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.

 

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