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Tourists from the UK made about 700,000 overnight stays in the Algarve in October, an increase of 4 percent compared to the same month last year.

Along with incentives such as the Non-Habitual Residence programme and the Golden Visa scheme, Portugal is now attempting to lure expats inland with additional benefits.

Porto replaces Lisbon in Forbes' ranking: it is considered one of the six best cities in Europe to invest in 2020. Naples, Megève, Székesfehérvár, Batumi and Rotterdam complete the list.

In an analysis of the strongest international real estate markets going into 2020, Portugal has been named one of the hottest places in which to invest in the coming year.

Tourists from the United Kingdom spent about 700,000 overnight stays at the Algarve hotel industry in October, a 4 percent increase over the same month last year, according to the National Statistics Institute.

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