How real estate agency works in Portugal: what every buyer needs to know

The real estate agent showing you properties in Portugal is contracted and paid by the seller. They operate under the seller's AMI licence, earn between 3% and 8% of the sale price in commission, and have no legal obligation to prioritise your interests over the deal closing. Understanding how mediation actually works in Portugal, from the licensing structure to the commission mechanics and the open mandate system, is the foundation of any sensible property purchase here.

What is a mediador imobiliário, and how do they differ from agents elsewhere?
How does the AMI licensing system work in practice?
Who pays the commission, and how much is it?
What is an open mandate, and why does it create problems for buyers?
What is an exclusive mandate, and is it better for buyers?
Does the same agent represent both buyer and seller?
What is the mediador legally required to do for the buyer?
How do portals like Idealista and Imovirtual fit into this system?
What does a mediador not check or verify?
Regional differences: Lisbon, Porto, Algarve, and Cascais/Sintra
Frequently Asked Questions

What is a mediador imobiliário, and how do they differ from agents elsewhere?

A mediador imobiliário is a licensed real estate broker in Portugal, regulated under Lei n.º 15/2013, de 8 de fevereiro. The licence covers the company, not the individual agent.

The word mediador translates literally as mediator. That framing is intentional and accurate: the mediador's legal role is to facilitate a transaction between two parties, not to represent either exclusively. In practice, the mediation contract is almost always signed with the seller, which means the mediador's financial and professional obligations run to the seller, not to the buyer.

This is the core difference from markets like the US or Australia. In those markets, a buyer can engage their own licensed agent with a fiduciary duty, paid from the seller's commission through a cooperative MLS infrastructure. In Portugal, that infrastructure does not exist. The mediador is a seller's agent by default in nearly all residential transactions, and nothing in the law requires them to declare this to the buyer.

Individual agents who work at a real estate company do not hold their own licences. They operate under the AMI licence of their employer. This means that if an agent leaves the company, their clients' legal protections are tied to the company, not the person. It also means that training standards and professional accountability are uneven: the company is responsible for compliance, but the quality of individual agents varies widely within the same AMI-licenced firm.

How does the AMI licensing system work in practice?

IMPIC issues the AMI licence (Alvará de Mediação Imobiliária) to real estate mediation companies. In 2025, Portugal had over 11,000 valid AMI licences, one of the highest per-capita rates in Europe.

IMPIC (Instituto dos Mercados Públicos, do Imobiliário e da Construção) is the regulatory body responsible for licensing real estate mediation companies in Portugal. To obtain an AMI licence under Lei n.º 15/2013, a company must demonstrate:

No criminal record for the licence holder or company directors
A civil liability insurance policy with a minimum capital of €150,000
Proof of commercial suitability (idoneidade comercial) The barrier to entry is low by international standards. There is no requirement for formal real estate education, no professional exam, and no mandatory experience period. Annual renewal requires basic training on anti-money-laundering and tax evasion obligations. IMPIC carries out periodic inspections, but proactive enforcement is limited.

The result is a market with a high volume of licensed operators and significant variation in professional quality. The Idealista analysis of April 2025, citing legal experts from Sérvulo and Belzuz, noted that IMPIC's supervisory capacity would benefit from stronger inspection protocols and a public complaint mechanism. Both firms called for higher individual qualification requirements as a structural improvement.

A buyer can verify any company's AMI licence through the public IMPIC registry at impic.pt. The AMI number appears on all legitimate agency contracts and property listings. If it does not appear, that is a material risk flag.

Who pays the commission, and how much is it?

In Portugal, the seller pays the mediador's commission. The rate is typically 5% plus 23% IVA, though rates range from 2.5% to 8% depending on the agency and market segment.

The seller signs a mediation contract with the agency and agrees to pay a commission on successful sale. That commission is the mediador's only source of income from the transaction. The buyer pays nothing directly to the mediador.

Commission rates in Portugal are unregulated. The most common rate in urban markets is 5% plus 23% IVA (effectively 6.15% of the sale price). Some boutique agencies charge 2.5% to 3.5% plus IVA. Premium and international-facing agencies in Lisbon and the Algarve may charge up to 8% plus IVA. For a €400,000 property, 5% plus IVA represents a commission of €24,600. For the same property with an 8% rate, the commission reaches €39,360.

