraces, fencing; none for a turnkey house
All-in cost
€716.167
Of which cash, day one
€261.167
Market evaluation−€45.130The asking price against the median of every home sold in the parish. A median spans new and old, with and without a pool or a sea view, so a specific home can sit well above or below it; comparing like with like is what the sales figure of similar homes gives you.
€1.000€2.000€3.000€4.000Q1 20242025Q1 2026asking€3.736Ericeira €3.995Carvoeira €3.745Santo Isidoro €3.135Encarnação €2.809Mafra €2.942
Shows
The median deed price per square metre of every home sold in the twelve months to each quarter's end, for the parishes and the municipality.
Source
INE, Estatísticas de preços da habitação ao nível local, indicator 0012234, updated 17 July 2026.
This property, per square metrethe asking price over 174 m²
€3.736/m²
Sold in Ericeira, medianthe market's own parish; INE deed prices, every home sold April 2025 to March 2026, up 14,2% on a year earlier
€3.995/m²
Asking price
€650.000
For 174 m² at market pricewhat a home of this size sold for; a renovated home with a view sits well above the median, a tired one below
−€695.130
Below what sold6% below what sold; the asking price less what this size sold for
−€45.130
Rental income€39.866What a year of bookings brings in.
Peak (Jul–Aug)57 booked nights at €300/night
€17.112
Shoulder (May–Jun, Sep–Oct)85 booked nights at €180/night
€15.372
Winter (Nov–Apr)81 booked nights at €120/night
€9.774
Gross revenue224 booked nights across the year
€42.258
IVA6% of the gross price
−€2.392
Net revenuewhat is left after VAT
€39.866
Operating expenses−€32.110What running it as a rental costs a year, variable and fixed.
Channel fees12%
Agency management20% of gross
Cleaning and laundry56 stays at €95, 4 nights on average
Maintenance reserve5% of gross
Electricitythe pool pump and air conditioning drive this
Watermains and drainage; more with a garden and pool
Gasbottled or piped, for hot water and cooking
Internet and TVfibre broadband and TV
Pool maintenance
Garden and grounds
Property tax (IMI)0,43% on a VPT of €390.000
−€1.677
Home insurancemulti-risk cover on building and contents; the lender insists on it
AL liability insurancethe civil-liability policy the licence requires, for damage and injury to guests
Linen and cleaning supplieslaundry, consumables, cleaning products
Accountant
Licences and subscriptions
Total operating expenses
−€32.110
Financing€25.910The loan, the equity, and what the debt costs a year.
Loan70% of the property price
Equitythe deposit: price less loan
€195.000
Cash on day oneequity plus purchase costs and works
€261.167
Interest rateall-in, fixed or variable plus spread
Termannuity: equal monthly payments
Annual debt service€2.159 a month
€25.910
Of which interest, year one€7.937 repays the loan
€17.973
YearInterestRepaidStill owed
1€17.827€8.083€446.917
2€17.502€8.408€438.510
3€17.164€8.746€429.764
5€16.446€9.464€411.203
10€14.384€11.526€357.860
15€11.871€14.038€292.891
20€8.812€17.098€213.760
25€5.085€20.825€117.383
30€546€25.364€0

Interest over the 30 years: €322.292, on top of the €455.000 borrowed. Repaying early costs 0,5% of the sum on a variable rate and 2% on a fixed one, the most the law allows.

