One in four homes bought by foreigners in Portugal

The Golden visa program in Portugal is also a major driving force in property prices across Portugal. The Golden visa program requires a property investment of €350,000 outside Lisbon (refurbished) and €500,000 investment in Lisbon. Many investors from Asians, Middle East, Chinese, Russia and South Africa buy property in Portugal, seeking a schengen visa benefits.

According to latest Golden visa statistics, Portugal’s golden visa program has received 3,086,367,681,93 euros through real estate investment and over 5000 residence permits were issued ARI by real estate.  Algarve, Porto and Silver coast region are very popular among Brits, French .

According to Global Property Guide,  Property prices in Portugal rose by 4.84% (3.26% in real terms) in November 2017 from a year earlier. Portugal will grant a 5-year residency permit to non-EU citizens who buy a minimum of €500,000 worth of property. The permit allows holders to work or study, as well as to travel in Schengen countries. They can opt to apply for permanent residency after five years.

“In Lisbon, construction and reconstruction projects have proliferated. The whole city centre has practically been renovated,” said Nadezhda Yakimenko, Managing Partner of the Cascais Real Estate Agency, She adds “90% of all foreign property buyers are in Lisbon. [Source: Tranio]

British buyers are among those capitalising on Lisbon’s booming holiday lettings scene, according to Athena Advisers, which says that Airbnb contributed €268 million to Lisbon’s economy last year, reports Telegraph.

Bloomberg reported Madonna is on house hunting in Lisbon and property prices have rocked to 35% in 2016, worrying locals. In 2016, FT reported Britons join the queue for Golden visa in Portugal. Many Britons seek Portuguese passports after Brexit to retain their EU rights.

Brazilians are top nationalities seeking Portuguese citizenship, according to Portugal nationality statistics