In recent years, the number of loans for purchasing property in Portugal has gone up specifically for foreigners. Portugal has become an increasingly popular destination for investors, retiree or even expats. According to recent data from the Banco de Portugal, more than 10% of the loans for purchasing a house in the country were granted to foreigners last year, amounting to a staggering 1.2 billion euros.
While the overall amount granted to foreigners decreased slightly compared to the previous year, the number of foreign debtors in the housing market has been steadily rising. In fact, the percentage of foreign debtors increased from 9.5% in 2022 to 11.7% in 2023, showcasing the growing interest in Portuguese real estate among international buyers.
Despite a 24% drop in total housing loans granted by banks in 2023 compared to 2022, largely due to rising interest rates, Portugal remains an attractive option for those seeking to invest in property. And it’s not just Europeans eyeing Portugal’s sunny shores – foreigners from all corners of the globe are taking advantage of the country’s vibrant culture, stunning landscapes, and relatively affordable housing market.
Percentage of Total Amount Granted to Foreigners:
Nationality | Percentage of Total Amount Granted to Foreigners |
Brazilians | 28% |
British | 9% |
Americans | 6% |
This influx of foreign buyers not only boosts Portugal’s real estate market but also enriches the country’s cultural diversity. With its welcoming atmosphere, favorable tax incentives, and high quality of life, Portugal continues to attract savvy investors and dreamers alike.
So, whether you’re drawn to the historic charm of Lisbon, the laid-back vibes of the Algarve, or the tranquil beauty of Porto, now might just be the perfect time to make your Portuguese property dreams a reality. Join the ranks of those discovering the magic of Portugal – your dream home could be just a mortgage away!
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Sources:
- Information Source: Banco de Portugal
- Picture source: Pexels website