The expiration of golden visas in October and the end of non-habitual residents as early as 2024 could help explain the counter-cycle resulting from the rush of non-EU foreigners to buy homes, which has reached a 5-year high, according to com. idealista.
In Portugal, 34,256 homes were sold between July and September 2023, 18.9% fewer than in the same period last year. These housing sales raised a total of €7.1 billion (-12.2%), as revealed by the National Institute of Statistics (Where are you?).
What also stands out is that Portuguese bought fewer homes (-20.1%), as did foreigners living in Europe (-9.1%).
- National Buyers: 31,515 homes sold, 20.1% fewer year-over-year. In value terms, approximately €6.2 billion (-13.4%) were recorded;
- EU residents: A total of 1,349 homes were transacted, recording a decrease of 9.2% year-on-year. Here 335 million euros (-20.3%) were mobilized;
- Foreign residents outside the EU (other countries): 1,392 transactions recorded, an annual increase of 8.7%. The value of these homes sold amounted to a down payment of 566 million euros, an increase of 11.3% compared to a year ago.
This means that in contrast to Portuguese and EU citizens, residents outside the European space bought 111 more homes in the summer of 2023 compared to the summer of the previous year and invested an additional 57 million euros. Both the number of homes bought by foreigners outside the EU and the amount invested represent 5-year highs, according to available INE series dating back to 2019.