American demand for luxury real estate in Portugal remains strong

American demand for luxury real estate in Portugal remains strong
Lisbon aerial view

Despite the end of the Gold Visas, demand for luxury real estate in Portugal continues, particularly from American investors. This is indicated by the Global Luxury Report 2023, now released by Berkshire Hathaway HomeServices, which annually highlights the evolution of real estate purchases based on lifestyle choices, preferences and preferred destinations of high-end buyers.

According to the report, in recent years Portugal, Spain and Greece have seen great demand for luxury real estate from foreign buyers, partly thanks to the new strength of the American home. And American buyers value our country's lifestyle, as well as its political and economic stability, particularly in comparison with other parts of the world. These factors, coupled with a high level of purchasing power, have kept this demand on the rise.

About 35% of the buyers come from all over the US - Texas, California, New York, says Michael Vincent, CEO of Berkshire Hathaway HomeServices Portugal Property. Last year, Portugal was voted the best country for foreign retirees and ranks second in the Global Peace Index. These factors, as well as its location and good cuisine, have represented a huge attraction for this type of investor, he recalls.

Even with the changes to Golden Visas, this study shows that investors continue to buy property because they want to invest and make some money. He recalls that for many foreign buyers, the Golden Visa was never Portugal's main attraction. Many are second home buyers who like to stay in Portugal for just a few days a year. Others, who intend to stay for more than 3 months at a time, have opted, for example, to buy a non-real estate fund that is based in Portugal or to obtain the D7 visa, he explains.

Despite an unclear economic future and some geopolitical uncertainties, buyers continue to acquire properties that they consider to be well-priced, that offer investment potential and that have the advantages that have become synonymous with a luxury lifestyle, says Christy Budnick, CEO of Berkshire Hathaway HomeServices.

Iberian Property logoIberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!