Cash flow−€25.441What is left, or missing, each year once everything is paid.
Net revenueafter VAT
€39.866
Operating expensesvariable and fixed
−€32.110
Net operating incomeEBITDA: revenue less operating expenses
€7.756
Debt serviceinterest and repayment
−€25.910
Cash flow before tax
−€18.154
IRS35% coefficient at your 40% marginal rate
−€5.581
Segurança Social21,4% on 20% of revenue
−€1.706
Net annual cash flowafter tax and debt service
−€25.441
Return−3,3%What the money makes in year one and over the years you hold.
Year one
Gross yieldgross revenue on the all-in cost
5,9%
Net yieldnet operating income on cost: the property's own return, before financing and tax
1,1%
Cash-on-cash return−€25.441 after tax and debt service, on €261.167 cash in
−9,7%
Loan repaid in year onewealth, not cash: the part of the payment that is not interest
€8.083
Total return on equity−€17.359: cash flow plus loan repaid, on cash in
−6,6%
Debt service coveragenet operating income over the loan payment; a bank wants 1,2× or more
0,30×
Break-even revenue319% of the modelled revenue
€134.733
Over 10 years
Sale in year 102,0% a year on price and works
€811.241
Selling costs, loan balance and tax on the gain€40.562 · €357.860 · €10.902
−€409.324
Net proceeds
€401.916
Cash flow over 10 yearsrevenue and costs growing 2,0% a year, loan payment fixed
−€248.915
Equity multiple€153.001 back on €261.167 in
0,59×
Return per year (IRR)after tax, debt service and the sale
−3,3%
Versus the market−€290.029The same cash in a global index fund instead, for comparison.
Cash you would invest insteadwhat buying takes on day one: equity, costs and works
€261.167
In a global index fund after 10 yearsat 7,0% a year, after 28% tax on the gain: 5,4% a year net
€443.030
Gain from the market
€181.863
Gain from buying the property over 10 yearscash flows plus net proceeds, less the cash in: −3,3% a year
−€108.166
Buy minus marketwhat buying leaves you with, less what the market would
−€290.029
Income by month
€0€8.556 in the best month
JFMAMJJASOND
Notes3 notes

Mafra charges a tourist tax of €1 per person per night

Charged for the first 7 nights of a stay, usually with exemptions under 13. You collect it from guests and remit it to the council, so it is not in the figures above, but it sits on top of your nightly rate in what guests pay and the platforms show.

The 6% IVA rate is contested for a private AL

Accommodation in estabelecimentos do tipo hoteleiro is taxed at 6% under verba 2.17 of Lista I. Whether a registered AL moradia counts as hotel-type is genuinely contested — the cautious reading is the standard 23% rate. Switch the VAT input to 23% to see the gap; the honest move is a binding ruling from the AT before you build a business case on either number. The IVA exemption threshold is €15.000 of turnover, so this bites from roughly week six of the first summer.

Sales close about 4,4% below asking, on average

More for a home long on the market or priced above what sold. An opening offer sits below that, and the survey and the comparables decide how far.

Sources for the calculationPortugal 2026 · Ericeira 2026-08

Portugal, tax and finance, tables as of 2026

Interest rateexactnationalEuribor 12 months at 2,954%, the August 2026 average, plus a 1% bank spread.

IMTexactnationalComputed on the 2026 brackets for the selected use: the primary-residence table or the investment table. A buyer not tax-resident in Portugal at the deed pays a flat 7,5% on a home instead (Decreto-Lei 97/2026, from 25 May 2026), refundable on becoming resident within two years or letting at a moderate rent for 36 months. Rústico land pays a flat 5%. Stamp duty 0,8% of the price on any deed.

AIMIexactnationalAdicional ao IMI, CIMI articles 135-A to 135-M: an individual pays 0,7% on the VPT of their urban housing above 600.000 EUR, 1% above one million and 1,5% above two million; a couple opting for joint taxation doubles the threshold. Charged in September on the VPT at 1 January.

Life insurance for the loanestimatenationalLife insurance for the loan: banks require cover for the outstanding balance; 2026 quotes for two borrowers in their forties run about 0,15% to 0,3% of the loan a year, rising with age, and the bank's own policy is usually the dearer option. Comparison sites (ComparaJá, Doutor Finanças), 2026.

Negotiation margincalibratednationalConfidencial Imobiliário, SIR transaction data for the Lisbon metropolitan area, first quarter of 2026: the average discount from asking to deed held at about 4,4%, narrower than in 2025; average asking 5.208 EUR/m2 against 4.033 EUR/m2 sold, a 13% gap that also reflects what sells versus what is listed (KW Alfa market note, 2026).

Getting the mortgageexactnationalBanco de Portugal's macroprudential recommendation, revised for August 2026: the payment, tested with 0,5, 1 or 1,5 points added to a variable rate for terms up to five, ten and over ten years, may take at most 45% of net monthly income (50% before), with 10% of each bank's lending allowed above it; 40-year terms to age 35 and 35 years above; loan-to-value 90% for a resident's own home, 80% otherwise. Banks call 35% comfortable and in practice accept about 40%; the highest average effort rate on new loans in early 2026 was 40%. ECO, 2 Jul 2026; bportugal.pt; CGD and idealista/news on the effort rate, 2026.

