Foreigners spend double on property

 In News, Property

Overseas homebuyers in Greater Lisbon spend double the amount on houses compared to the local Portuguese according to the latest figures from the National Statistics Institute.

The average price paid for a home by overseas citizens — whose tax residence is fixed abroad — was €4,283/m2 in the last quarter of 2021, more than double the amount paid by buyers who are tax based in Portugal (€1,858/m2).
It is a difference of €2,425/m2 according to the INE’s Housing Prices Statistics for the 4th quarter of 2021 published by the institution on Thursday.
The Algarve region also registered a higher average value for property purchased by those whose tax residence was outside Portugal (€2,547/m2), compared to property bought by local tax payers (€1,969/m2).
However, the difference between the two categories of buyers was €578/m2, much less when compared to the Greater Lisbon Area.
These two regions also had the highest average house prices in Portugal: €1,904/m2 for the Lisbon Metropolitan Area and €2,144/m2 for the Algarve.