Foreigners lead luxury property buys in Portugal
The Americans, British, Germans, and French are the nationalities that most buy luxury properties in Portugal.
This is according to Sotheby’s Realty, the luxury estate agents which clocked up a total of 714 transactions in 2022 worth around €377 million.
They say that overseas nationalities represented 52% of all sales at Portugal Sotheby’s Realty, compared to 48% from Portuguese buyers who continue to be an important component of sales last year.
The €377 million achieved in terms of transactions turnover represented a like-for-like growth of 23% on 2021.
“The results that we achieved go to show that Portugal continues to be an excellent place to invest, and that the luxury market is strong and healthy despite the current economic context linked to the war in Ukraine, high inflation and high interest rates”, says the CEO of Portugal Sothebys Real Estate, Miguel Poisson.
The outlook for 2023 is promising. “We foresee two-digit growth in the turnover of transactions snd we’ll be hiring new agents accordingly”, he adds.