The commission is typically included in the listed price. When a seller accepts an offer below the asking price, the commission is paid on the agreed transaction price, not the original listing price. Under exclusive mandate contracts (see below), the agency is entitled to the full commission if the property sells during the contract period, even if the buyer was found independently by the seller.

One important practical point: the commission is paid by the seller, but it shapes the buyer's position. A mediador who earns 6.15% of a €400,000 transaction takes home €24,600. The same mediador earns €27,060 if the price holds at €440,000. This is not a criticism of any individual professional. It is a structural observation: the person advising the buyer on whether the price is reasonable has a financial stake in the buyer paying more.

What is an open mandate, and why does it create problems for buyers?

Open mandates are the default in Portugal: the seller signs simultaneous contracts with multiple agencies. The same property appears across portals at different prices, in different conditions, with different details.

An open mandate (mandato aberto) allows the seller to work with as many agencies as they choose simultaneously. The first agency to bring a buyer who completes the purchase earns the full commission. No sharing, no cooperation.

This creates a set of specific problems for buyers.

Price inconsistency. Because each agency sets its own advertised price and each has a different understanding of the seller's floor, the same property appears at different prices across portals. A buyer who finds a property on Idealista through Agency A at €320,000 may find the identical property listed by Agency B at €310,000 through Imovirtual. There is no requirement for agencies to align their listings.

Information gaps. Agencies withhold property addresses in listings to prevent competitors from approaching the seller directly. A buyer cannot easily confirm that two listings are the same property without visiting both agencies.

No agent loyalty. Under an open mandate, no single agent is invested in the outcome for either party. The agent who shows the property is competing against colleagues at other firms. The incentive is to close fast rather than to advise carefully.

Access opacity. An agent under an open mandate has no contractual access to information held by other agencies. If Agency A holds a structural survey the seller commissioned, Agency B (whose agent is showing the buyer around) does not have it and cannot request it.

No inventory aggregation. Because agencies do not share inventory under open mandates, a buyer working with a single agency will not be shown properties that agency does not have on its books. The buyer must manage multiple agency relationships simultaneously or accept incomplete market coverage.

What is an exclusive mandate, and is it better for buyers?

An exclusive mandate gives a single agency the sole right to market a property for a defined period, typically six to twelve months. The listing is more consistent but the buyer's position changes only marginally.

Under an exclusive mandate (mandato exclusivo), the seller contracts with one agency for a fixed period. The agency has the exclusive right to market and sell the property. If the seller finds a buyer independently during this period, the agency is still entitled to its commission under Lei n.º 15/2013.

For buyers, exclusive mandates offer some practical advantages: prices are consistent, the property description is controlled by one team, and there is a single point of contact. The agent has more invested in the outcome because they are the only agent on the property.

What does not change: the mediador is still contracted by the seller, still paid by the seller, and still has no fiduciary obligation to the buyer. An exclusive mandate does not create buyer representation. It creates a more organised seller representation.

Exclusive mandates are more common in premium segments and with international-facing agencies. They remain less prevalent than open mandates in the Portuguese residential market overall. In the Algarve, where international buyers are the majority of purchasers in many areas, exclusive mandates are more widespread than in Lisbon's secondary market.

Does the same agent represent both buyer and seller?

In most Portuguese property transactions, the agent facilitating the sale is the same person who contracted with the seller. There is no legal requirement to disclose this to the buyer.

Dual agency, where a single agent represents both buyer and seller in the same transaction, is a regulated and disclosure-required practice in the US, UK, and Australia. In Portugal, the equivalent situation, a mediador acting for both parties simultaneously, happens routinely without any legal requirement to declare it.

The mediador who shows a buyer a property and negotiates the offer on their behalf is, in almost all cases, acting under a mandate signed by the seller. Their commission depends on the transaction completing. Their professional relationship is with the seller.

