Recently released figures show that Brits were responsible for almost a third of all property transactions in Portugal last year.
According to data published by Statistics Portugal (INE), overseas property buyers are currently helping to aid a recovery in the country’s property market. Property values in Portugal were decimated following the global financial crisis in the late noughties, but have been steadily recovering since 2014.
The recently released figures show that prices for Portuguese villas increased by 4.77 percent in the past year, while apartment prices increased by 3.31 percent. However, prices still remain much lower than they were at their peak – a huge attraction for investors.
Speaking to the Global Property Guide, Chris White of real estate agency Ideal Homes Portugal, enthused that "sales have increased hugely this year and we've seen a significant shift in buyer profile as increasing numbers of investors realize the potential of the Portuguese real estate sector."
The area between Albufeira and Loulé in the Algarve was the most popular are for British buyers, with Brit investors responsible for almost half of all property deals in that area.
On a national level, French buyers were the second biggest foreign investors, with just under a fifth of all property purchases.
One reason that so many Brits may be drawn to Portugal is the offer of a golden visa for property purchases worth more than 500,000 Euros. The visa offers residency of Portugal to non-EU investors and freedom of movement throughout the EU; something which will doubtless appeal to Brits once the UK leaves the EU.
Find out more about buying property in Portugal and the steps it takes to move to Portugal in our free guide