Last year, nearly 9% of Portuguese properties were sold to non-residents. French and UK buyers top this list, as well as China.
According to the National Statistics Institute (INE), after the “significant” increases both in number and value in previous years, in 2019 the number of properties acquired by non-resident investors decreased by 2%, having increased by 1% in value.
The average property value sold to non-residents was €176,429 (up by 3.1% in 2018).
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“This figure is 57% higher than the average value of total transactions, a difference similar to that in 2018”, said the INE.
Among the main countries of residence of non-resident buyers, INE highlights China, whose average value of real estate acquired by investors of this country (€373,071) was more than double the total average value of real estate sold to residents abroad.
The average value of real estate acquired for a price equal to or greater than EUR 500,000 reached EUR 923,016, increasing by 3.2% compared to 2018.
The Algarve overtook the Lisbon Metropolitan Area, mustering up 37.7% of the value of acquisitions by non-residents (35.8% in the Lisbon Metropolitan Area).
Still according to INE, in 2019, the number of properties traded in Portugal decreased by 4.7%, while the average value of properties traded in 2019 went up by 4.1%.