20% of homes in Portugal sold to overseas buyers in Q1 2016
09 July 2016
Recent figures published by the Real Estate Association APEMIP have highlighted that 20% of Portuguese property bought in Q1 2016 was purchased by overseas buyers. The figures highlight that Portugal’s recovering property market is significantly supported by overseas buyers looking for holiday homes in the sun. International buyers are increasingly taking advantage of the economic benefits of buying in Portugal, the recovering property market and the obvious lifestyle benefits of owning a home in Portugal.
Amongst these overseas buyers, British nationals accounted for 18% of the total, second only to the French, who account for 26% of overseas buyers. Meanwhile Chinese investors accounted for 13%, with many Chinese buyers attracted by Portugal’s Golden Visa Residency Permit which can offer foreign investors, who meet the required criteria and spend over €500,000 on property in Portugal, the right to live in the country.
Lisbon and the Algarve remain the most popular locations for overseas nationals buying homes in Portugal. Lisbon is a popular location for investment property, with low (but quickly rising) property prices and significant increases in tourism and urban regeneration; while the Algarve is a popular lifestyle location, famous for its high quality property and world-class golf facilities.