British purchasers of property in Portugal have been consigned to third place as the French invasion continues apace.In Lisbon and Oporto, Brazilian buyers are in second place in the purchase of property by foreigners (24% and 27%) but the French are ahead, representing 29% of all such purchases.
The British are in third place at 11%, followed by the Chinese at 9% and Angolans at 7.5%.
The data, released today by the Association of Real Estate Agents of Portugal, APEMIP, reveals that in 2017, foreign purchasers snapped up a full 20% of all property sales in Portugal
The Brazilians may dominate purchases in the two largest cities but in the sunny Algarve, it’s the French who take the number one spot, many spurred on by a ten year tax-free period, allowable under the 'Non-habitual Residents' scheme.
Luís Lima, president of APEMIP, stresses that political, social and economic instability in Brazil is behind many Brazilians' decision to buy a house in Portugal.
According to Lima, the election of Donald Trump in the US has caused many of those Brazilians who had invested in Florida, to seek safer alternatives, such as Portugal.
The head of APEMIP takes the opportunity to criticise the delays in processing Golden Visas for Chinese buyers, stating that the 9% figure that Chinese buyers represent, could be a lot higher (if only the system worked efficiently - which it doesn't )
"It is necessary that the procedures of the Investment Authorisation programme be rapidly normalised in order to avoid any negative impacts and mistrust that the delays (in the issuance and renewal of visas) can cause with these citizens."
Luís Lima noted that an increasing number of purchases by foreigners are not in the usual big cities or tourist areas, but in unusual places, "some may have family ties that bind them to certain regions of the country, others look for investment alternatives in Rural Tourism, for example."
Lima says that the prospects are good for these rural areas as buyers will bring “new economic dynamics that will promote their development."
