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Multicultural Portugal!

Multicultural Portugal

Published on 21st May, 2018

Portugal continued to be a firm favourite amongst foreign buyers in 2017 with a quarter of property for sale sold to foreign buyers.

Luis Lima, the president of Portugal’s real estate agency association (APEMIP) revealed in an interview with the Portuguese newspaper ‘Diário de Notícias’ that 152,000 properties were sold last year, a 25% - 30% increase when compared to 2016. This only takes account of properties sold through real estate agents.

“It is an increase that we expected and which allows us to forecast that real estate will continue growing this year,” he told the paper.

Data shows that a quarter of the homes that were for sale were sold to foreign buyers last year. Most of them were either French or Brazilian though there were also many British and Chinese investors choosing Portugal to purchase a home.

A recent study found that house prices are expected to grow 6% a year throughout the next five years, but not even the rising prices are forecast to keep foreign investors from seeking the country’s mild climate, 3,000 hours of sunshine per year, safety and high quality of life.

However, Lima says the challenge now is to make sure that properties do not become unaffordable for Portugal’s middle-class.

For example, the average price per square metre in Lisbon last December was set at €2,796, a 36.92% increase on the same month the year before. Prices also increased 23.67% in Porto and 18% in Faro.

“In Lisbon, the price per square metre could even surpass €7.000. There would still be foreigners who would pay,” Lima told the newspaper. He also urged the government to come up with housing specially designed for middle-class families to ensure they won’t be forced to move away.

As Lima explains: “These foreigners are willing to pay more than what an average Portuguese family can” adding that Brazilians are the foreigners who are “willing to pay more”.