Stamp duty on the loanexactnationalImposto do Selo, verba 17.1.4 of the general table: 0,6% of the loan for credit with a term of five years or more, charged once by the bank at the deed. The IMT Jovem exemption covers the deed taxes only, not this. Portal das Finanças; Santander, IMT Jovem.

First home, buyer aged 35 or underexactnationalIMT Jovem, Decreto-Lei 48-A/2024 with the 2026 brackets: a buyer aged 35 or under purchasing a first own permanent home pays no IMT and no stamp duty up to 330.539 EUR; up to 660.982 EUR only the excess is taxed, at 8% and 0,8%; above that no relief. Conditions: not a dependant for IRS, no home owned in the previous three years. Doutor Finanças, Escalões do IMT sobem 2% em 2026.

Income tax, held personallyexactnationalIRS category B under the simplified regime: the marginal rate applies to a coefficient of 0,35 of net revenue, or 0,50 inside an AL containment area.

Social securityexactnationalSegurança Social for the self-employed: 21,4% on 20% of revenue, due from month 13.

Corporate tax, held through a companyexactnationalIRC at 15% on the first 50.000 EUR of taxable profit and 19% above, plus derrama municipal at 1,5%.

Portugal running costs, by line

ElectricitycalibratednationalElectricity: ERSE, Tarifas e Precos 2026 (Dec 2025), regulated 6,9 kVA simple tariff at 0,3659 EUR a day and 0,1654 EUR/kWh before VAT; with VAT and the audiovisual levy the standing charge is about 200 EUR a year and energy about 0,19 EUR/kWh. Consumption 27 kWh/m2 a year, between INE's 2020 household energy survey (28,5) and DGEG's 2024 figure per meter via Pordata (21,4). erse.pt/media/irglmtt3/tarifas-e-precos-se-2026.pdf

ElectricityestimatenationalHeating and hot water by system, on top of the base consumption: a heat pump heating a Lisbon-area home needs about 30 kWh of heat per m2 a year, 8,5 kWh of electricity at a seasonal COP of 3,5, about 1,60 EUR/m2; electric radiators the full 30 kWh, about 4 EUR/m2. A heat-pump water heater uses about 900 kWh a year for a household, 170 EUR; an electric cylinder about 2.400 kWh, 450 EUR. ADENE and DGEG household guidance; the demand figures are typical, not measured for this house.

ElectricityestimatenationalContracted power: ERSE's 2026 regulated tariff prices the standing charge by kVA, about 0,053 EUR per kVA a day before VAT above the 6,9 kVA most homes contract, 24 EUR per kVA a year with VAT; a 27,6 kVA three-phase supply for a heat pump and a car charger adds about 500 EUR a year. Solar panels: a 3 to 4 kWp roof self-consumes about 1.200 kWh a year, 230 EUR at the marginal rate, before any export. erse.pt/media/irglmtt3/tarifas-e-precos-se-2026.pdf; DGEG.

ElectricityestimatenationalPool pump: a 1 CV pump running 8 hours a day in summer and 4 in winter uses about 2.400 kWh a year, 490 EUR at the marginal 0,20 EUR/kWh. Retailer and manufacturer guidance (poolsandmore.pt; poolcomet.com, Dec 2025); no official figure exists.

GascalibratednationalGas: ERSE, Tarifas e Precos de Gas 2025-2026, regulated household tariff, second band: 0,1298 EUR a day and 0,0601 EUR/kWh before VAT, about 60 EUR a year standing charge and 0,10 EUR/kWh all-in, at 25 kWh/m2 a year. A 13 kg butane bottle was 33,68 EUR in July 2026 (ERSE monthly GPL report); bottled and piped gas land within 15% of each other. erse.pt/media/ssbndzo1/tep-gas-2025-2026.pdf

WatercalibratednationalWater and drainage: ERSAR's 2026 reference household bill (10 m3 a month; water, sanitation and waste, with VAT) averages 415,80 EUR a year nationally: Lisboa 316, Porto 335, Lagos 323, Vila do Bispo 253, Aljezur 181, Cascais about 482 from its 2026 tariff sheet. Fixed charges about 150 EUR a year, the rest fitted per square metre; a pool adds about 30 m3 at the top band. ersar.pt, 13 Jul 2026.

