According to the country's statistical institute, real estate prices in Portugal increased by 9.8% in the 3rd quarter of 2024 compared to the same period in 2023.This is the largest increase since the fourth quarter of 2022.
In the 2nd quarter, prices rose by 7.8% compared to the previous year.
Housing in Portugal is becoming more expensive, mainly due to a lack of supply. However, the shortage of facilities has coincided with a growing interest from foreign buyers, including wealthy Americans, who have flocked to Portugal in recent years in search of a pleasant climate and a lower cost of living.Lower loan rates are also increasing the demand for apartments in the country.
Since 2018, the number of foreigners in Portugal has more than doubled and now stands at a record one million people, about a tenth of the total population.Growing discontent over rising housing prices prompted Portugal last year to exclude real estate investments from the Golden Visa program, a program that allows you to obtain a residence permit for investments.
Source: Bloomberg
