Non-European Buyers Boosting Portugal Property Market

 

Buyers from outside the European Union (EU) are more active in Portugal´s residential real estate market, with the number of transactions growing 8.7% year-on-year in the summer of 2023.

The end of golden visas in October and the end of the non-permanent residents schemes as early as 2024 is pointed as the source of the counter-cycle generated by the rush to buy houses by foreigners outside the EU, which reached 5-year highs, according to idealista.

In Portugal, 34,256 houses were sold between July and September 2023, 18.9% less than in the same period last year. These housing sales mobilised a total of EUR 7.1 billion (-12.2%), as revealed by the National Statistics Institute (INE).

Golden Visas Still Available in Portugal

What also stands out is that the Portuguese bought fewer houses (-20.1%), as did foreigners residing in Europe (-9.1%).

Foreign residents outside the EU (other countries), with 1,392 transactions recorded, led to an increase of 8.7% year-on-year.

These sold homes were worth a down payment of EUR 566 million, 11.3% more than a year ago.

Real estate investment in Portugal increases by 39% in 2022 to EUR 3 billion

Both the number of houses purchased by foreigners outside the EU and the amount invested represent 5-year highs, according to the available INE series dating back to 2019.

 

Other articles

Portugal

Porto and Shenzen Look at Bolstering Relations

Portugal

Macau and Portugal Strengthen Ties in Justice, Economy and Trade