Internet and TVexactnationalInternet and TV: the cheapest fibre and TV bundle at MEO, NOS and Vodafone is 45,49 to 45,50 EUR a month on a 24-month contract (price pages, Sep 2026); low-cost brands such as Digi and Uzo are 22 EUR with fewer channels (DECO Proteste, 2 Sep 2026).

AccountantcalibratednationalAccountant: 50 to 100 EUR a month for a simplified-regime sole trader with quarterly VAT and social-security returns (FIZ price survey, Apr 2026; Zaask price guide 75 to 150 EUR). An AL's 6% VAT returns and the reverse charge on platform commissions sit at the top of the band.

Licences and subscriptionscalibratednationalLicences and subscriptions: since Decreto-Lei 76/2024 (1 Nov 2024) an AL registration neither renews nor expires and the extraordinary contribution is revoked (Turismo de Portugal, Guia Tecnico AL, Jan 2025). Guest reporting to AIMA through SIBA and to INE, the municipal tourist-tax portals and the electronic complaints book cost nothing. What recurs is a channel manager, Lodgify about 180, Guesty Lite 220, Smoobu 348 EUR a year (2026 pricing pages), and the extinguisher's annual check, about 40 EUR.

Pool maintenancecalibratednationalPool servicing: weekly-visit contracts from 110 EUR a month with chemicals in the Algarve (algarvepool.com) and 70 to 150 EUR in the Lisbon area (portipools.pt; Fixando, Sep 2026): about 1.800 EUR a year for a contract with chemicals. The pump's electricity is in the electricity line.

Home insurancecalibratednationalHome insurance: ASF's 2024 statistics put multi-risk premiums at 0,076% of insured capital and 184 EUR per policy. Insured capital is the rebuild value, about 750 to 950 EUR/m2 (OficialSeguros, May 2026), well below coastal purchase prices, so 0,05% of the price fits a detached house; quotes run 320 to 950 EUR for 180 m2 and up.

AL liability insuranceexactnationalAL liability insurance: the mandatory 75.000 EUR civil-liability cover is 79,50 EUR a year at Ageas's list price (2026); ALEP members get one unit free with Zurich and pay 39 EUR for each further unit.

Cleaning and laundry per staycalibratednationalCleaning and laundry: cleaning companies' 2026 price lists. LipClean T2 66 and T3 69 EUR with VAT in Sintra and Cascais; Clinnco villas 57 to 73 EUR before VAT plus 7 to 8 EUR a bed of laundry around Lisbon; SqueakyClean 35 to 80 EUR in the Algarve. Fitted as 50 EUR a turnover plus 15 EUR a bedroom with laundry, before any cleaning fee charged to guests, which usually covers most of it.

Furniture and fit-outestimatenationalFurnishing: about 5.000 EUR for the shared rooms and 3.000 EUR a bedroom for holiday-let grade furniture, linen, kitchenware and appliances. Judgement, not a survey.

Ericeira, calibrated 2026-08

Sold pricesexactmunicipalINE, Estatísticas de preços da habitação ao nível local, indicator 0012234: the median deed price per square metre of every home sold in the trailing twelve months, by municipality and parish, refreshed from INE's API each quarter. Deed prices, not asking prices.

Nightly rates and occupancycalibratedmunicipalAirDNA, August 2026: 653 active listings, €28,7k average annual revenue, 65% occupancy, €151 average nightly rate. Airbtics, January 2026: €31k median revenue, 67% occupancy, €125 average nightly rate. July and August busiest.

SeasonalityestimatemunicipalThe seasonal split is a calibration to those annual figures: surf season and remote workers keep the winter well above a typical Atlantic beach town. Rates are for a well-presented whole house; the market median is pulled down by rooms and small flats.

IMI, tourist tax and containmentexactmunicipalIMI: Mafra council, 0,43% on urban property for 2026 (economiafinancas.com list), one of the higher rates around Lisbon. Tourist tax €1 per person per night, up to 7 nights (2026 municipal guides). No containment areas.

Reading the badges

exactlaw, a published table or a council decision · calibratedfitted to published figures · estimatejudgement, verify before relying on it · nationalthe same across Portugal · municipalthis council or town