Almost 25,000 homes were sold in Portugal to foreigners between 2019 and 2021, with a total value of 7.3 billion euros.
According to the National Institute of Statistics (INE), the Algarve, in the south of the country, was the region most sought after by buyers with tax domicile outside Portugal, representing almost half of all houses transacted, as well as the total value of these transactions. 3.8 billion euros came from buyers in the European Union (EU) and 3.5 billion euros from buyers from countries outside the EU bloc.
According to INE, home sales involving buyers from outside the country registered a “more expressive” average transaction value.
In the “other countries” category, the average value was 374,484 euros, more than double the average value of 149,644 euros for buyers with tax domicile in Portugal.
Between 2019 and 2021, there were 24,988 transactions involving buyers with tax domicile outside Portugal. In an analysis by region, the Algarve was the preferred destination for these buyers, accounting for 40.3 per cent in number and 45.8 per cent in value.
The Lisbon Metropolitan Area is the second most representative location – 23.1 per cent of total transactions and 35.4 per cent of value, CLBrief reported.
“The contribution of buyers with tax domicile outside the national territory to the number and value of total sales shows significant differences between the different regions, with the highest weight in the Algarve (25.3 per cent and 37.8 per cent) and the lowest in the North (2.4 per cent and 3.1 per cent),” INE said.