Essential Business

Portugal first choice for US, French and Italian home buyers

 In News, Real Estate

Portugal was the country of choice for US, French and Italian nationals looking to buy a retirement or second home in Europe.
According to a study produced by ListGlobally, the largest online property platform in the world for house seekers, Portugal was the number one property investment destination for the French (34%), Americans (5.68%) and Italians (6.04%).
The study shows that despite the growing demand by foreigners for property in Portugal last year, these continue to look for good deals with investors seeking properties in the €318,889 price bracket.
The French and Americans were the groups which showed more willingness to buy homes that were more expensive with average prices of €218,000 and €318,000 respectively.
Between 2017 and 2018 the Italians were willing to increase their budget at the moment it came to buy in Portugal (+21%).
Théo Plantier, who focuses on the Portuguese market for ListGlobally states that “Portugal is a very attractive country because despite an across-the-board rise in house prices per square metre, it is still one of the cheapest countries in Europe to buy a house, representing 20% of all of house sales.
The most attractive price range for overseas buyers is between €150,000 and €400,000.
In 2018 the intention to buy from overseas citizens was centred mainly around Faro (22%), Lisbon (11%) and Setúbal (8%).
In terms of average purchase prices, Lisbon stands out with demand pushing prices up 168%, from €429,000 in 2017 to €1,148,286 in 2018.
On the other hand, prices in and around Faro have remained more stable while Porto saw price increase of 23% from €224,000 to nearly €276,000.


Read More