New figures show that one in five homes sold in Portugal in the first quarter of this year, were bought by foreign buyers.
The Portuguese Real Estate Association APEMIP revealed that French buyers represented the largest share of overall foreign buyers (26 per cent), followed by those from Britain (18 per cent).
Chinese buyers were the third largest group of overseas investors (13 per cent). An increasing number of non-EU nationals have been purchasing homes in the country over the past couple of years, with many buyers attracted by the golden visa scheme which gives non-EU investors who spend €500,000 on a property in Portugal the right to live in the country (and therefore the EU in general).
The APEMIP figures showed that Lisbon, Porto and the Algarve were the most popular locations for overseas nationals.
Given the increased number of international buyers entering the Portuguese property market, APEMIP chairman Luís Lima estimates that the number of property transactions made in Portugal by the end of 2016, could be 40 per cent higher than last year.
Article by David Fuller