Practical guide · updated 2026

Buy, renovate and resell — or let: how to estimate return in Portugal?

Two different numbers. For a renovation-to-sell, what matters is project profit: sale price minus what you put in (purchase, IMT, works, holding and selling fees). For rentals, gross yield is annual rent over price; net yield subtracts condo, IMI and all-in cost. The calculator does both, with the flip as the main path; works, resale and rent are your inputs, not a CRT forecast. At the end you can save the PDF on screen or receive it by email.

The two paths

Renovate-and-resell measures euros of profit (or loss) over a holding period. Renting measures an annual percentage. Do not treat a 15% project margin and a 4% yield as the same metric.

All-in cost — investment IMT

The secondary-home / rental IMT table is higher than primary residence. This calculator uses the 2026 investment table, 0.8% stamp duty and an editable 0.8% notary estimate. If the purchase is a primary residence, use the IMT calculator.

Works: an editable figure

The packages only fill the works field if you enter the gross private area. In Lisbon or Cascais a real contractor quote can come in higher. Choosing the municipality as an asset: Cascais vs Lisbon. This is not a contractor quote.

  • Light — about €300/m²: paint and small fixes.
  • Mid — about €750/m²: kitchens, bathrooms and floors.
  • Deep — about €1,250/m²: full rehab, water and electrical.

What this number leaves out

Income tax on rents or capital gains, mortgages, licences and actual works cost. For financing, see the Portuguese mortgage guide. A tailored scenario is a conversation with the team — AMI 18470.

Frequently asked questions

Flip profit vs yield?
Flip profit is what remains after purchase, works, taxes, holding costs and selling fees. Yield is annual rent versus price (gross) or all-in cost (net).
Why is investment IMT higher?
Primary-residence brackets are more favourable. Resale or buy-to-let uses the secondary / investment table. The young-buyer regime is not used here.
Do you guarantee resale price or works cost?
We do not promise a resale price or a works cost — each project has its own market and its own contractor quote. What we do is stay with the asset: analysis to a high professional standard, to find the most balanced, advantageous solution on purchase price and on sale price; and a network of market partners — professionals and firms we work with — so clients have the strongest possible backing on the project.
Is capital-gains tax deducted?
No. Personal income tax on the sale gain is not in the profit shown. Confirm with your accountant.
Can I run a property that is not yours?
Yes. Any purchase price and any resale or rent — our listing or another.
Does Cavalcanti carry out the works?
We do not carry out the works — we are not contractors. Cavalcanti RealEstate Team (AMI 18470), an independent team powered by eXp Portugal, runs the transaction and the project. We have a network of market partners; if you need it, we can introduce contractor options.

Talk to the team

Illustrative estimate · 2026

Model a renovate-and-resell — or a rental yield

The main path is buy, renovate and resell: start from the indicative resale (INE municipality figure, with a Lisbon-metro market correction) and edit — not a CRT forecast. You can also model a rental. IMT uses the 2026 investment table.

The postcode fills district, municipality and parish. You can always edit by hand.

18 mainland districts, plus the Azores and Madeira. The municipality list then filters.

Type to filter all 308 municipalities. INE bank appraisal is for the municipality, not the street. Lisbon metro gets a market factor.

After the municipality, search the parish. INE €/m² stays at municipality level.

Choose an option

The area on the property tax record (CPU). Used for the INE €/m² and for works cost.

IMT uses this figure. Below: negotiation range.

Not the current condition. Choose how the property will be when you put it up for resale, after works.

Choose an option

Choose an option

An automatic figure may appear. Edit it if you have another price.

Agency commission on the sale plus associated costs (energy certificate, etc.). Default 5% of resale — you can edit.

Starts at 20% — you can edit.

Illustrative estimate using 2026 IMT tables and the figures you enter. The INE base is the municipality bank appraisal (indicator 0012248), not the street. In Lisbon metro we apply a market correction (+10% in Lisbon, Cascais, Oeiras and Sintra; +6% in the other metro municipalities) and a low / mid / high / luxury band. This is not MicroSIR and not a street price. This is not financial or tax advice, and not a guarantee of rent, works cost, time to sell or resale price. Final IMT depends on VPT and the purpose recorded at the deed. On a long-term let the indicative rent is the INE median of new contracts (€/m²/month × area): 2026 series in large municipalities and the latest published 12-month figure elsewhere — not the bank-appraisal sale €/m². Vacancy starts at 8% (~1 empty month per year) and management at 0% — you can edit both. Income tax (rents or capital gains), mortgages, short-stay / AL, licences and actual contractor pricing sit outside this calculator. Cavalcanti RealEstate Team, AMI 18470 — independent team powered by eXp Portugal. Confirm with your lawyer, accountant and contractor before you proceed.

Run the investment calculator