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Non-Residents Pay an Average of 58% More for Property in Portugal

1 October 2019 – In Portugal last year, non-residents acquired nearly 20,000 out of a total of just over 242,000 residences sold, or more than 8.2% of housing sales. Those non-residents paid, on average 58% more than the average buyer, according to a new report by Portugal’s statistical agency, the INE. The equivalent figure in 2017 was 49%.

Non-residents acquired properties worth a total of 3.4 billion euros, equivalent to 13% of total investments. Much of the disparity is due to the growth in the use of golden visas by wealthy foreigners.

The French continued to be the principal buyers of property, accounting for 19.7% of the total value of properties sold to non-residents. The British followed with 16.9%, then Brazilians (8.3%), Chinese (5.1%) and Germans (4.9%).

Original Story: Jornal de Negócios – Rafaela Burd Relvas

Adaptation/Translation: Richard D. K. Turner