Portugal's Real Estate Surges with Record Summer Sales

Portugal's Real Estate Surges with Record Summer Sales

The Bank of Portugal (BdP) recently released statistics showing this jump, which not only breaks prior records but also represents a healthy 26% growth over the same period last year.

According to the most recent update to the BdP database, the total value of foreign direct investment (FDI) for the first nine months of this year was €3.018 billion, which is a peak in the BdP series dating back to 2008. Portugal's accomplishment is even more noteworthy given that it occurs against the backdrop of a very difficult financial environment globally and a cooling Eurozone real estate market.

The real estate industry is still thriving despite the declaration in February that "golden visas," or residency permits obtained through real estate investment, would no longer be available. Notwithstanding early reservations, investments surged in spite of the enactment of the "More Housing" package in October.

The data indicates that potential investors have not ruled out Portugal, despite rumors to the contrary. In September, foreign direct investment (FDI) in real estate not only broke all previous records, but it also made up about two thirds of all FDI coming into the nation.

In this series, which began in 2019, seven countries—the US, UK, Germany, Brazil, Angola, Switzerland, and Belgium—surpassed FDI highs among the top 20 end investors. With a notable 23% rise in foreign direct investment (FDI) in Portugal, Angola led the pack, with €5.7 billion, followed by Belgium (6.7%) and Switzerland (5.3%).

In a world full of obstacles, Portugal's real estate industry stands out as a resilient beacon that draws in foreign investors. It breaks new ground and exceeds expectations.

Source - The Portugal News