This is not illegal under Portuguese law. Lei n.º 15/2013 does not prohibit the mediador from working with both parties; it simply does not regulate the conflict. A 2025 analysis by law firm Sérvulo, published in Idealista, identified this as one of the core structural weaknesses of the current AMI framework and called for mandatory conflict-of-interest disclosure requirements.

Until such regulation exists, the buyer's best protection is to ask directly at the first meeting: who signed your mediation contract for this property, and who pays your commission on completion?

What is the mediador legally required to do for the buyer?

Under Lei n.º 15/2013, the mediador has limited legal obligations to the buyer. Their duties are primarily administrative and transactional, not advisory or protective.

The mediador's obligations under Lei n.º 15/2013 include:

To the transaction: present the property, facilitate negotiations, assist with the promissory contract (CPCV), and communicate relevant information about the property that they are aware of.

To the buyer specifically: the mediador is required to provide accurate information about the property to the extent they possess it. They are not required to seek out information they do not have. They are not required to commission surveys, check for unlicensed works, or verify that the physical state of the building matches its licensed description.

What they are not required to do: negotiate the lowest price possible for the buyer, disclose that they represent the seller, conduct a physical inspection, verify compliance with planning permissions, check for hidden defects, or act in the buyer's financial interest.

The practical consequence is significant. A buyer who relies on the mediador to flag problems with a property is relying on a professional with no obligation to look for those problems. The mediador may disclose issues they know about, but they are not paid to find issues that would kill the deal they are being commissioned to close.

How do portals like Idealista and Imovirtual fit into this system?

Idealista, Imovirtual, OLX, and CustoJusto are advertising platforms, not shared inventory databases. Listings on these portals do not represent the full market.

Portugal does not have an MLS. The major portals are paid advertising channels where agencies and private sellers list properties. Each portal has its own business model, listing fees, and user agreements.

Idealista is the dominant portal in Portugal, with the largest volume of residential listings and the most significant traffic from international buyers. It does not verify the accuracy of listings, does not enforce price consistency across agencies for the same property, and does not share listing data between competing agencies.

Imovirtual, owned by OLX Group, is the second-largest portal and is particularly strong with Portuguese domestic buyers. It operates on similar terms to Idealista.

OLX and CustoJusto carry a mix of agency listings and private sales. Private sales (venda direta) are common for smaller-value properties and bypass agency commission entirely, though buyers carry higher due diligence risk without a mediador intermediary.

The practical implication for buyers: a property search across Idealista alone will miss listings that appear only on Imovirtual, and will miss private sales entirely. A thorough market search requires multiple portals plus direct contact with agencies active in the target area. This is one of the structural reasons why buyers working in unfamiliar areas find value in buyer's agents or relocation consultants who maintain active agency relationships.

What does a mediador not check or verify?

The mediador is not a technical professional. They do not assess structural integrity, MEP systems, planning compliance, or the legal conformity of works carried out without a licence.

This is the gap that matters most for buyers and the one most commonly misunderstood. The mediador's job is to connect parties and facilitate a transaction. Their knowledge of a property is typically limited to what the seller tells them, what is visible during a standard viewing, and what appears in the basic documentation (caderneta predial, licença de utilização, certidão de registo predial).

The mediador does not:

Assess the structural condition of the building
Check for moisture, damp, or water ingress
Verify that the electrical installation meets current standards (RTIEBT)
Check that gas installations are compliant (Regulamento Técnico)
Identify whether extensions, conversions, or alterations have the required municipal licences
Verify that the property's licensed footprint matches its physical state
Commission or review any technical survey Since Decreto-Lei n.º 10/2024, de 8 de janeiro (DL 10/2024) came into force, the notary no longer verifies physical compliance before the escritura either. The removal of this municipal verification step means no professional in the standard transaction chain checks the building's physical and legal conformity. That gap belongs entirely to the buyer, and the only way to fill it is with an independent pre-purchase inspection by an Ordem dos Engenheiros (OE) registered engineer before the CPCV is signed.

Book a pre-purchase inspection · get a quote at inspectos.pt/en/home-inspections

Regional differences: Lisbon, Porto, Algarve, and Cascais/Sintra

Commission rates, mandate types, and agency practices vary meaningfully by region. International-facing markets tend toward exclusive mandates and higher commission rates.

