Where are foreign investors looking to buy in Portugal?
Foreigners dominate the search for property in 10 Portuguese municipalities with less than 5,000 inhabitants, according to a study by idealista.
While the Algarve, Lisbon and Porto have always been known as hotbeds for foreign property investment, increasingly smaller and less populated places are coming onto the radar for overseas investors.
The study found that in Portugal there are 10 municipalities with less than 5,000 inhabitants where foreigners are more interested in buying a home there than by the Portuguese themselves.
According to idealista, the municipalities where there is even more foreign interest in buying a house than Portuguese are; Porto Moniz, on the island of Madeira and Lajes das Flores, on the island of Flores (Azores), where 68 percent of visits to homes for sale received in the last three months came from abroad. Next on the list is the municipality of Nordeste, on the island of São Miguel (Azores), where 64 percent of registered visits are of international origin.
The allure of the Azores
Looking at the locations of the 10 municipalities with less than 5,000 inhabitants that are most sought after by foreigners than by Portuguese people to buy a house, it appears that the vast majority are located in the Autonomous Region of the Azores, according to the study.
In this region, the municipality of Lajes das Flores, on the island of Flores, had the highest international weight in visits (68 percent), followed by the municipality of Nordeste, on the island of São Miguel (64 percent). Next is Santa Cruz das Flores, on the island of Flores (62 percent); the municipality of Corvo, on the island of Corvo (60 percent); Santa Cruz da Graciosa, on Graciosa Island (59 percent); Calheta, on the island of São Jorge (59 percent); Lajes do Pico (57 percent) and São Roque do Pico (52 percent), both on the island of Pico.
The only municipality located on the mainland that has greater international than national demand for buying a house is Alcoutim, district of Faro, Algarve. Here, 57 percent of visits to houses to buy took place from abroad. Completing the list of 10 municipalities with less than 5,000 inhabitants where there are more foreigners than Portuguese looking for houses to buy is Porto Moniz, on the island of Madeira (68 percent).
Source: The Portugal News