14% of mortgages awarded to foreigners

Some 14% of all mortgages in Portugal were awarded to overseas citizens with Brazilians the top buyers according to data revealed by the Bank of Portugal.

It represents an increase on 2021 when it stood at 10.8%. All told 169,000 mortgages were awarded last year of which 16,000 or one-fifth (14%) went to overseas citizens.
Of the foreign citizens taking on mortgages, the table was led by the Brazilians (20%), the UK (12%), the US 9%, France (8%), Angola (7%), Germany (4%), Italy (4%), China (4%), the Netherlands (4%) and Spain (2%).
In 2021, 10.8% of all mortgages were to foreigners and in terms of the number of people, 7.25% that did get mortgages were not from Portugal, a number that rose to 9.5% in 2022.
But the numbers not only reflect mortgages, but also loans to do up properties to live in, rent out or flip. It also includes loans to buy up plots of land to build housing.
The average mortgage taken on rose from €100,000 in 2021 to €112,000 in 2022 with 61% contracted by the under 40s and one-fifth by people under 30.
And it should be taken into consideration that the new regulations introduced by the Bank of Portugal to limit the length of mortgage depending on age only came on line at the end of March.
As to the region where they purchased the properties, two out of three buyers chose to live in the North of Portugal and Lisbon Metropolitan Area.