Lisbon has the highest density of AMI-licenced agencies and the most competitive market for international buyers. Open mandates dominate in the secondary market. Commission rates cluster around 5% plus IVA in established neighbourhoods. In premium segments (Chiado, Principe Real, Lapa, Avenidas Novas), rates of 6% to 7% plus IVA are common. Large international networks (Engel and Volkers, Sotheby's International, Savills) operate alongside Portuguese-founded firms.

Porto follows similar dynamics to Lisbon's secondary market. The renovation market in Bonfim, Cedofeita, and Paranhos attracts a mix of domestic and international buyers. Commission rates are typically 4% to 5% plus IVA. Open mandates remain the norm.

The Algarve has the highest proportion of international buyers of any region, particularly British, German, and Scandinavian. Exclusive mandates are more common here than anywhere else in Portugal. Commission rates trend higher: 5% to 7% plus IVA is standard, with luxury properties sometimes reaching 8%. The concentration of English-speaking agencies and buyer-focused consultancies is also higher here.

Cascais and Sintra attract a mix of Lisbon professionals, international buyers, and returning diaspora. Commission rates align with Lisbon premium rates. The market is smaller than Lisbon proper, which increases the importance of local agency relationships. Properties here often appear on fewer portals and move faster than equivalent Lisbon stock.

Frequently Asked Questions

Can I negotiate the commission rate with the mediador?

The commission is agreed between the seller and the agency, not between the buyer and the agency. The buyer has no direct standing to negotiate the commission rate. However, buyers can negotiate the property price, and a lower price effectively reduces the commission amount the seller pays (since it is calculated as a percentage of the transaction price). Some buyers ask the seller to reduce the asking price by the commission amount as part of negotiations, which sellers occasionally accept in competitive situations.

Is it legal for the same mediador to represent both sides of a transaction?

Yes. Portuguese law does not prohibit a mediador from working with both the buyer and the seller on the same transaction, and does not require disclosure of this arrangement. The buyer is advised to ask directly whether the agent they are working with is the same agent contracted by the seller.

What is the difference between a mediador and a angariador?

Under the current Lei n.º 15/2013, the category of angariador imobiliário (property prospector) was removed. Individual agents now operate under the AMI licence of their employer (the mediation company). An angariador-style role, where an individual finds properties and sellers and brings them to an agency, still exists informally but is not a separately licensed category.

Do I need to sign a contract with the mediador as a buyer?

No. The mediation contract is between the mediador and the seller. As a buyer, you can view properties, make offers, and even proceed to the CPCV without signing anything with the mediador. Some agencies ask buyers to sign a "buyer client agreement" but this is not required by law and you are not obligated to do so. Read any such document carefully before signing, as it may attempt to create an exclusive relationship or assign fees.

What documents should I check that the mediador has access to?

The mediador should be able to provide or facilitate access to: the caderneta predial urbana (property tax registration), the licença de utilização (certificate of use), the certidão de registo predial (land registry certificate), the ficha técnica de habitação (technical data sheet, for post-2004 properties), and the certificado energético (energy performance certificate, mandatory for all sales). These documents cover legal title and basic administrative status but do not address the physical condition of the building.

What does DL 10/2024 mean for buyers in a standard agency transaction?

Decreto-Lei n.º 10/2024, de 8 de janeiro removed the municipal verification step that previously required confirmation that a property's physical state matched its licensed description before the escritura. Since January 2024, neither the notary nor the mediador verifies this. The buyer is responsible for commissioning their own technical assessment before the CPCV if they want to understand the physical condition and legal conformity of what they are buying.

Conclusion

Portuguese real estate agency is a seller-first system structured around open mandates, seller-paid commissions, and a licensing framework that regulates market access but not the quality of buyer protection. The mediador is a transaction facilitator, not a buyer advocate. Understanding that distinction before you start visiting properties saves significant time and avoids costly assumptions.

The physical condition of the building is the one thing no mediador, no notary, and no lawyer checks by default. An OE-registered pre-purchase inspection before the CPCV is the only mechanism that provides a technical assessment of what you are committing to.