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Despite concerns of uncertainty among international investors, brought on by the end of incentive programmes such as the Golden Visa and the Non-Habitual Resident (NHR), investors from overseas spent more on property last year than ever before.

Recent data published by the Bank of Portugal (BdP) reveals that, between July and September of 2023, foreign direct investment in real estate reached a record value of €30.447 billion, an increase of 14% compared to the same period the previous year.

In fact, foreign direct investment in the Portuguese real estate market has been growing continuously since 2008, despite the challenging context in the Eurozone marked by high interest rates, cooling real estate transactions and cross-border conflicts.

And actually, the announced end of the Golden Visa even increased the demand from overseas investors for real estate in Portugal, suggesting that there may have been a rush to the programme before its end. Only data from the last quarter of 2023 will show whether the end of the benefits programme had any impact on this investment.

The end of the NHR regime for 2024 could also affect the arrival of international families, workers and investors in Portugal, although there is currently a transition period that covers those who can prove they were already planning to move to Portugal later this year.

So is investing in Portuguese property still a good idea for international buyers? Get in touch with the Algarve Home Sales team to talk about finding your perfect home, without spending more than the locals.