News
International tourists double
According to the latest data from the National Statistics Institute (INE), the number of international tourists visiting Portugal has doubled in the first two months of 2023 compared to the same period last year. This surge in tourism has brought a much-needed boost to the country's economy, which has been struggling due to the ongoing COVID-19 pandemic. The rise in tourism is also positive news for those invested in the Portuguese property market, as it may lead to increased demand for short-term rentals and potential growth in property values.
Why Did Portugal Terminate Its Golden Visa Explained
Portuguese authorities have announced that the country’s residence by investment programme will no longer be available. The decision has been pushed by the ongoing housing crisis in the country, as housing prices have soared while Portuguese wages have remained the same.
What you should know about the Portuguese Real Estate Market
If you're a foreigner looking for an exciting and vibrant place to live, work and invest, Portugal is an excellent choice. With its sunny weather, stunning natural beauty, and rich cultural heritage, Portugal has become one of the most popular destinations for expats and foreign investors alike.
1 house built for every 9 sold
Data from the National Institute of Statistics (INE) shows that in addition to the empty houses that exist in Portugal, only one house was built for every nine houses sold in the country between January and September 2022.
Portugal takes measures to address local housing crises
The Portuguese government has announced the end of its Golden Visa program. The decision was made to address the local housing crisis and soaring real estate prices. Additionally, restrictions on Airbnb rentals have been implemented to curb the impact of short-term rentals on the housing market. The government aims to redirect investment to low-density areas in need of development and to encourage long-term rental contracts to increase the availability of affordable housing.
House rents rise again
House rents per square meter (m2) increased by 3.6% in January compared to the same month of 2022, accelerating from the 3.3% in the previous month and with all regions showing year-on-year increases.
35% of buildings in Portugal need repairs
A new study in Portugal shows that 35% of buildings in the country require repairs. The study highlights the need for investment in the maintenance and preservation of the country's existing housing stock, especially in older buildings. The findings stress the importance of addressing this issue to ensure the sustainability and longevity of Portugal's housing infrastructure.
What foreigner property buyers looking for?
A study by Idealista reveals that foreign property buyers are mainly interested in properties located near the coast with traditional architectural features. Moreover, it sheds light on the rising trend of buying Portuguese vineyards among foreign buyers and the trend of buying properties for investment. This offers valuable insight into the inclinations of foreign property buyers in Portugal, making it useful information for those considering investing in the Portuguese real estate market.
Foreigner buyers spend 50% more on property
The Portuguese real estate market saw an increase in foreign buyer spending in 2022, with foreigners spending 50% more on property compared to the previous year. The increase in foreign investment in the market is attributed to the country's attractive residency programs, favorable climate, and attractive real estate prices. Despite some concerns about inflation and rising interest rates, the Portuguese real estate market remains attractive to foreign buyers looking for a second home or investment opportunity.
