Foreigners spend double on real estate

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The median sale value of family homes in Portugal stood at a new high of 1,355 euros/m2 in the 4th quarter of 2021.

This is an increase of 14.1% compared to the same period last year and an increase of 12.2% compared to the previous quarter, according to the National Institute of Statistics (INE). .

Moreover, the data reveals that foreigners spent more than double the amount paid by the Portuguese to buy a house in Greater Lisbon and the Algarve.

Of the 25 regions analyzed, only Baixo Alentejo (-2.5%) and Beira Baixa (-0.7%) recorded an annual decline in house prices at the end of last year. In all others, the median house price has increased compared to the same period last year, according to the INE.

The national statistics office also highlights the fact that the median value of properties traded in Portugal involving buyers domiciled for tax purposes abroad was 2,302 euros/m2, and that in the case of transactions carried out by buyers domiciled for tax purposes in Portugal, this value was 1,319 euros/m2.

Foreigners pay more

The two regions of the country with the highest median house prices – Algarve and AML – were where the median price of homes purchased by overseas tax-domiciled buyers was more than twice as high as that purchased by buyers domiciled in Portugal. In the Algarve, for example, a foreign buyer paid 2,547 euros/m2 and in Greater Lisbon 4,283 euros/m2, while a resident in Portugal paid 1,969 euros/m2 in the Algarve and 1,858 euros/m2 in the AML.

According to data presented by the INE, at the end of last year, the annual variation in prices increased in 7 of the 11 municipalities with more than 100,000 inhabitants in the AML, the acceleration being greater than that observed in National level. (+1.9 pp) in Setúbal (+9.8 pp), Loures (+3.0 pp), Almada (+2.2 pp) and Oeiras (+2.1 pp).

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